ACCOUNTS - Final Accounts preparation

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

Registered number: 14026488

I & D CAHILL LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

I & D CAHILL LTD

COMPANY INFORMATION

Directors	Mr I A Cahill
	Mr D J Cahill


Registered number	14026488


Registered office	Cahill Structures Henstridge Airfield Industrial Estate
	Marsh Lane
	Henstridge


Independent auditors	Barlow Andrews LLP
	Carlyle House
	78 Chorley New Road
	Bolton

I & D CAHILL LTD

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditors' report	5 - 9
Consolidated profit and loss account	10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12 - 13
Company balance sheet	14 - 15
Consolidated statement of changes in equity	16
Company statement of changes in equity	17
Consolidated statement of cash flows	18 - 19
Consolidated analysis of net debt	20
Notes to the financial statements	21 - 45

I & D CAHILL LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Introduction

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

Review of the business

I & D Cahill Ltd is the holding company of Cahill Welding Services Ltd. As Cahill Welding Services Ltd is the trading entity it has been deemed appropriate to review the results of the subsidiary in detail.

The trading subsidiary is a privately-owned, award-winning Steelwork Contractor operating from a modern purpose-built facility supplying quality structural steelwork throughout the UK.

In line with much of our industry, we were predicting a busy 2024/25 and had resourced the group accordingly to take advantage of the predicted workload.

The start of our new financial year looked promising with a raft of major project wins, these combined with a steady flow of smaller contracts gave us a degree of comfort going forward. Unfortunately, by Jan 2025 several large projects had been shelved completely and many smaller contracts severely delayed which left us with large gaps in both production and site activities.

The shortfall in production and the requirement to quickly secure alternative workload in a rapidly softening market, negatively impacted our selling price & margin.

Although 2024/25 has been an extremely challenging year the groups directors are pleased with the way it has been managed throughout the period which is testament to the determination & dedication of the whole team.

We have continued to invest in our workshop, painting and design capabilities which puts us in a good position to capitalise on the right opportunities going forward.

		2025	2025
		£	£

Turnover	24,964,131	33,661,189
(Loss)/Profit before taxation	(436,374)	3,391,641
Gross profit margin	12.73%	20.76%
Total equity	6,028,703	6,829,277

Principal risks and uncertainties

Client Failure, Credit worthiness is reviewed regularly, and contracts are only undertaken subject to having adequate credit insurance and suitably agreed terms in respect of payments, material vesting and the like.

The business wherever possible operates on the basis that no single client equates to more than 20% of our annual turnover.

Material cost remains volatile and can often change in a matter of weeks with very little notice; the business has long established relationships with major UK steel stockists and able to lock in steel rates several months in advance reducing the risk of unexpected cost increases and we are able to bring in vested materials ahead of the project start dates.

Page 1

I & D CAHILL LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Future developments

As we enter our financial year 2025/26, we are content with the secured workload and pipeline of work going

forward, which we believe puts us in a robust position and predict a better year ahead.

This report was approved by the board on 28 May 2026 and signed on its behalf.

Mr D J Cahill

Director

Page 2

I & D CAHILL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

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

Principal activity

The company acts as a holding company. Its subsidiary, Cahill Welding Services Ltd, has the principal activity of the supply and erection of structural steelwork.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £380,000 (2024: £660,000). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

Mr I A Cahill

Mr D J Cahill

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

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

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

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

Auditors

A resolution proposing that AAB Audit & Accountancy Limited to be appointed as auditors in the next financial year will be put at a General Meeting.

This report was approved by the board on 28 May 2026 and signed on its behalf.

Mr D J Cahill

Director

Page 3

I & D CAHILL LTD

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

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

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

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

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

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Page 4

I & D CAHILL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I & D CAHILL LTD

Opinion

We have audited the financial statements of I & D Cahill Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025, which comprise the Consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated analysis of net debt, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 August 2025 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 5

I & D CAHILL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I & D CAHILL LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Page 6

I & D CAHILL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I & D CAHILL LTD (CONTINUED)

Responsibilities of directors

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

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

Page 7

I & D CAHILL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I & D CAHILL LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the company through 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 and taxation legislation;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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; and

∙tested journal entries to identify unusual transactions; and

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

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; and

∙enquiring of management as to actual and potential litigation and claims.

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.

Page 8

I & D CAHILL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I & D CAHILL LTD (CONTINUED)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

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

Alison Cornes (Senior statutory auditor)

for and on behalf of

Barlow Andrews LLP, Statutory Auditor

Carlyle House

78 Chorley New Road

Bolton

28 May 2026

Page 9

I & D CAHILL LTD

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

	2025	2024
Note	£	£


Turnover	4	24,964,131	33,661,189
Cost of sales		(21,776,331)	(26,671,546)
Gross profit		3,187,800	6,989,643
Administrative expenses		(3,293,914)	(3,398,715)
Other operating income		55,545	3,600
Operating (loss)/profit	5	(50,569)	3,594,528
Interest receivable and similar income		1,866	-
Interest payable and similar expenses	9	(387,671)	(202,887)
(Loss)/profit before tax		(436,374)	3,391,641
Tax on (loss)/profit	10	15,800	(721,399)
(Loss)/profit for the financial year		(420,574)	2,670,242

(Loss)/profit for the year attributable to:
Owners of the Parent Company	(420,574)	2,670,242
	(420,574)	2,670,242

Loss for the financial year is all attributable to the owners of the parent company.

Page 10

I & D CAHILL LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025

				2025	2024
			Note	£	£

(Loss)/profit for the financial year	(420,574)	2,670,242
Other comprehensive income
Revaluation of tangible assets	-	225,000
Tax related to Other Comprehensive Income	-	(56,250)
Other comprehensive income for the year	-	168,750
Total comprehensive income for the year	(420,574)	2,838,992

Total comprehensive income for the year is all attributable to the owners of the parent company.

Page 11

I & D CAHILL LTD

REGISTERED NUMBER: 14026488

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		223,200		342,549
Tangible assets	13		8,805,918		8,866,287
Investments	15		18,750		-
			9,047,868		9,208,836
Current assets
Stocks	16	687,270		631,989
Debtors: amounts falling due within one year	17	6,753,707		9,402,234
Cash at bank and in hand		21,061		661,855
		7,462,038		10,696,078
Creditors: amounts falling due within one year	18	(5,015,818)		(8,651,870)
Net current assets			2,446,220		2,044,208
Total assets less current liabilities			11,494,088		11,253,044
Creditors: amounts falling due after more than one year	19		(3,646,573)		(2,579,829)
Provisions for liabilities
Deferred taxation	22	(1,818,812)		(1,843,938)
			(1,818,812)		(1,843,938)
Net assets excluding pension asset			6,028,703		6,829,277
Net assets			6,028,703		6,829,277

Capital and reserves
Called up share capital	23	200	200
Other reserve		581,250	581,250
Profit and loss account		5,447,253	6,247,827
Equity attributable to owners of the Parent Company		6,028,703	6,829,277
		6,028,703	6,829,277

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2026.

Page 12

I & D CAHILL LTD

REGISTERED NUMBER: 14026488

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

Mr D J Cahill

Director

Page 13

I & D CAHILL LTD

REGISTERED NUMBER: 14026488

COMPANY BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	13		1,583,540		1,383,540
Investments	15		100		100
			1,583,640		1,383,640
Current assets
Debtors: amounts falling due within one year	17	789,615		42,281
Cash at bank and in hand		20,528		29,184
		810,143		71,465
Creditors: amounts falling due within one year	18	(210,288)		(148,230)
Net current assets/(liabilities)			599,855		(76,765)
Total assets less current liabilities			2,183,495		1,306,875

Creditors: amounts falling due after more than one year	19		(1,283,951)		(437,917)
Provisions for liabilities
Deferred taxation	22	(193,750)		(193,750)
			(193,750)		(193,750)
Net assets excluding pension asset			705,794		675,208
Net assets			705,794		675,208

Capital and reserves
Called up share capital	23		200		200
Other reserves			581,250		581,250
Profit and loss account brought forward		93,758		60,506
Profit for the year		410,586		862,002
Dividends paid		(380,000)		(828,750)
Profit and loss account carried forward			124,344		93,758
			705,794		675,208

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2026.

Page 14

I & D CAHILL LTD

REGISTERED NUMBER: 14026488

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

Mr D J Cahill

Director

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £410,586 (2024: £862,002).

Page 15

I & D CAHILL LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2023	200	412,500	4,237,585	4,650,285
Comprehensive income for the year
Profit for the year	-	-	2,670,242	2,670,242
Revaluation of tangible fixed assets	-	225,000	-	225,000
Tax relating to other comprehensive income	-	(56,250)	-	(56,250)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(660,000)	(660,000)

At 1 September 2024	200	581,250	6,247,827	6,829,277
Comprehensive income for the year
Loss for the year	-	-	(420,574)	(420,574)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(380,000)	(380,000)
At 31 August 2025	200	581,250	5,447,253	6,028,703

Page 16

I & D CAHILL LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2023	200	412,500	60,506	473,206
Comprehensive income for the year
Profit for the year	-	-	862,002	862,002
Revaluation of tangible fixed assets	-	225,000	(168,750)	56,250
Tax relating to other comprehensive income	-	(56,250)	-	(56,250)
Total comprehensive income for the year	-	168,750	693,252	862,002
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(660,000)	(660,000)

At 1 September 2024	200	581,250	93,758	675,208
Comprehensive income for the year
Profit for the year	-	-	410,586	410,586
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(380,000)	(380,000)
At 31 August 2025	200	581,250	124,344	705,794

The notes on pages 21 to 45 form part of these financial statements.

Page 17

I & D CAHILL LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

			2025	2024
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(420,574)	2,670,242
Adjustments for:
Amortisation of intangible assets	119,349	119,350
Depreciation of tangible assets	852,982	723,155
Gain on disposal of tangible assets	(11,567)	(1,848)
Interest paid	387,671	202,887
Interest received	(1,866)	-
Taxation charge	(15,800)	721,399
(Increase) in stocks	(55,281)	(406,995)
Decrease/(increase) in debtors	2,532,944	(2,016,875)
(Decrease)/increase in creditors	(4,017,742)	1,710,919
Corporation tax (paid)	(65,961)	(119)
Interest paid	(387,671)	(202,887)
Net cash generated from operating activities	(1,083,516)	3,519,228

Cash flows from investing activities
Purchase of intangible fixed assets	(18,750)	-
Purchase of tangible fixed assets	(335,191)	(1,755,944)
Sale of tangible fixed assets	489,689	43,841
Interest received	1,866	-
Repayment of loans	105,670	(90,962)
Net cash from investing activities	243,284	(1,803,065)
Cash flows from financing activities
Repayment of borrowings	(147,822)	(93,118)
Drawdowns received on new loans	1,000,000	-
Repayment of other loans	(123,619)	(80,765)
Repayment of/new finance leases	(599,839)	(518,498)
Dividends paid	(380,000)	(660,000)
Net cash used in financing activities	(251,280)	(1,352,381)
Net (decrease)/increase in cash and cash equivalents	(1,091,512)	363,782
Cash and cash equivalents at beginning of year	661,855	298,073
Cash and cash equivalents at the end of year	(429,657)	661,855

Cash and cash equivalents at the end of year comprise:

Page 18

I & D CAHILL LTD

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

		2025	2024
		£	£

Cash at bank and in hand	20,528	661,855
Bank overdrafts	(450,185)	-
	(429,657)	661,855

The notes on pages 21 to 45 form part of these financial statements.

Page 19

I & D CAHILL LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 AUGUST 2025


At 1 September 2024	Cash flows	New finance leases	At 31 August 2025
£	£	£	£

Cash at bank and in hand	661,855	(640,794)	-	21,061
Bank overdrafts	-	(450,718)	-	(450,718)
Debt due after 1 year	(615,995)	(716,287)	-	(1,332,282)
Debt due within 1 year	(225,314)	(26,880)	-	(252,194)
Finance leases	(2,577,407)	(1,734,867)	1,399,162	(2,913,112)
	(2,756,861)	(3,569,546)	1,399,162	(4,927,245)

The notes on pages 21 to 45 form part of these financial statements.

Page 20

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	Company information

I & D Cahill Ltd ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is The Station House, Station Road, Whalley, Clitheroe.

The group consists of I & D Cahill and its subsidiary, Cahill Welding Services Ltd.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

∙Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

∙Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

∙Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

∙Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

2.2

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company I & D Cahill Ltd together with all entities controlled by the parent company (its subsidiary).

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Page 21

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.3

Going concern

The financial statements have been prepared on a going concern basis. Although the group recorded a loss for the financial year, the directors have assessed the group's financial position. liquidity and future trading prospects.

The group does not prepare formal cash flow forecasts, but the directors undertake regular monitoring of cash balances, expected receipts and upcoming commitments. This monitoring provides sufficient visibility to ensure that the group can meet its obligations as they fall due.

Following the year end, the group has returned to profitability, with trading performance demonstrating improved margins and operational stability.

The group also benefits from a strong order book, giving the directors confidence in the level of future revenues. This, combined with improved post-year-end trading, supports the directors' view that the group will continue to operate for the forseeable future.

Based on these considerations, the directors believe that the going concern basis of preparation remains appropriate.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Research and development

Research expenditure is written off against profits in the year in which it is incurred.

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasability can be demonstrated.

Page 22

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

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

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

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

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

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

Page 23

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Research and development costs

7 years straight line.

2.9

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Freehold land and buildings	-	Over 30 years
Leasehold improvements	-	Straight line over the lease term
Plant and machinery	-	10% - 15% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	50% reducing balance

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

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

2.10

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured as fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Page 24

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.11

Valuation of investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Page 25

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.14

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

2.15

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

2.16

Financial instruments

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

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

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Page 26

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

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

Basic financial liabilities

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

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

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

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

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 27

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.	Judgments in applying accounting policies 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 experiences 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 reviewed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

Key Sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Amounts recoverable on long term contracts

Profit on long term contracts is recognised in the profit and loss account based on the amount the chargeable work carried out by the end of the financial period less amounts already invoiced to the customer. A level of judgement is applied in assessing the likely overall outcome of the project.

Residual life of assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value estimates consider issues such as future market conditions, the remaining life of the assets and projected disposal values.

Contract income	24,964,131	33,661,189
	24,964,131	33,661,189

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	24,964,131	33,661,189
	24,964,131	33,661,189

Page 28

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Research & development charged as an expense	-	183,549
Exchange differences	362,673	304,852
Other operating lease rentals	490,309	418,303
Share-based payment	(11,567)	(1,848)
Amortisation of intangible assets	119,349	119,350
Operating lease charges	166,217	195,102

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	8,400	8,000
Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	19,000	18,000

Page 29

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

		Group	Group
		2025	2024
		£	£


Wages and salaries	4,944,541	5,038,062
Social security costs	605,381	543,097
Cost of defined contribution scheme	120,936	237,814
	5,670,858	5,818,973

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

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

Production	96	101	-	-
Administration and support	11	6	2	2
Sales	6	6	-	-

	113	113	2	2

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	36,600	36,600
Group contributions to defined contribution pension schemes	-	128,302
	36,600	164,902

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

Page 30

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

9.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	154,441	76,570
Finance leases and hire purchase contracts	228,334	124,554
Other interest payable	4,896	1,763
	387,671	202,887

Corporation tax
Current tax on profits for the year	9,326	176,443
	9,326	176,443

Total current tax	9,326	176,443

Deferred tax
Origination and reversal of timing differences	(25,126)	544,956
Total deferred tax	(25,126)	544,956


	Tax on (loss)/profit	(15,800)	721,399

Page 31

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(436,374)

3,391,641

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(109,093)	847,910
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,389	879
Capital allowances for year in excess of depreciation	62,084	71,408
Utilisation of tax losses	29,471	(107,156)
Research and development tax credit	-	(91,642)
Marginal relief	(651)	-
Total tax charge for the year	(15,800)	721,399

11.	Dividends
		2025	2024
		£	£

	Interim paid	380,000	660,000
		380,000	660,000

Page 32

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

12.	Intangible assets
	Group and Company

		Development expenditure
		£
	Cost
	At 1 September 2024	839,766
	At 31 August 2025	839,766
	Amortisation
	At 1 September 2024	497,217
	Charge for the year on owned assets	119,349
	At 31 August 2025	616,566
	Net book value
	At 31 August 2025	223,200
	At 31 August 2024	342,549

Page 33

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

13.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost or valuation
At 1 September 2024	1,383,540	3,242,201	4,870,387	1,199,480	74,664	10,770,272
Additions	200,000	135,191	583,061	349,514	2,970	1,270,736
Disposals	-	-	(285,000)	(398,633)	(1,064)	(684,697)
At 31 August 2025	1,583,540	3,377,392	5,168,448	1,150,361	76,570	11,356,311
Depreciation
At 1 September 2024	-	125,724	1,343,251	406,404	28,606	1,903,985
Charge for the year on owned assets	-	106,152	498,725	223,105	25,000	852,982
Disposals	-	-	(47,500)	(158,727)	(347)	(206,574)
At 31 August 2025	-	231,876	1,794,476	470,782	53,259	2,550,393
Net book value
At 31 August 2025	1,583,540	3,145,516	3,373,972	679,579	23,311	8,805,918
At 31 August 2024	1,383,540	3,116,477	3,527,136	793,076	46,058	8,866,287

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


Plant and machinery	2,701,644	2,597,570
Motor vehicles	443,672	544,585
	3,145,316	3,142,155

Page 34

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

13.Tangible fixed assets (continued)

The fair value of freehold land and buildings has been arrived at on the basis of a valuation carried out at 12 April 2024 by Symonds and Sampson LLP. who are not connected with the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings - £3,689,378 (2024: £3,689,378).

	Company

		Freehold property
		£
	Cost or valuation
	At 1 September 2024	1,383,540
	Additions	200,000
	At 31 August 2025	1,583,540

	At 31 August 2025	-
	Net book value
	At 31 August 2025	1,583,540
	At 31 August 2024	1,383,540

Page 35

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

14.	Investment property
		Group 2025	Company 2025
		£	£

Fair value
At 1 September 2024	-	1,583,540
At 31 August 2025	-	1,583,540

The fair value of land has been arrived at on the basis of a valuation carried out at 12 April 2024 by Symonds and Sampson LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
	Group 2025	2024	Company 2025	2024
	£	£	£	£

Cost	-	-	808,540	608,540
Accumulated depreciation	-	-	-	-
Carrying amount	-	-	808,540	608,540

15.	Fixed asset investments
	Group

		Other fixed asset investments
		£
	Cost or valuation
	Additions	18,750
	At 31 August 2025	18,750

Page 36

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2024	100
	At 31 August 2025	100

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Cahill Welding Services Ltd

5&6 The Saw Mills, Middlemarsh, Sherborne, Dorset

Ordinary

100%

	Indirect subsidiary undertaking
	The following was an indirect subsidiary undertaking of the Company:

16.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	687,270	631,989
	687,270	631,989

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 37

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17.

Debtors

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


Trade debtors	218,407	791,521	-	-
Amounts owed by group undertakings	-	-	774,236	-
Amounts owed by joint ventures and associated undertakings	18,935	-	-	-
Other debtors	51,863	475,410	15,379	42,281
Prepayments and accrued income	52,610	40,908	-	-
Amounts recoverable on long-term contracts	6,411,892	8,094,395	-	-
	6,753,707	9,402,234	789,615	42,281

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

Bank overdrafts	450,718	-	-	-
Bank loans	140,378	79,728	110,075	36,302
Other loans	97,208	145,586	-	-
Trade creditors	2,633,302	6,483,229	-	-
Amounts owed to group undertakings	-	-	-	46,845
Corporation tax	122,582	176,443	24,172	31,070
Other taxation and social security	199,909	192,136	-	15,700
Obligations under finance lease and hire purchase contracts	598,821	613,573	-	-
Other creditors	513,962	382,306	59,608	-
Accruals and deferred income	258,938	578,869	16,433	18,313
	5,015,818	8,651,870	210,288	148,230

Page 38

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

Bank loans	1,283,951	468,220	1,283,951	437,917
Other loans	48,331	147,775	-	-
Net obligations under finance leases and hire purchase contracts	2,314,291	1,963,834	-	-
	3,646,573	2,579,829	1,283,951	437,917

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£


Repayable by instalments	716,375	526,558	716,375	256,628
	716,375	526,558	716,375	256,628

Page 39

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

Amounts falling due within one year
Bank loans	591,096	79,728	110,075	36,302
Other loans	97,208	145,586	-	-
	688,304	225,314	110,075	36,302
Amounts falling due 1-2 years
Bank loans	1,283,951	468,220	1,283,951	437,917
Other loans	48,331	147,775	-	-
	1,332,282	615,995	1,283,951	437,917


	2,020,586	841,309	1,394,026	474,219

Page 40

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

20.Loans (continued)

Subsidiary

The subsidiary company has an unlimited debenture dated 14 May 2010 which incorporates a fixed and floating charge over the assets of the subsidiary and a charge (taken out in 2012) over life policies with Scottish Widows on the lives of the directors of the company at that time.

An intercompany and set off agreement was made on 17 August 2023 between the group companies, I & D Cahill Ltd and Cahill Welding Services Ltd, and Lloyds Bank plc.

Bank borrowings

Coronavirus Business Interruption Loan has a nominal interest rate of 1.73%, and the final instalment is due on 25 August 2026. The carrying amount at year end is £30,303 (2024 - £73,729). This loan is 80% backed by government and no security was required to be given for this loan.

Lloyds Business Banking Loan has a variable interest rate being 3.47% in excess of the base rate and the final instalment of the loan is due on 8 August 2033. The carrying amount at the year end is £1,384,269 (2024: £474,219). The securities stated below have been provided to the bank:

∙An omnibus guarantee and set off agreement between the Bank and Cahill Welding Services Ltd and I & D Cahill Ltd together with such other security as the Bank may from time to time hold in respect of the debts and liabilities of any guarantor to the Bank.

∙A legal charge granted by I & D Cahill Ltd over the land at Area 15 Henstridge Airfield, Henstridge, Somerset, BA8 OTN.

∙An unlimited debenture granted by I & D Cahill Ltd in favour of the bank.

Other borrowings

Funding Circle CBILS has a fixed interest rate of 8.9%, and the final instalment is due on 24 February 2026. The carrying amount at year end is £36,308 (2024 - £104,782). The loan is 80% backed by government and no security was required to be given for the loan.

Market Finance has a fixed interest rate of 9.89%, and the final instalment is due on 26 April 2027. The carrying amount at year end is £66,630 (2024 - £103,381). No security has been given for the loan.

Conister Loan has a fixed interest rate of 8.78%, and the final instalment is due on 3 May 2027. The carrying amount at year end is £42,601 (2024 - £62,107). No security has been given for the loan.

Page 41

I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

21.	Finance lease obligations
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	598,818	613,573
Between 1-5 years	2,031,407	1,693,904
Over 5 years	282,884	269,930
	2,913,109	2,577,407

Obligations under finance leases are secured on the assets which they relate to. Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(1,843,938)
	Charged to profit or loss	25,126
	At end of year	(1,818,812)

Company

		2025
		£

	At beginning of year	(193,750)
	At end of year	(193,750)

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

Accelerated capital allowances	(1,625,062)	-
Revaluations	(193,750)	(193,750)
	(1,818,812)	(193,750)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

200 (2024 - 200) Ordinary shares of £1.00 each	200	200

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I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

24.	Retirement benefit schemes
		2025	2024
		£	£

	Defined contribution schemes
	Charge to profit or loss in respect of defined contribution schemes	222,681	237,814

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

25.

Reserves

Other reserve
The cumulative revaluation gains and losses in respect of land and buildings, net of deferred taxation.

Profit and loss reserves
Cumulative profit and loss net of distributions to owners.

26.	Related party transactions
	During the year, the group entered into the following transactions with related parties:

		Sales 2025	Sales 2024	Purchases 2025	Purchase 2024
		£	£	£	£

	Entities under common control	39,249	5,500	122,163	541,859
	Other related parties	-	-	-	48,810

The following amounts were outstanding at the reporting end date:
	2025	2024
	£	£

Amounts due to related parties Group
Entities under common control	-	240,000
Other related parties	122,163	2,691

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I & D CAHILL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

The following amounts were outstanding at the reporting end date:
	2025	2024
	£	£

	Amounts due from related parties Group
	Entities under common control	18,935	22,100

27.	Director transactions

Dividends totalling £380,000 (2024: £660,000) were paid in the year in respect of shares held by the company's directors and their spouses.

During the year, related parties of the directors received total employee benefits of £0 (2024: £18,971).

At the end of the year there was a balance of £14,608 due to directors (2024: £77,268 due from directors). No interest has been charged and the loan is repayable on demand.

Page 45