REGISTERED NUMBER: 03371580 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Curtins Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

N Parkinson

P Bruford

REGISTERED OFFICE:

51-55 Tithebarn Street

Liverpool

L2 2SB

REGISTERED NUMBER:

03371580 (England and Wales)

SENIOR STATUTORY AUDITOR:

Suzanne Draper FCCA ACA

AUDITORS:

DJH Audit Limited

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

BANKERS:

Handelsbanken

Exchange Station

Tithebarn Street

Liverpool

Merseyside

L2 2QP

The Directors present their strategic report for the year ended 31 December 2025.

This report reviews the development and performance of the business during the year, its financial position at the year end, and the principal risks and uncertainties facing the Group.

REVIEW OF BUSINESS

The results for the year and the financial position of the Group are set out in the accompanying financial statements.

The Group delivered turnover of £35.9m (2024: £35.6m), generating gross profit of £6.8m and profit before tax of £0.99m (2024: £0.68m). This represents a modest recovery in profitability following the challenges experienced in 2024, with improved operating performance and reduced impact from exceptional items seen in the prior year.

The external environment remained challenging throughout 2025. The UK construction sector continued to experience volatility driven by economic uncertainty, inflationary pressures, and supply chain disruption. These factors have impacted project timelines, procurement processes and client decision-making.

Despite these conditions, the Group has demonstrated resilience, maintaining a strong order book, stable revenue and improved profitability. Continued focus on operational efficiency, cost control and disciplined project delivery has supported this performance.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in a sector exposed to macroeconomic and geopolitical uncertainty. Key risks include:

- Ongoing economic instability in the UK and globally

- Inflationary pressure on construction costs and project viability

- Supply chain disruption affecting programme certainty

- Client financial stability and sector concentration risks

These factors can result in delays to project commencement followed by compressed delivery programmes, placing pressure on resource planning and operational delivery.

The Board actively manages these risks through close monitoring of workload and pipeline, maintaining a flexible and scalable workforce, strong cost control and financial discipline, and diversification across sectors and regions. The Group's resilient business model, strong balance sheet and employee ownership structure position it well to respond to these challenges and adapt to changing market conditions.

FINANCIAL PERFORMANCE

Following a difficult 2024, the Group has delivered improved financial performance in 2025. Turnover increased slightly to £35.9m, with operating profit of £0.98m and profit before tax of £0.99m. Gross profit margins remained stable at approximately 19%, reflecting continued focus on project delivery efficiency and cost management.

Net profitability improved compared to 2024, which had been impacted by bad debts arising from the administration of a major client. Cash generation from operations strengthened significantly to £1.1m (2024: £0.5m), demonstrating improved underlying trading performance and working capital management.

The Group continues to prioritise a strong balance sheet. Net assets increased to £12.1m (2024: £11.6m), reflecting retained profitability and disciplined financial management.

FUTURE DEVELOPMENTS

The Group enters 2026 with a stable financial base and an improving commercial outlook. The 2026 Business Plan forecasts gross income of £36.8m, net income of £32.4m and profit of £1.2m, reflecting steady income growth and strengthened profit margins.

This improved outlook is underpinned by a more resilient and better-balanced commercial position. Following focused efforts from the finance and leadership teams throughout 2025, improvements have already been realised in cash performance and debtor management. These areas are now stable and are expected to continue strengthening as new opportunities convert into secured work.

The Group's order book continues to build gradually, providing a solid platform for delivery. However, the Board recognises that continued growth in the forward pipeline is essential to support the Group's future ambitions. Encouragingly, early indicators in 2026 show positive momentum, supporting confidence that this upward trajectory will continue.

There are strong reasons for optimism. A growing number of high-potential opportunities are emerging from sector-focused activity, many of which are not yet formally reflected in the pipeline. These opportunities are particularly evident within the data centre, secure building, healthcare and education sectors. The scale and quality of these prospects underline the strength of the Group's strategic direction and the benefits of targeted investment in market growth.

While these opportunities are not yet fully captured in financial forecasts, they provide genuine confidence in the medium-term outlook. As they materialise, the Group expects to see further strengthening in both pipeline and overall commercial performance.

In summary, while there remains work to do, the outlook is positive. The Group enters 2026 with a stable financial base, improving operational performance and a clear set of opportunities ahead. With careful management and continued strategic focus, the Board believes the business is well positioned to deliver sustainable, long-term growth.

OUR PEOPLE

Curtins operates as an Employee-Owned Trust, ensuring that the business is run for the long-term benefit of its employees. This structure supports strong engagement, shared responsibility and alignment between the Group's success and its people.

The Group remains committed to attracting, developing and retaining talented individuals, recognising that its people are fundamental to long-term success. The average number of employees during the year was 377 (2024: 390).

GENDER PAY GAP

The Group continues to make progress in reducing its gender pay gap, with a reported mean gap of 21.9%, down from 23.8% in the previous year. More detailed analysis indicates that while progress is being made, the pace of change remains slower than desired.

The Board recognises that the most significant imbalance remains at senior technical and leadership levels, reflecting both internal and wider industry challenges. As a result, gender balance has been identified as a strategic priority for 2026, with a clear focus on improving female representation in these roles.

The Group is taking a structured and long-term approach to addressing this, including strengthening development pathways, improving support for key career transition points, and continuing to address structural barriers within the profession. The Group remains committed to achieving sustainable improvement as part of its broader Equity, Diversity and Inclusion strategy.

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

Environmental, Social and Governance considerations remain central to Curtins' operations and long-term strategy. The Group maintains strong governance frameworks covering health and safety, environmental sustainability, carbon reduction, equality and inclusion, and ethical conduct.

During the year, the Group continued to build on its sustainability initiatives, including expanding carbon data collection, reducing operational emissions and enhancing internal tools and guidance to support low-carbon design. A notable achievement has been a 25% reduction in operational emissions since the 2022 baseline.

Looking ahead, the Group will focus on delivering its ESOS Action Plan, finalising its Carbon Reduction Plan, reducing Scope 3 emissions and supporting clients in achieving their own sustainability objectives. Through these actions, Curtins aims to play a leading role in supporting the transition to a low-carbon built environment.

ON BEHALF OF THE BOARD:

N Parkinson - Director

15 May 2026

The Directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2025.

DIVIDENDS

The Directors decided no interim or final dividends would be declared for the year ended 31 December 2025.

DIRECTORS

The directors during the year under review were:

N Parkinson

P Bruford

EMPLOYEES

The Group will avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

Person and job specifications will be limited to those requirements that are necessary for the effective performance of the job. Candidates for employment or promotion will be assessed objectively against the requirements for the job, taking account of any reasonable adjustments that may be required for candidates with a disability. Disability and personal or home commitments will not form the basis of employment decisions except where necessary.

The Group considers that disabled employees should have equal opportunities with other employees for training, promotion and career development in order to use their capabilities to the full; and wherever possible, the Group will pay particular attention to job requirements in order to facilitate the opportunities for the career advancement of its employees.

The Group recognises that retaining existing staff is key to our culture and ethos and as such is keen to retain employees who become disabled during the course of their employment. We will take all reasonable steps to ensure that a member of staff who become disabled or whose disability increased during the course of their employment are, where reasonably practicable, given every opportunity to remain in their existing job. As outlined above the Group will make reasonable adjustments to help overcome the practical effects of the disability in accordance with legislative requirements.

The Group will consider any possible indirectly discriminatory effect of its standard working practices, including the number of hours to be worked, the times at which these are to be worked and the place at which work is to be done, when considering requests for variations to these standard working practices and will refuse such requests only if the Group considers it has good reasons, unrelated to any protected characteristic, for doing so. The Group will comply with its obligations in relation to statutory requests for contract variations. The Group will also make reasonable adjustments to its standard working practices to overcome barriers caused by disability.

The Group will monitor the ethnic, gender and age composition of the existing workforce and of applicants for jobs (including promotion), and the number of people with disabilities within these groups, and will consider and take any appropriate action to address any problems that may be identified as a result of the monitoring process.

The Group ensures that employees are involved in matters of concern to them and are provided with relevant information regarding significant issues, through an annual report which is circularised to all staff every year.

STREAMLINED ENERGY AND CARBON REPORTING

In line with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.

The data relates to UK emissions for the 12-month period from 1 January 2025 to 31 December 2025.

Curtins Consulting Ltd Energy Use and Associated Greenhouse Gas Emissions

Metric

Year End 25

Year End 24

Total Energy consumption (kWh)

813,779

814,540

Emissions from combustion of gas (Scope 1) (tCO2e)

28.0

23.9

Emissions from transport (Scope 1) (tCO2e)

31.0

26.9

Emissions from purchased electricity (Scope 2) (tCO2e)

67.1

79.4

Emissions from business travel in employee owned vehicles where the Group is responsible for purchasing the fuel or electricity (Scope 3) (tCO2e)

48.8

58.0

Total gross emissions (tCO2e)

175.0

188.2

tCO2e per sq. ft floor area

0.004

0.004

Emissions avoided by purchasing renewable electricity (tCO2e)

15.2

0.0

Market Based electricity emissions (tCO2e)

51.9

79.4

Total annual net emissions (tCO2e)

159.7

188.2

Quantification and Reporting Methodology

The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. The 2025 UK Government GHG Conversion Factors for Company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the 'location-based grid average' method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. We purchase 100% renewable electricity for some of our sites and have included an additional net emissions figure calculated using market-based factors to account for this in our report above. For electricity and gas data where actual usage data (e.g. kWh) was unavailable estimations were made based on cost and average annual UK electricity and gas prices. For any energy invoices that fell short of or outside of the reporting period, these were adjusted by estimating based on available data. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage.

Intensity Ratio

We have chosen to report our gross emissions against total office floor area. For 2025 this was 0.004 tCO2e per square foot floor area

Energy Efficiency Actions

Target In the period covered by the report, we have implemented a number of energy efficiency actions including:

o Installing PIR sensors in Bristol

o Implementing a car share scheme for travelling to and from meetings

o Setting and adjusting timers for office heating systems to only operate during daytime

o Training staff on energy efficient working practices

o Reducing timing settings of motion sensors

o Providing drivers with guidance for more efficient driving techniques

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable accounting standards 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N Parkinson - Director

15 May 2026

Opinion

We have audited the financial statements of Curtins Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year 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 Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK employment laws and UK health and safety regulations.

- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the Company's accident book, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.

- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

- identifying the controls that management has in place to prevent and detect fraud;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Suzanne Draper FCCA ACA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

28 May 2026

TURNOVER

3

35,948,102

35,598,859

Cost of sales

29,158,439

28,627,877

GROSS PROFIT

6,789,663

6,970,982

Administrative expenses

6,005,931

6,466,556

783,732

504,426

Other operating income

191,848

143,903

OPERATING PROFIT

5

975,580

648,329

Interest receivable and similar income

95,355

134,042

1,070,935

782,371

Interest payable and similar expenses

7

81,735

101,792

PROFIT BEFORE TAXATION

989,200

680,579

Tax on profit

8

(373,202

)

(535,176

)

PROFIT FOR THE FINANCIAL YEAR

1,362,402

1,215,755

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,362,402

1,215,755

Profit attributable to:

Owners of the parent

1,362,402

1,215,755

Total comprehensive income attributable to:

Owners of the parent

1,362,402

1,215,755

FIXED ASSETS

Tangible assets

12

2,965,977

3,063,674

Investments

13

-

-

Investment property

14

1,200,000

1,200,000

4,165,977

4,263,674

CURRENT ASSETS

Debtors

15

11,438,527

10,561,213

Cash at bank

4,876,370

4,975,137

16,314,897

15,536,350

CREDITORS

Amounts falling due within one year

16

6,419,763

6,049,262

NET CURRENT ASSETS

9,895,134

9,487,088

TOTAL ASSETS LESS CURRENT LIABILITIES

14,061,111

13,750,762

CREDITORS

Amounts falling due after more than one year

17

(910,032

)

(1,066,699

)

PROVISIONS FOR LIABILITIES

21

(1,099,912

)

(1,100,939

)

NET ASSETS

12,051,167

11,583,124

CAPITAL AND RESERVES

Called up share capital

22

64,090

64,090

Retained earnings

23

11,987,077

11,519,034

SHAREHOLDERS' FUNDS

12,051,167

11,583,124

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

N Parkinson - Director

FIXED ASSETS

Tangible assets

12

1,675,001

1,675,001

Investments

13

115,002

115,002

Investment property

14

-

-

1,790,003

1,790,003

CURRENT ASSETS

Debtors

15

671,358

696,208

Cash at bank

12,658

32,387

684,016

728,595

CREDITORS

Amounts falling due within one year

16

416,430

415,902

NET CURRENT ASSETS

267,586

312,693

TOTAL ASSETS LESS CURRENT LIABILITIES

2,057,589

2,102,696

CREDITORS

Amounts falling due after more than one year

17

880,100

1,015,501

NET ASSETS

1,177,489

1,087,195

CAPITAL AND RESERVES

Called up share capital

22

64,090

64,090

Retained earnings

23

1,113,399

1,023,105

SHAREHOLDERS' FUNDS

1,177,489

1,087,195

Company's profit for the financial year

984,653

780,231

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

N Parkinson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

64,090

11,015,955

11,080,045

Changes in equity

Gift to Trust

-

(712,676

)

(712,676

)

Total comprehensive income

-

1,215,755

1,215,755

Balance at 31 December 2024

64,090

11,519,034

11,583,124

Changes in equity

Gift to Trust

-

(894,359

)

(894,359

)

Total comprehensive income

-

1,362,402

1,362,402

Balance at 31 December 2025

64,090

11,987,077

12,051,167

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

64,090

955,550

1,019,640

Changes in equity

Gift to Trust

-

(712,676

)

(712,676

)

Total comprehensive income

-

780,231

780,231

Balance at 31 December 2024

64,090

1,023,105

1,087,195

Changes in equity

Gift to Trust

-

(894,359

)

(894,359

)

Total comprehensive income

-

984,653

984,653

Balance at 31 December 2025

64,090

1,113,399

1,177,489

Cash flows from operating activities

Cash generated from operations

1

1,184,496

640,261

Interest paid

(75,633

)

(95,749

)

Interest element of hire purchase payments paid

(6,102

)

(6,043

)

Taxation refund

4,657

4,188

Net cash from operating activities

1,107,418

542,657

Cash flows from investing activities

Purchase of tangible fixed assets

(249,337

)

(148,583

)

Sale of tangible fixed assets

-

10,912

Interest received

95,355

134,042

Net cash from investing activities

(153,982

)

(3,629

)

Cash flows from financing activities

Loan repayments in year

(135,401

)

(135,399

)

Capital repayments in year

(22,443

)

(48,672

)

Gift to Trust paid

(894,359

)

(712,676

)

Net cash from financing activities

(1,052,203

)

(896,747

)

Decrease in cash and cash equivalents

(98,767

)

(357,719

)

Cash and cash equivalents at beginning of year

2

4,975,137

5,332,856

Cash and cash equivalents at end of year

2

4,876,370

4,975,137

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

as restated

£

£

Profit before taxation

989,200

680,579

Depreciation charges

347,035

327,904

Profit on disposal of fixed assets

-

(8,298

)

Decrease/(Increase) recoverable contract

(183,836

)

745,175

(Decrease)/Increase payments on account

150,040

(862,711

)

Increase/(Decrease) in provisions

(1,027

)

(128,194

)

Finance costs

81,735

101,792

Finance income

(95,355

)

(134,042

)

1,287,792

722,205

Increase in trade and other debtors

(341,076

)

(7,170

)

Increase/(decrease) in trade and other creditors

237,780

(74,774

)

Cash generated from operations

1,184,496

640,261

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

4,876,370

4,975,137

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

4,975,137

5,332,856

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

4,975,137

(98,767

)

4,876,370

4,975,137

(98,767

)

4,876,370

Debt

Finance leases

(87,932

)

22,443

(65,489

)

Debts falling due within 1 year

(135,400

)

-

(135,400

)

Debts falling due after 1 year

(1,015,501

)

135,401

(880,100

)

(1,238,833

)

157,844

(1,080,989

)

Total

3,736,304

59,077

3,795,381

1.	STATUTORY INFORMATION

Curtins Group Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared 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 have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The results for the wholly owned subsidiaries Curtins Consulting Limited, Hadwens Apartments Limited, and Curtins Limited are included within the consolidated financial statements.

Significant judgements and estimates

Estimates and judgements are based on obligations at the balance sheet date as a result of a past event, including expectations of future events that are believed to be reasonable under the circumstances.

The following accounting estimates have been made;

Amounts recoverable on contracts - an estimation of the stage of completion of the contract is made at each and income recognised in relation to this stage of completion.

Professional indemnity insurance provision - a provision is recognised where it is probable that there will be an outflow to settle a notified claim.

Dilapidation provision - a provision is recognised where it is considered that the Group will incur costs in relation to remedial work on vacated properties. This is based on the Directors' best estimate, or where a formal claim has been received on actual obligations.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group'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.

Turnover

Turnover represents net invoiced sales of services in the year, excluding value added tax, including the movement on long term contracts in progress. Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of the work done. Where the turnover on a contract so calculated exceeds the amount invoiced, the difference is included in debtors under the heading amounts recoverable on contracts. Where the amount invoiced exceeds work completed to date, the difference is included in creditors as payments on account.