Multevo Limited

	Page
Strategic Report	1—3
Directors' Report	4—5
Independent Auditor's Report	6—9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Statement of Cash Flows	15
Notes to the Financial Statements	16—23

The directors present their strategic report for the year ended 31 October 2025.

Review of the Business

The Board of Directors are pleased to report a further year of positive performance and continued progress against the company’s strategic objectives. During the year, the business continued to grow, supported by a resilient and increasingly diversified order book across multiple sectors and long-term relationships with both blue-chip contractors and local authorities. This ongoing demand provides a sound platform for sustainable development, continued investment in products and services, and measured expansion of operational capacity.

Further progress has been made in strengthening the company’s internal infrastructure, systems, and workforce capability. Investment in technology, governance, and operational processes remains a priority and supports the organisation’s ability to respond effectively to evolving client requirements and market expectations.

Looking ahead, the Board remains focused on maintaining a well-governed, innovative, and agile business. The company will continue to prioritise the delivery of high-quality services across its core sectors while retaining the disruptive mindset, operational discipline, and adaptability that have supported its performance to date.

Principal risks and uncertainties

The execution of the company's strategy is subject to several risks.

The key risks identified by the directors include:

Safety and wellbeing of our employees

The safety and wellbeing of employees remain a fundamental priority for the company. In support of continuous improvement, the company has continued to invest in its compliance and governance framework, with dedicated resource focused on the proactive identification and management of operational risk.

The company maintains ISO45001 Health and Safety Management certification and remains committed to embedding its principles across all levels of the organisation. The use of the company’s bespoke internal systems supports real-time safety reporting, monitoring, and auditing, ensuring that risks are recorded, reviewed, and addressed in a timely manner. Safety-related KPIs are incorporated across operational and management roles, reinforcing accountability and ensuring that safety performance remains a shared responsibility.

The company also recognises the wider importance of employee wellbeing. A dedicated wellbeing platform is now well established to provide employees with access to support covering mental health, physical wellbeing, financial wellbeing, sleep, and stress management. The directors believe this contributes to a supportive working environment and supports the long-term sustainability of the workforce.

Political, economic and public funding environment

The company operates within a sector that is influenced by wider political, economic, and public sector funding conditions, particularly in relation to infrastructure investment and local authority expenditure. The current operating environment continues to present uncertainty in certain areas, including the timing of funding decisions and the pace of procurement activity.

Notwithstanding this, the directors note that the UK Government has publicly reaffirmed its commitment to investment in national infrastructure, including the ongoing maintenance and improvement of the road network. The directors believe that highways and related services will therefore remain a priority area of public spending over the medium to long term.

The company’s focus on delivering efficient, value-for-money services aligns with the objectives typically seen across public sector clients. In addition, the company continues to mitigate its exposure to political and funding cycles through the ongoing development of its private sector portfolio. This diversification supports revenue stability and reduces reliance on any single market segment, helping to maintain resilience in a changing external environment.

Principal Risks and Uncertainties

Cash flow and working capital management

The directors recognise that continued business growth can place additional demands on working capital and cash flow management. The company therefore maintains a strong focus on credit control, payment application processes, and invoicing procedures, supporting timely cash collection and effective cash conversion.

...CONTINUED

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Multevo Limited

Strategic Report (continued)

For The Year Ended 31 October 2025

Principal Risks and Uncertainties - continued

The company has worked to develop an operating model capable of scaling in line with customer demand while avoiding over-commitment of resources or fixed cost exposure. As a result, the business is now in a position where it operates without long-term borrowing or material external debt. The directors believe this conservative financial structure provides flexibility to respond to changing market conditions while supporting continued sustainable growth.

Cost inflation and supply chain pressures

The company continues to operate in an environment where increases in the cost of plant, materials, fuel, and labour may place pressure on operating margins. Managing cost inflation and supply chain availability therefore remains an ongoing area of focus for the directors.

To mitigate this risk, the company continues to develop long-term relationships with key suppliers and to leverage its scale of operations to secure competitive and, where possible, stable pricing arrangements. This approach assists in managing cost volatility while maintaining operational flexibility in response to changes in demand.

Where contractually appropriate, the company also seeks to incorporate index-linked pricing mechanisms within customer agreements, enabling rates to reflect inflationary movements over the duration of contracts. The directors believe this approach supports margin stability and assists longer-term commercial planning in a changing cost environment.

Key personnel

The company continues to benefit from a well-established organisational structure that supports both effective day-to-day operations and longer-term strategic development.

During the year, further responsibility has been delegated across the leadership structure, enabling members of the non-executive board and senior leadership team to reduce involvement in certain operational matters and dedicate greater focus to strategic planning, governance oversight, and the continued development of the business.

Departments continue to be led by experienced senior managers responsible for operational delivery across their respective areas, ensuring effective communication and consistent performance throughout the organisation.

To support continued growth and operational improvement, updated organisational and individual KPI frameworks have been introduced across the business, aligning performance objectives with wider company goals. Particular emphasis has been placed on safety, innovation, customer satisfaction, and sustainable profitability.

This structure supports clarity of responsibility, strengthens accountability, and maintains the agility required to respond to client needs and industry developments while preserving the company’s core values and service standards.

Product quality and delivery

The company continues to focus on delivering innovative and environmentally responsible solutions through the use of market-leading equipment and strong partnerships with established suppliers.

Ongoing market research and engagement with customers and supply chain partners have identified further opportunities to enhance the company’s service offering through the introduction of new technologies and operational capabilities. As a result, the business expects to introduce additional equipment and solutions over the next one to two years in collaboration with key partners, further strengthening its existing portfolio of specialist plant and equipment.

These developments, combined with the company’s established service delivery capability, are expected to support improvements in productivity, carbon reduction, and cost efficiency for clients. The directors believe this will create further opportunities for sustainable growth across both existing and new customer relationships, while long-term contractual arrangements with key clients continue to provide stability for the business.

Financial Instruments (Price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk)

The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and an invoice financing facility. The main purpose of these instruments is to finance the company's operations.

In respect of the bank balances, the liquidity risk is managed by maintaining a balance, and by holding the balance in such a way that it is readily accessible whilst attracting a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by controls over the credit offered to customers and regular monitoring of outstanding amounts. The amount for trade debtors in the accounts is stated net of any provision for bad debts.

The liquidity risk associated with trade creditors is managed by ensuring there are sufficient funds to meet amounts as they fall due.

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Multevo Limited

Strategic Report (continued)

For The Year Ended 31 October 2025

Future Developments

As referenced within this report, the company is preparing to introduce two significant operational innovations to the market. The directors anticipate an initial period of controlled market implementation, with selected clients identified to support the early deployment and validation of these solutions. Subject to successful operational delivery, the company intends to progressively introduce these products and associated services across both existing and new customer relationships.

Investment in strengthening the company’s operational infrastructure has also continued during the year, with significant development undertaken at the company’s headquarters in Darwen, Lancashire. The business now operates from newly developed office facilities designed to accommodate future operational growth, alongside expanded workshop and service facilities supporting the company’s specialist fleet and operational activities.

Further development works remain ongoing and are expected to be completed within the next 12 to 18 months, providing additional operational capacity to support continued growth.

Key performance indicators

We consider that our key financial indicators which communicate the financial performance and strength of the company are turnover, gross profit and net assets.

During the year covered by these accounts, the company's turnover has increased by 18.42% to £41,698,550 (31 October 2024: £35,210,957). Gross profit has decreased to 16.27% (31 October 2024: 17.62%) and net assets have increased to £7,882,015 (31 October 2024: £5,731,465).

Development and Performance

The directors are pleased to report a strong trading period, full details of the profit and loss can be found on page 11, and details of the balance sheet can be found on page 13 of the financial statements.

On behalf of the board

Mr N Carter

Director

22/05/2026

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Multevo Limited

Company No. 07308583

Directors' Report For The Year Ended 31 October 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 October 2025.

Principal Activity

Multevo Limited continues to specialise in the provision of bespoke service delivery across the highways, municipal, construction, local authority and airport sectors.

The company is well established in the following core service areas, each of which offers sustainable growth potential:

• Highways maintenance, including a full end to end client service function

• Road surfacing

• Cyclical maintenance and soft estate management

• Arboriculture

• Construction and civil engineering

• Winter maintenance

• Traffic management

In addition the company utilises a fleet of specialist vehicles, supported by exclusive UK distribution rights held for over a decade. Through this capability, Multevo offers a comprehensive range of services including vehicle sales, hire, maintenance, operator training and full turnkey delivery solutions.

Dividends

The value of dividends paid amounted to £NIL .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the year were as follows:

Mr N Leadley

Mr N Carter

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Multevo Limited

Directors' Report (continued)

For The Year Ended 31 October 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

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

Independent Auditors

The auditors, Thompson Wright (Audit) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr N Carter

Director

22/05/2026

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Independent Auditor's Report

to the Members of

Multevo Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Multevo Limited for the year ended 31 October 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 entity's ability to continue as a going concern for a period of at least 12 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.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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. In connection with our audit of the financial statements, 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 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Multevo Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Multevo Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

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 laws and regulations, was as follows:

• the Senior Statutory Auditor ensured that the audit 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 discussions with directors and other management, and from our commercial knowledge and experience;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and corruption legislation, quality management system, anti-slavery and employment, environmental, construction, health and safety at work other industry specific accreditations and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.

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Independent Auditor's Report (continued)

to the Members of

Multevo Limited

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 that 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.

Jeremy Bostock FCA, BFP BA (Hons) (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited , Statutory Auditor

22/05/2026

Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle-Under-Lyme

Staffordshire

ST5 2BE

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Multevo Limited

Profit and Loss Account

For The Year Ended 31 October 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	41,698,550	35,210,957
Cost of sales		(34,915,146 )	(29,005,814 )

GROSS PROFIT		6,783,404	6,205,143

Administrative expenses		(3,795,719 )	(3,184,552 )
Other operating income		11,944	66,145

OPERATING PROFIT	4	2,999,629	3,086,736
Loss on disposal of fixed assets		(7,892 )	(25,757 )
Other interest receivable and similar income	9	16,158	6,840
Interest payable and similar charges	10	(92,124 )	(190,765 )

PROFIT BEFORE TAXATION		2,915,771	2,877,054
Tax on Profit	11	(741,596 )	(728,224 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		2,174,175	2,148,830

The notes on pages 15 to 23 form part of these financial statements.

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Multevo Limited

Statement of Comprehensive Income

For The Year Ended 31 October 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	2,174,175	2,148,830
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	2,174,175	2,148,830

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Multevo Limited

Balance Sheet

As At 31 October 2025

Balance Sheet

Registered number: 07308583

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		1,173,403		1,138,144

			1,173,403		1,138,144
CURRENT ASSETS
Stocks	13	762,889		117,249
Debtors	14	10,737,973		7,230,476
Cash at bank and in hand		3,086,584		1,550,121

		14,587,446		8,897,846
Creditors: Amounts Falling Due Within One Year	15	(7,565,361 )		(3,957,050 )

NET CURRENT ASSETS (LIABILITIES)			7,022,085		4,940,796

TOTAL ASSETS LESS CURRENT LIABILITIES			8,195,488		6,078,940

Creditors: Amounts Falling Due After More Than One Year	16		-		(66,666 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(289,848 )		(280,809 )

NET ASSETS			7,905,640		5,731,465

CAPITAL AND RESERVES
Called up share capital	19		100		100
Other non-distributable reserves			150,658		180,484
Profit and Loss Account			7,754,882		5,550,881

SHAREHOLDERS' FUNDS			7,905,640		5,731,465

On behalf of the board

Mr N Carter

Director

22/05/2026

The notes on pages 15 to 23 form part of these financial statements.

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Multevo Limited

Statement of Changes in Equity

For The Year Ended 31 October 2025

Statement of Changes in Equity

	Share Capital	Other non-distributable reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 November 2023	100	193,654	3,388,881	3,582,635
Profit for the year and total comprehensive income	-	-	2,148,830	2,148,830

Transfer from revaluation reserve	-	-	13,170	13,170
Transfer to/from Profit & Loss Account	-	(13,170 )	-	(13,170)

As at 31 October 2024 and 1 November 2024	100	180,484	5,550,881	5,731,465


Profit for the year and total comprehensive income	-	-	2,174,175	2,174,175

Transfer from revaluation reserve	-	-	29,826	29,826
Transfer to/from Profit & Loss Account	-	(29,826 )	-	(29,826)

As at 31 October 2025	100	150,658	7,754,882	7,905,640

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Multevo Limited

Statement of Cash Flows

For The Year Ended 31 October 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,828,317	2,418,544
Interest paid		(92,124 )	(190,765 )
Tax paid		(825,784 )	(565,443 )

Net cash generated from operating activities		1,910,409	1,662,336

Cash flows from investing activities
Purchase of tangible assets		(381,974 )	(213,840 )
Proceeds from disposal of tangible assets		224,817	-
Interest received		16,158	6,840

Net cash used in investing activities		(140,999 )	(207,000 )

Cash flows from financing activities
Repayment of bank borrowings		(166,666 )	(100,000 )
Amount withdrawn by directors		(57,589)	(170,892)

Net cash used in financing activities		(224,255 )	(270,892 )



Increase in cash and cash equivalents		1,545,155	1,184,444
Cash and cash equivalents at beginning of year	2	1,550,121	352,532
Foreign exchange (losses)/gains on cash and cash equivalents		(8,692 )	13,145

Cash and cash equivalents at end of year	2	3,086,584	1,550,121

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Multevo Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 October 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	2,174,175	2,148,830
Adjustments for:
Tax on profit	741,596	728,224
Interest expense	92,124	190,765
Interest income	(16,158 )	(6,840 )
Depreciation of tangible assets	114,006	87,270
Loss on disposal of tangible assets	7,892	25,757
Foreign exchange losses/(gains)	8,692	(13,145)
Movements in working capital:
Increase in stocks	(645,640 )	(32,776 )
Increase in trade and other debtors	(3,507,497 )	(705,208 )
Increase/(decrease) in trade and other creditors	3,859,127	(4,333 )

Net cash generated from operations	2,828,317	2,418,544

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	3,086,584	1,550,121

3. Analysis of changes in net funds

	As at 1 November 2024	Cash flows	As at 31 October 2025
	£	£	£
Cash at bank and in hand	1,550,121	1,536,463	3,086,584
Debts falling due within one year	(100,000 )	100,000	-
Debts falling due after more than one year	(66,666)	66,666	-

	1,383,455	1,703,129	3,086,584

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Multevo Limited

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

Multevo Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07308583 . The registered office is Units 1-3 Off Charles Street, Duckworth Street, Darwen, Lancashire, BB3 1BF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	7.5% - 15% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	33.3% Straight Line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.10. Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.11. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Contracting sales	39,395,832	33,685,177
Plant and operator hire	482,146	674,722
Product and consumable sales	1,820,572	851,058

	41,698,550	35,210,957

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	154,341
Exchange differences	8,692	(13,145 )
Depreciation of tangible fixed assets	114,006	87,270

5. Auditor's Remuneration

Remuneration received by the auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	11,235	10,450

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	4,770,079	4,554,890
Social security costs	553,671	482,945
Other pension costs	344,460	247,118

	5,668,210	5,284,953

The company operated defined contribution pension schemes for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	70	60
Operational	26	36
Directors	2	2

	98	98

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	209,176	187,665
Company contributions to money purchase pension schemes	80,000	80,000

	289,176	267,665

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Defined benefit pension schemes	2		2

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	103,691	94,120

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	16,158	6,840

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	8,015	16,612
Factoring charges	81,668	174,153
Other finance charges	2,441	-

	92,124	190,765

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	2025	2024
	£	£
Current tax
UK Corporation Tax	732,557	702,783
Deferred Tax
Deferred tax charge for the year	9,039	25,441


Total tax charge for the period	741,596	728,224

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	2,915,771	2,877,054

Tax on profit at 25% (UK standard rate)	728,943	719,264
Expenses not deductible for tax purposes	12,653	8,960

Total tax charge for the period	741,596	728,224

12. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 November 2024	1,639,546	47,113	7,245	1,693,904
Additions	381,974	-	-	381,974
Disposals	(259,723 )	-	-	(259,723 )

As at 31 October 2025	1,761,797	47,113	7,245	1,816,155

Depreciation
As at 1 November 2024	512,885	35,630	7,245	555,760
Provided during the period	111,136	2,870	-	114,006
Disposals	(27,014 )	-	-	(27,014 )

As at 31 October 2025	597,007	38,500	7,245	642,752

...CONTINUED

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

Net Book Value
As at 31 October 2025	1,164,790	8,613	-	1,173,403

As at 1 November 2024	1,126,661	11,483	-	1,138,144

Plant and machinery was revalued as at 31 July 2017. This valuation was completed by the directors of the company using their knowledge of the market at the time. The original cost of the plant and machinery was £1,534,983 and the 2017 revaluation was £226,814. The revalued cost is £1,761,797.

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Plant & Machinery
	£
Cost	1,534,983
Accumulated depreciation and impairment	520,851

Carrying amount	1,014,132

13. Stocks

	2025	2024
	£	£
Stock	129,826	89,606
Work in progress	633,063	27,643

	762,889	117,249

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	9,733,515	6,072,539
Other debtors	1,004,458	1,157,937

	10,737,973	7,230,476

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	5,537,412	2,577,363
Bank loans and overdrafts	-	100,000
Other creditors	66,738	116,667
Corporation tax	259,556	352,783
Taxation and social security	1,057,069	235,980
Accruals and deferred income	644,586	574,257

	7,565,361	3,957,050

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	66,666

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	-		166,666

The bank loan is secured by a fixed and floating charge over the assets of the company.

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	289,848	280,809

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 November 2024	280,809	280,809
Deferred tax charge for the year	9,039	9,039

Balance at 31 October 2025	289,848	289,848

19. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £344,460 (2024: £247,118).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

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Multevo Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

21. Related Party Disclosures

During the year the company entered into the following transactions with related parties:

	2025	2024
Entities under common control	£	£
Sale of services	277,099	12,000
Purchase of services	1,025,150	1,182,600

The following amounts were owed by the company to related parties at the reporting end date:

	2025	2024
	£	£
Entities under common control	412,956	213,600
Key management personnel	50,665	108,254

The following amounts were owed to the company by related parties at the reporting end date:

	2025	2024
	£	£
Entities under common control	167,099	-

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