REGISTERED NUMBER: 12550867 (England and Wales)

FOR

Page

Company Information  

1

Group Strategic Report  

2

Report of the Director  

7

Report of the Independent Auditors  

9

Consolidated Income Statement  

13

Consolidated Other Comprehensive Income  

14

Consolidated Balance Sheet  

15

Company Balance Sheet  

16

Consolidated Statement of Changes in Equity  

17

Company Statement of Changes in Equity  

18

Consolidated Cash Flow Statement  

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTOR:

Mr A C Mason

REGISTERED OFFICE:

Nalken House

Unit 4a Noble Road

Upper Edmonton

London

N18 3BH

REGISTERED NUMBER:

12550867 (England and Wales)

SENIOR STATUTORY AUDITOR:

Thurairatnam Sudarshan FCCA

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

REVIEW OF BUSINESS

The director is pleased to report another strong year of trading for the group for the year ended 31 August 2025, with continued growth in turnover, profitability and shareholders' funds despite ongoing economic and sector-wide challenges.

During the year, each of the key trading divisions made a positive contribution to the growth and success of the business. Our property services division continued to work in collaboration with local authorities and housing associations to deliver solutions aligned with our clients' long-term goals.

With recent investment in new plant and machinery, resulting in a strengthened in-house capability, our mechanical and electrical division continued to make a positive contribution to the group's growth catering to the fast-growing demand for its site temporary services.

Our Waterproofing division continued to work closely with its core clients providing comprehensive roofing and waterproofing services.  The division continued to make a positive contribution to the business with its effective project management and cost control.  The division delivered complex projects within budget and increased margins, helping to offset the impact of rising material and labour costs.

Turnover for the year increased to £42.1 million from £38.2 million in the prior year, representing a growth of 10.5%. The increase reflects continued demand for the group's services helped by the successful delivery of a number of significant projects during the year.

Gross profit increased to £4.78 million compared with £4.05 million in the previous year. Gross profit margin improved from 10.6% in 2024 to 11.3% in 2025, reflecting improved operational efficiency, effective contract management and stronger project performance across a number of contracts. The director considers the improvement in margin performance to be particularly encouraging given the ongoing inflationary pressures affecting labour, subcontractor and material costs within the industry.

Operating profit increased to £1.36 million from £1.22 million in the prior year, while profit before taxation increased to £1.51million (2024: £1.30 million). Pre-tax profit margin improved from 3.3% in 2024 to 3.6% in 2025, demonstrating the resilience of the business and the group's disciplined approach to overhead management and operational control despite continued cost inflation and market uncertainty.

Administrative expenses increased modestly during the year to £3.67 million (2024: £3.48 million), reflecting ongoing investment in infrastructure, compliance, systems and operational support functions required to sustain the group's growth and project delivery capabilities. The director continued to maintain careful control over overhead expenditure while ensuring the business remained appropriately resourced to support future activity levels.

The group continued to maintain a strong balance sheet position with net assets increasing to £7.95 million from £7.14 million in the prior year. Retained earnings increased to £7.04 million following the retention of profits generated during the year.

The director continued to focus closely on working capital management throughout the year. Net current assets improved to £5.04 million compared with £4.73 million in the prior year, despite the increased scale of operations and continued investment in project delivery. Current liabilities reduced from £9.70 million to £8.22 million during the year, reflecting improved creditor management.

Trade debtor balances increased in line with turnover growth and project activity levels, however management continued to maintain close oversight of collections and customer credit exposure.  Cash balances at the year-end were £1.43 million (2024: £2.75 million). The reduction in cash reserves principally reflected increased investment in plant and machinery together with working capital movements associated with higher trading activity and dividend payments made during the year. Notwithstanding this reduction, the director remain satisfied with the group's liquidity position, available banking facilities and overall financial resilience.

REVIEW OF BUSINESS CONTINUED

The group continued to invest in capital expenditure during the year, primarily in plant and machinery, in order to support operational efficiency, project delivery capability and future growth requirements, particularly to meet the growing demand for its site temporary services.

The director remain encouraged by the group's performance and its ability to continue generating profitable growth despite ongoing economic uncertainty, labour market pressures and inflationary cost challenges affecting the wider construction industry. The business continues to maintain a healthy pipeline of opportunities and remains focused on sustainable long-term growth, operational excellence and maintaining strong client relationships.

PRINCIPAL RISKS AND UNCERTAINTIES

The board recognises that effective risk management is essential to the long-term success and sustainability of the business. The group operates within the construction sector, which is influenced by economic conditions, project delivery performance, labour availability and regulatory requirements. The director continually reviews the key operational and financial risks facing the business and implement measures designed to mitigate exposure where possible.

Economic and Market Conditions

The construction sector continues to experience uncertainty arising from inflationary pressures, interest rate movements, supply chain disruption and fluctuations in client investment levels. These conditions may impact project margins, customer confidence and the timing of contract awards.

To mitigate these risks, the group maintains a diversified client base across a range of sectors and continues to focus on securing repeat business through long-standing customer relationships and quality project delivery. The director closely monitors market conditions, tender pipelines and operational performance to ensure the business remains responsive to changes in demand.

Contract Delivery and Operational Performance

The successful delivery of projects within agreed timescales and budgets is critical to the group's performance. Delays, cost overruns, subcontractor performance issues or unforeseen site conditions could adversely affect profitability and reputation.

The group mitigates these risks through experienced project management teams, detailed pre-contract assessments, regular project reviews and ongoing monitoring of project costs and programme performance. Contractual risks are reviewed carefully prior to acceptance, and operational management maintains regular communication with clients and subcontractors throughout project delivery.

Inflation and Cost Pressures

The group remains exposed to increases in labour, subcontractor, fuel, plant and material costs, which may impact project profitability where costs cannot be recovered through contractual arrangements. Management continually reviews procurement practices, supplier relationships and contract pricing mechanisms to minimise exposure to inflationary pressures. The business also seeks to negotiate appropriate commercial terms and maintain flexibility within its operational cost base.

Labour Availability and Retention

The business relies on the availability of skilled employees, subcontractors and specialist labour within a competitive market. Recruitment challenges or labour shortages could affect operational capacity and project delivery. To reduce this risk, the group continues to invest in employee development, training and workforce engagement. The director seeks to maintain a positive working environment, competitive remuneration structures and strong relationships with trusted subcontractors and supply chain partners.

Health, Safety Compliance

The nature of the group's operations involves inherent health and safety risks associated with construction activities. Failure to maintain high standards of health, safety or environment compliance could result in financial penalties, reputational damage or operational disruption.

The group maintains robust health and safety policies and procedures supported by regular training, site monitoring and compliance reviews. Management remains committed to promoting a strong safety culture throughout the organisation and ensuring compliance with all applicable legislation and industry standards.

Credit Risk

The group is exposed to credit risk through trade receivables and recoverability of amounts due on construction contracts. Delayed payments or customer insolvency could impact working capital and cash flow.

The director closely monitors customer creditworthiness, aged receivables and contract recoverability on an ongoing basis. Management applies prudent controls over invoicing, debt collection and contract valuation procedures to minimise exposure to bad debts and disputed balances.

Liquidity and Cash Flow Management

The business requires effective working capital management due to the timing of contract receipts, supplier payments and operational expenditure. Increase in turnover and project activity can place additional pressure on

cash flow requirements.

The director regularly reviews detailed cash flow forecasts, banking arrangements and financing requirements to ensure the group maintains sufficient liquidity to support operational activities and future growth. Banking facilities and debt obligations are monitored carefully and remain within manageable levels.

Regulatory and Compliance Risk

The group operates within a regulated environment and is subject to changes in taxation, employment legislation, construction regulations and environmental standards. Failure to comply with regulatory requirements could lead to financial or reputational consequences.

The group engages professional advisers where appropriate and maintains internal procedures designed to ensure compliance with relevant legal and regulatory obligations. The director monitors legislative developments and assess the impact of regulatory changes on the business.

Cyber Security and Information Management

As the business continues to rely increasingly on digital systems and electronic communications, exposure to cybersecurity threats and data loss remains an ongoing risk.

The group maintains appropriate IT controls, system protections, backup procedures and access restrictions

designed to safeguard group information and operational systems. External IT support providers are utilised here necessary to maintain system resilience and security standards.

Financial Risk Management

The group's exposure to financial risk is managed through ongoing review procedures by the director. The principal financial risks relate to liquidity, credit risk and interest rate exposure. The director regularly reviews cash flow forecasts, debtor recoverability and financing arrangements to ensure the group maintains adequate working capital and financial flexibility.

Employees

The director recognise that employees are fundamental to the success of the business. The group remains committed to providing a safe and supportive working environment, promoting employee engagement and investing in training and professional development.

Stakeholder Engagement

The director understand the importance of maintaining strong relationships with customers, suppliers, subcontractors, employees and other stakeholders. The group seeks to operate responsibly and maintain high standards of business conduct across all areas of operation.

KEY PERFORMANCE INDICATORS

The key financial performance indicators for the group are as follows:

2025

2024

Measure

Gross profit margin

11.33%

10.62%

Gross profit/Turnover

Debtor days

16 days

6 days

Trade debtors/Turnover (excluding group balances)

Creditor days

30 days

37 days

Trade creditors/Cost of sales (excluding group

balances)

- Client satisfaction - the group continuously strives to be better and maintains good relationships with its clients. The group in the main, only works on large projects for long term clients who understand the group's way of working, having formed an understanding on and off site over the years.

- Employee Satisfaction - whilst employment in the industry is probably at its most competitive, the group has  managed to maintain key staff which has been a factor in the group's growth.

- Qualifications and Skills - regularly kept up to date and in line with the Construction Industry Standards.

- Fixed assets - group's growth has resulted in constant vehicle and plant purchases.

ON BEHALF OF THE BOARD:

Mr A C Mason - Director

29 May 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 August 2025.

PRINCIPAL ACTIVITY

DIVIDENDS

During the year, the group paid total dividends of £248,000 (2024: £176,681).  The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The director remains cautiously optimistic regarding the company's prospects for the forthcoming year. The business continues to maintain a healthy pipeline of opportunities and remains focused on sustainable growth, operational efficiency and long-term client partnerships.

Investment will continue in people, plant, technology and operational processes to support future growth and enhance service delivery. The directors believe the company is well positioned to respond to changing market conditions and continue delivering profitable growth.

DIRECTOR

Mr A C Mason held office during the whole of the period from 1 September 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The group has various financial instruments that arise directly from operations. The group does not enter into derivative transactions.

The main financial risks arising from the group's activities are credit risk and liquidity risk. These are monitored by the senior management and were not considered to be significant at the balance sheet date.  No extended credit terms are offered to clients and outstanding debts regularly monitored.  Directors continuously explore new lines of credit to enable a contingency plan to be established.

POLITICAL DONATIONS AND EXPENDITURE

During the year, the group made charitable donations totalling £2,555 (2024: £3,500) to various UK registered charities. No political donations were made during the current or previous year.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year.  Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements 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 company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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:

Mr A C Mason - Director

29 May 2026

Opinion

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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages seven and eight, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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:

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

- the 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 of the company's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

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 transactions;

- tested the appropriateness of journal entries;

- tested authorisation of expenditure;

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

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- reviewing correspondence with HMRC and relevant regulators.

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.

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 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.

Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

29 May 2026

TURNOVER

42,163,656

38,154,408

Cost of sales

(37,384,285

)

(34,102,179

)

GROSS PROFIT

4,779,371

4,052,229

Administrative expenses

(3,673,678

)

(3,489,627

)

1,105,693

562,602

Other operating income

256,094

654,330

OPERATING PROFIT

4

1,361,787

1,216,932

Interest receivable and similar income

60,357

198,009

1,422,144

1,414,941

Gain/loss on revaluation of investment

property

209,012

-

1,631,156

1,414,941

Interest payable and similar expenses

5

(116,015

)

(119,543

)

PROFIT BEFORE TAXATION

1,515,141

1,295,398

Tax on profit

6

(456,605

)

(401,155

)

PROFIT FOR THE FINANCIAL YEAR

1,058,536

894,243

Profit attributable to:

Owners of the parent

1,058,536

894,243

PROFIT FOR THE YEAR

1,058,536

894,243

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,058,536

894,243

Total comprehensive income attributable to:

Owners of the parent

1,058,536

894,243

FIXED ASSETS

Tangible assets

9

3,227,529

2,975,074

Investments

10

-

-

Investment property

11

1,390,728

1,181,716

4,618,257

4,156,790

CURRENT ASSETS

Stocks

12

256,607

276,515

Debtors

13

10,355,037

10,013,024

Prepayments and accrued income

1,224,099

1,403,770

Cash at bank and in hand

1,429,033

2,749,991

13,264,776

14,443,300

CREDITORS

Amounts falling due within one year

14

8,223,466

9,705,687

NET CURRENT ASSETS

5,041,310

4,737,613

TOTAL ASSETS LESS CURRENT

LIABILITIES

9,659,567

8,894,403

CREDITORS

Amounts falling due after more than one

year

15

(1,154,682

)

(1,329,308

)

PROVISIONS FOR LIABILITIES

19

(557,151

)

(427,897

)

NET ASSETS

7,947,734

7,137,198

CAPITAL AND RESERVES

Called up share capital

20

5

5

Fair value reserve

21

906,759

750,000

Retained earnings

21

7,040,970

6,387,193

SHAREHOLDERS' FUNDS

7,947,734

7,137,198

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

Mr A C Mason - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

452,721

452,721

Investment property

11

-

-

452,721

452,721

CURRENT ASSETS

Debtors

13

956,115

970,983

Cash at bank and in hand

246

13,991

956,361

984,974

CREDITORS

Amounts falling due within one year

14

452,780

540,984

NET CURRENT ASSETS

503,581

443,990

TOTAL ASSETS LESS CURRENT

LIABILITIES

956,302

896,711

CAPITAL AND RESERVES

Called up share capital

20

5

5

Retained earnings

956,297

896,706

SHAREHOLDERS' FUNDS

956,302

896,711

Company's profit for the financial year

307,591

274,008

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.  

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

Mr A C Mason - Director

Called up

Fair

share

Retained

value

capital

earnings

reserve

£   

£   

£   

Balance at 1 September 2023

5

5,669,631

750,000

Changes in equity

Dividends

-

(176,681

)

-

Total comprehensive income

-

894,243

-

5

6,387,193

750,000

Elimination on disposal

-

-

-

Balance at 31 August 2024

5

6,387,193