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REGISTERED NUMBER: 10493154 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Alpha Construction (Group) Limited |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Profit and loss account | 8 |

| Consolidated Other Comprehensive Income | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Financial Statements | 16 |

| Alpha Construction (Group) Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | A R Bamford

| B T Brooks

| R S Denton

| J J Manning

| L Stafford

| REGISTERED OFFICE: | Chatsworth Court, Alpha House

| Uttoxeter Road

| Hilton

| Derbyshire

| DE65 5GE

| REGISTERED NUMBER: | 10493154 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Susanna D Ault FCCA FCA

| AUDITORS: | Tomkinson Teal (Lichfield) LLP

| Hanover Court

| 5 Queen Street

| Lichfield

| Staffordshire

| WS13 6QD

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Group Strategic Report

for the Year Ended 31 December 2025

PRINCIPAL ACTIVITIES

The Company is the ultimate holding company of the Alpha Construction group of companies.

Its principal activity is the provision of strategic oversight, governance, and capital allocation across the Group. The Company also holds property assets through subsidiary entities, supporting both operational requirements and long-term investment objectives.

GROUP STRUCTURE AND REORGANISATION

On 1 January 2026, the Group implemented a restructuring and renaming of entities to better reflect its long-term strategic direction.

This restructuring was undertaken to:

- Separate trading operations from property ownership

- Improve financial and operational clarity across the Group

- Provide a scalable platform to support future growth

- Strengthen governance and risk management

As part of this process, property assets are now held within a dedicated subsidiary structure, with trading activities undertaken by Alpha Construction Limited.

The Board considers that this structure provides greater flexibility, enhances financial transparency, and supports the Group's long-term development.

BUSINESS REVIEW

The Group has continued to perform strongly during the year, supported by the performance of its trading subsidiary, Alpha Construction Limited.

The trading business has maintained turnover, improved profitability, and increased its secured workload, providing a strong foundation for future growth

PROPERTY AND ASSET MANAGEMENT

The Group holds property assets within a subsidiary, which are utilised to support the operations of the trading business and to provide long-term strategic value.

This includes:

- Operational property currently occupied by the trading company under a formal lease arrangement

- Property assets held for future development, investment, and expansion

The Board actively manages these assets to:

- Support the operational needs of the Group

- Provide flexibility for future growth

- Enhance long-term value through development and asset management

The separation of property ownership from trading activities reduces risk exposure and provides a clear framework for future investment decisions.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Group Strategic Report

for the Year Ended 31 December 2025

STRATEGY AND FUTURE OUTLOOK

The Group's strategy is focused on supporting the continued growth and development of its trading operations, whilst maintaining a strong and flexible asset base.

Key priorities include:

- Supporting the scaling of the trading business in a controlled and sustainable manner

- Managing property assets to support operational efficiency and future expansion

- Maintaining a robust group structure that supports governance, risk management, and financial clarity

The Board remains confident in the Group's long-term prospects and its ability to adapt to changing market conditions.

PRINCIPLE RISKS AND UNCERTAINTIES

The principal risks facing the Group include:

- Performance of Trading Subsidiary

The financial performance of the Group is dependent on the success of its trading operations.

- Property and Asset Risk

Property values, development risk, and associated costs may impact returns.

- Liquidity and Capital Allocation

The Group must ensure appropriate allocation of resources to support both operational requirements and future investment.

- Macroeconomic Conditions

Inflation, interest rates, and market conditions may affect both construction activity and property values.

The Board monitors these risks and implements appropriate strategies to mitigate their impact.

STAKEHOLDER ENGAGEMENT (SECTION 172 STATEMENT)

The Board has had regard to its duties under Section 172 of the Companies Act 2006.

The Company considers the interests of its stakeholders, including:

- Shareholders

- Employees within the Group

- Clients and supply chain partners

- Financial institutions and advisors

The Board ensures that decisions are made with consideration to the long-term success and sustainability of the Group.

ON BEHALF OF THE BOARD:

A R Bamford - Director

25 March 2026

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of construction.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 205,471 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A R Bamford

B T Brooks

R S Denton

J J Manning

L Stafford

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A R Bamford - Director

25 March 2026

Report of the Independent Auditors to the Members of

Alpha Construction (Group) Limited

Opinion

We have audited the financial statements of Alpha Construction (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Report of the Independent Auditors to the Members of

Alpha Construction (Group) Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Report of the Independent Auditors to the Members of

Alpha Construction (Group) Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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.

Susanna D Ault FCCA FCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

25 March 2026

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Consolidated

Profit and loss account

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 14,131,706 |  | 10,159,992 |  |

Cost of sales | (11,605,105 | ) | (7,736,921 | ) |

GROSS PROFIT | 2,526,601 |  | 2,423,071 |  |

Administrative expenses | (2,250,541 | ) | (2,039,287 | ) |

276,060 |  | 383,784 |  |

Other operating income | 63,972 |  | 54,941 |  |

OPERATING PROFIT | 5 | 340,032 |  | 438,725 |  |

Interest receivable and similar income | 22,233 |  | 12,539 |  |

362,265 |  | 451,264 |  |

Interest payable and similar expenses | 6 | (4,797 | ) | (8,928 | ) |

PROFIT BEFORE TAXATION | 357,468 |  | 442,336 |  |

Tax on profit | 7 | (112,331 | ) | (137,429 | ) |

PROFIT FOR THE FINANCIAL YEAR | 245,137 |  | 304,907 |  |

Profit attributable to:

Owners of the parent | 245,137 |  | 304,907 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 245,137 |  | 304,907 |  |

OTHER COMPREHENSIVE INCOME |

Purchase of own shares | (464,409 | ) | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (464,409 | ) | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (219,272 | ) | 304,907 |  |

Total comprehensive income attributable to:

Owners of the parent | (219,272 | ) | 304,907 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Consolidated Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 81,738 |  | 163,476 |  |

Tangible assets | 11 | 762,192 |  | 752,473 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 535,000 |  | 535,000 |  |

1,378,930 |  | 1,450,949 |  |

CURRENT ASSETS

Stocks | 14 | 409,923 |  | 321,301 |  |

Debtors | 15 | 1,725,952 |  | 1,590,908 |  |

Cash at bank and in hand | 2,947,311 |  | 2,485,458 |  |

5,083,186 |  | 4,397,667 |  |

CREDITORS

Amounts falling due within one year | 16 | (5,324,742 | ) | (4,190,464 | ) |

NET CURRENT (LIABILITIES)/ASSETS | (241,556 | ) | 207,203 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,137,374 |  | 1,658,152 |  |

CREDITORS

Amounts falling due after more than one year | 17 | - |  | (69,015 | ) |

PROVISIONS FOR LIABILITIES | 19 | (72,225 | ) | (87,868 | ) |

NET ASSETS | 1,065,149 |  | 1,501,269 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 28,559 |  | 39,936 |  |

Share premium | 21 | 148,412 |  | 148,412 |  |

Capital redemption reserve | 21 | (454,345 | ) | 10,064 |  |

Merger reserve | 21 | 468,926 |  | 468,926 |  |

Retained earnings | 21 | 873,597 |  | 833,931 |  |

SHAREHOLDERS' FUNDS | 1,065,149 |  | 1,501,269 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2026 and were signed on its behalf by:

A R Bamford - Director

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Company Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 2,393,052 |  | 2,393,052 |  |

Investment property | 13 | - |  | - |  |

2,393,052 |  | 2,393,052 |  |

CURRENT ASSETS

Debtors | 15 | 781,010 |  | 781,010 |  |

Cash at bank | 3 |  | 204,595 |  |

781,013 |  | 985,605 |  |

CREDITORS

Amounts falling due within one year | 16 | (3,163,692 | ) | (2,790,952 | ) |

NET CURRENT LIABILITIES | (2,382,679 | ) | (1,805,347 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,373 |  | 587,705 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 28,559 |  | 39,936 |  |

Share premium | 21 | 148,412 |  | 148,412 |  |

Capital redemption reserve | 21 | (454,345 | ) | 10,064 |  |

Retained earnings | 21 | 287,747 |  | 389,293 |  |

SHAREHOLDERS' FUNDS | 10,373 |  | 587,705 |  |

Company's profit for the financial year | 103,925 |  | 252,602 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2026 and were signed on its behalf by:

A R Bamford - Director

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 39,936 |  | 678,784 |  | 148,412 |  |

Changes in equity

Dividends | - |  | (149,760 | ) | - |  |

Total comprehensive income | - |  | 304,907 |  | - |  |

Balance at 31 December 2024 | 39,936 |  | 833,931 |  | 148,412 |  |

Changes in equity

Issue of share capital | (11,377 | ) | - |  | - |  |

Dividends | - |  | (205,471 | ) | - |  |

Total comprehensive income | - |  | 245,137 |  | - |  |

Balance at 31 December 2025 | 28,559 |  | 873,597 |  | 148,412 |  |

| Capital |

| redemption |  | Merger |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 10,064 |  | 468,926 |  | 1,346,122 |  |

Changes in equity

Dividends | - |  | - |  | (149,760 | ) |

Total comprehensive income | - |  | - |  | 304,907 |  |

Balance at 31 December 2024 | 10,064 |  | 468,926 |  | 1,501,269 |  |

Changes in equity

Issue of share capital | - |  | - |  | (11,377 | ) |

Dividends | - |  | - |  | (205,471 | ) |

Total comprehensive income | (464,409 | ) | - |  | (219,272 | ) |

Balance at 31 December 2025 | (454,345 | ) | 468,926 |  | 1,065,149 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 39,936 |  | 286,451 |  | 148,412 |  | 10,064 |  | 484,863 |  |

Changes in equity

Dividends | - |  | (149,760 | ) | - |  | - |  | (149,760 | ) |

Total comprehensive income | - |  | 252,602 |  | - |  | - |  | 252,602 |  |

Balance at 31 December 2024 | 39,936 |  | 389,293 |  | 148,412 |  | 10,064 |  | 587,705 |  |

Changes in equity

Issue of share capital | (11,377 | ) | - |  | - |  | - |  | (11,377 | ) |

Dividends | - |  | (205,471 | ) | - |  | - |  | (205,471 | ) |

Total comprehensive income | - |  | 103,925 |  | - |  | (464,409 | ) | (360,484 | ) |

Balance at 31 December 2025 | 28,559 |  | 287,747 |  | 148,412 |  | (454,345 | ) | 10,373 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,360,335 |  | 1,053,046 |  |

Interest paid | (4,797 | ) | (8,928 | ) |

Tax paid | (143,649 | ) | (50,565 | ) |

Net cash from operating activities | 1,211,889 |  | 993,553 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (91,012 | ) | (115,173 | ) |

Sale of tangible fixed assets | - |  | 17,293 |  |

Interest received | 22,233 |  | 12,539 |  |

Net cash from investing activities | (68,779 | ) | (85,341 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | 107,096 |  |

Amount withdrawn by directors | - |  | (107,096 | ) |

Purchase of own shares | (11,377 | ) | - |  |

Share buyback consideration | (464,409 | ) | - |  |

Equity dividends paid | (205,471 | ) | (149,760 | ) |

Net cash from financing activities | (681,257 | ) | (149,760 | ) |

Increase in cash and cash equivalents | 461,853 |  | 758,452 |  |

Cash and cash equivalents at beginning of year | 2 | 2,485,458 |  | 1,727,006 |  |

Cash and cash equivalents at end of year | 2 | 2,947,311 |  | 2,485,458 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 357,468 |  | 442,336 |  |

| Depreciation charges | 162,379 |  | 147,095 |  |

| Loss/(profit) on disposal of fixed assets | 651 |  | (5,732 | ) |

| Government grants | (46,490 | ) | (48,720 | ) |

| Finance costs | 4,797 |  | 8,928 |  |

| Finance income | (22,233 | ) | (12,539 | ) |

456,572 |  | 531,368 |  |

| Increase in stocks | (88,622 | ) | (191,330 | ) |

| (Increase)/decrease in trade and other debtors | (135,044 | ) | 511,004 |  |

| Increase in trade and other creditors | 1,127,429 |  | 202,004 |  |

| Cash generated from operations | 1,360,335 |  | 1,053,046 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 2,947,311 |  | 2,485,458 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 2,485,458 |  | 1,727,006 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,485,458 |  | 461,853 |  | 2,947,311 |  |

2,485,458 |  | 461,853 |  | 2,947,311 |  |

| Debt

| Debts falling due within 1 year | (50,000 | ) | 50,000 |  | - |  |

| Debts falling due after 1 year | (69,015 | ) | 69,015 |  | - |  |

(119,015 | ) | 119,015 |  | - |  |

| Total | 2,366,443 |  | 580,868 |  | 2,947,311 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Critical accounting judgements and key sources of estimation uncertainty

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

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

| Key sources of estimation uncertainty

| The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| Recognition of revenue - Long term contracts:

| Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenue derived from variations on contracts are recognised only when they have been accepted by the company. Full provision is made for losses on loss-making contracts in the year in which they are first foreseen.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

| 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.

| The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Office Equipment | - | 30% on reducing balance

| Motor vehicles | - | 30% on reducing balance

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Work in progress is valued at the lower of cost and net realisable value.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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 excerpt where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| The group has retained profit/cash reserves. At the end of 2024, the group has a secure forward workload similar to that of previous years. The level of tendering activity is currently at a very high level and has been for some time; this is a clear indicator of future orders and workload. It is the view of the Director's that the group remains a going concern.

| Impairment of fixed assets

| At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of an asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

| Provisions

| Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. when a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business for the year ended 31 December 2024 is given below:

£ |

| Construction contracts | 10,159,992 |  |

10,159,992 |  |

| This analysis is not considered to be applicable to the year ended 31 December 2025.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,420,029 |  | 3,008,487 |  |

| Social security costs | 361,146 |  | 278,793 |  |

| Other pension costs | 136,646 |  | 105,653 |  |

3,917,821 |  | 3,392,933 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 5 |  | 5 |  |

| Office staff | 34 |  | 31 |  |

| Site staff | 23 |  | 19 |  |

62 |  | 55 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 397,107 |  | 456,131 |  |

| Directors' pension contributions to money purchase schemes | 45,896 |  | 27,679 |  |

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

| Money purchase schemes | 5 |  | 5 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 88,569 |  | 106,789 |  |

| Pension contributions to money purchase schemes | 15,157 |  | 5,007 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 35,268 |  | 30,610 |  |

| Depreciation - owned assets | 80,641 |  | 65,355 |  |

| Loss/(profit) on disposal of fixed assets | 651 |  | (5,732 | ) |

| Goodwill amortisation | 81,738 |  | 81,738 |  |

| Auditors' remuneration | 14,595 |  | 13,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 4,397 |  | 8,928 |  |

| Interest on taxation | 400 |  | - |  |

4,797 |  | 8,928 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 127,974 |  | 143,380 |  |

| Deferred tax | (15,643 | ) | (5,951 | ) |

| Tax on profit | 112,331 |  | 137,429 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 357,468 |  | 442,336 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 89,367 |  | 110,584 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,367 |  | 157 |  |

| Depreciation in excess of capital allowances | 36,240 |  | 31,824 |  |

| provisions |

| Pension liability | - |  | 815 |  |

| Deferred tax | (15,643 | ) | (5,951 | ) |

| Total tax charge | 112,331 |  | 137,429 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Purchase of own shares | (464,409 | ) | - |  | (464,409 | ) |

8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 205,471 |  | 149,760 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 817,380 |  |

| AMORTISATION

| At 1 January 2025 | 653,904 |  |

| Amortisation for year | 81,738 |  |

| At 31 December 2025 | 735,642 |  |

| NET BOOK VALUE

| At 31 December 2025 | 81,738 |  |

| At 31 December 2024 | 163,476 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Office |  | Motor |

| property |  | Equipment |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 521,400 |  | 88,771 |  | 321,952 |  | 932,123 |  |

| Additions | - |  | 6,600 |  | 84,412 |  | 91,012 |  |

| Disposals | - |  | (4,792 | ) | - |  | (4,792 | ) |

| At 31 December 2025 | 521,400 |  | 90,579 |  | 406,364 |  | 1,018,343 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 42,958 |  | 136,692 |  | 179,650 |  |

| Charge for year | - |  | 15,127 |  | 65,514 |  | 80,641 |  |

| Eliminated on disposal | - |  | (4,140 | ) | - |  | (4,140 | ) |

| At 31 December 2025 | - |  | 53,945 |  | 202,206 |  | 256,151 |  |

| NET BOOK VALUE

| At 31 December 2025 | 521,400 |  | 36,634 |  | 204,158 |  | 762,192 |  |

| At 31 December 2024 | 521,400 |  | 45,813 |  | 185,260 |  | 752,473 |  |

| Included in cost or valuation of land and buildings is freehold land of £176,400 (2024 - £176,400) which is not depreciated.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Cost or valuation at 31 December 2025 is represented by:

| Freehold |  | Office |  | Motor |

| property |  | Equipment |  | vehicles |  | Totals

£ | £ | £ | £ |

| Valuation in 2013 | (119,724 | ) | - |  | - |  | (119,724 | ) |

| Valuation in 2019 | (30,000 | ) | - |  | - |  | (30,000 | ) |

| Valuation in 2022 | 85,000 |  | - |  | - |  | 85,000 |  |

| Cost | 586,124 |  | 90,579 |  | 406,364 |  | 1,083,067 |  |

521,400 |  | 90,579 |  | 406,364 |  | 1,018,343 |  |

| Freehold property was valued on an open market basis on 13 January 2023 by Salloway (Burton) - registered valuers .

| If freehold property had not been revalued it would have been included at the following historical cost:

| Cost: |  | £436,400 |  |

| Aggregate depreciation |  | £27,300 |  |

| Freehold land included in freehold property amounted to: |  | £176,400 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 2,393,052 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,393,052 |  |

| At 31 December 2024 | 2,393,052 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Alpha Construction Limited

| Registered office: Chatsworth Court, Alpha House, Uttoxeter Road, Hilton, Derbyshire, DE65 5GE

| Nature of business: Civil engineering, building & allied

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 4,358,797 |  | 4,178,550 |  |

| Profit for the year | 285,478 |  | 384,044 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

12. | FIXED ASSET INVESTMENTS - continued

| Alpha Construction (Holdings) Limited

| Registered office: Chatsworth Court, Alpha House, Uttoxeter Road, Hilton, Derbyshire, DE65 5GE

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 190,100 |  | 190,100 |  |

| Profit for the year | 105,231 |  | 250,000 |  |

| Alpha Construction (Developments) Limited

| Registered office: Chatsworth Court, Alpha House, Uttoxeter Road, Hilton, Derbyshire, DE65 5GE

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 226,586 |  | 226,586 |  |

| Profit for the year | 105,231 |  | 250,000 |  |

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 535,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 535,000 |  |

| At 31 December 2024 | 535,000 |  |

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2022 | 421,039 |  |

| Cost | 113,961 |  |

535,000 |  |

| Investment property was valued on an open market basis on 13 January 2023 by Salloway (Burton) - registered valuers .

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Work-in-progress | 409,923 |  | 321,301 |  |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 1,694,410 |  | 1,557,012 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 781,010 |  | 781,010 |  |

| Prepayments | 31,542 |  | 33,896 |  | - |  | - |  |

1,725,952 |  | 1,590,908 |  | 781,010 |  | 781,010 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | - |  | 50,000 |  | - |  | - |  |

| Trade creditors | 1,046,838 |  | 938,612 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 3,163,692 |  | 2,790,342 |  |

| Tax | 127,874 |  | 143,549 |  | - |  | 610 |  |

| Social security and other taxes | 102,438 |  | 85,528 |  | - |  | - |  |

| VAT | 16,659 |  | 57,425 |  | - |  | - |  |

| Other creditors | 231,347 |  | 264,381 |  | - |  | - |  |

| Accrued expenses | 3,799,586 |  | 2,650,969 |  | - |  | - |  |

5,324,742 |  | 4,190,464 |  | 3,163,692 |  | 2,790,952 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | - |  | 69,015 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | - |  | 50,000 |  |

| Amounts falling due between one and two years: |

| Bank loans - 1-2 years | - |  | 50,000 |  |

| Amounts falling due between two and five years: |

| Bank loans - 2-5 years | - |  | 19,015 |  |

| The bank loan is secured by a fixed and floating charge with Lloyds Bank Commercial Finance Limited, dated 8 December 2016, over all property or undertakings of the group.

| This charge was satisfied on Companies House on 2 September 2025.

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

19. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 72,225 |  | 87,868 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 87,868 |  |

| Provided during year | (15,643 | ) |

| Balance at 31 December 2025 | 72,225 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 28,559 | Ordinary | £1 | 28,559 |  | 39,936 |  |

| On 18th September 2025 the company purchased back 11,377 of Ordinary £1 shares.

21. | RESERVES

| Group

| Capital |

| Retained |  | Share |  | redemption |  | Merger |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2025 | 833,931 |  | 148,412 |  | 10,064 |  | 468,926 |  | 1,461,333 |  |

| Profit for the year | 245,137 |  | - |  | - |  | - |  | 245,137 |  |

| Dividends | (205,471 | ) | - |  | - |  | - |  | (205,471 | ) |

| Purchase of own shares | - |  | - |  | (464,409 | ) | - |  | (464,409 | ) |

| At 31 December 2025 | 873,597 |  | 148,412 |  | (454,345 | ) | 468,926 |  | 1,036,590 |  |

| Company

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2025 | 389,293 |  | 148,412 |  | 10,064 |  | 547,769 |  |

| Profit for the year | 103,925 |  | - |  | - |  | 103,925 |  |

| Dividends | (205,471 | ) | - |  | - |  | (205,471 | ) |

| Purchase of own shares | - |  | - |  | (464,409 | ) | (464,409 | ) |

| At 31 December 2025 | 287,747 |  | 148,412 |  | (454,345 | ) | (18,186 | ) |

| Alpha Construction (Group) Limited (Registered number: 10493154) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

21. | RESERVES - continued

| Share premium

| The share premium account represents the amount above the nominal value received for the issued share capital, less transaction costs.

| Capital redemption reserve

| The capital redemption reserve represents the nominal value of shares repurchased by the company.

| Merger reserve

| The merger reserve represents the amount above the nominal value received for shares sold, qualifying conditions for merger relief were met.