REGISTERED NUMBER: 07904154 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2025

for

Ivor King Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

S M King

I King

A J King

REGISTERED OFFICE:

Haunchwood Park Industrial Estate

Galley Common

Nuneaton

CV10 9SP

REGISTERED NUMBER:

07904154 (England and Wales)

AUDITORS:

Gopsall Audit Services Limited

Chartered Accountants

Statutory Auditor

First Floor

7 Marina Court

Maple Drive

Hinckley

Leicestershire

LE10 3BF

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The results for the group show a pre-tax profit for the year ended 30 September 2025 of £4.52m, 30 September 2024 as restated £0.84m. For the year ended 30 September 2024 sales of £30.43 million, (2024 as restated £24.67 million)

The group had net assets of £14.42 million at 30 September 25, 2024 restated at £11.41 million.

Our Key Performance Indicators for the year, and last year, are shown below:

2025

2024 (as restated)

Definitions

Increase/(Decrease) in sales %

23.37

(24.02)

Year on year sales movement expressed as apercentage. The company has experienced anincrease in sales.

Net Profit margin %

14.88

3.40

Profit on ordinary activities before taxationexpressed as a percentage of sales.

Return on Invested Capital %

31.40

7.352

Profit on ordinary activities before taxationexpressed as a percentage of net assets.

Liquidity %

117.54

84.23

Current assets as a percentage of current liabilities.

We aim to present a balanced and realistic view of our performance in the last two financial periods. 2024 was by no means a bad year for the business, but it was greatly surpassed in 2025 for a number of reasons not least because the business had to regroup and reorganise in 2024, post the cancellation of HS2, when the business had geared up to be able to facilitate piling on this job for the duration of the project.

In 2025 the business chose to restructure the machinery and haulage fleet to be able to attack multidisciplinary work across as many sectors as possible. The piling industry as a whole, has been impacted by the Building Safety Act, which has slowed progress on high rise developments. Our business strategy of seeking to ensure penetration in multiple sectors, and having multiple income streams and machinery that can operate in tight and awkward spaces, twinned with the ability to rent our equipment out means that the business is as well placed as possible to capitalise on any opportunities, which it managed to achieve and in doing so outperformed the previous financial period.

The various world conflicts have served to create a certain level of volatility in raw material markets, throughout the duration of these two years, which have impacted the prices of our products and services.

The business has steadily been developing its property arm throughout 2025 and 2024 and is looking to further develop the Nuneaton site in the years ahead.

The Directors are very satisfied with the performance during the financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

At this time these would consist of the various global conflicts especially the middle east and whether they would affect commodity prices in the short or longer term, and the consequential price inflation. The Reeves budget promised constancy to allow growth but Trump tariffs in 2025 have created ripple effects in commodity markets, which does show how externalities can impact business operations quickly and with no foresight. The main items affected would be perceived to be fuel and steel. A further risk is weather conditions such as hard frosts or flooding meaning business income streams are affected.

The business must ensure it protects itself against inflationary pressure by purchasing material sensibly and in the right quantities, and making sure its contracts are robust and mitigate the risk of price escalation of its costs. Energy price escalation is an issue and the business has invested in the latest Solar Panel technology to mitigate this. Efforts have also been made to invest in the most efficient vehicles including multiple EV's and hybrid vehicles, with the purchases of these accelerating in 2025. All recent purchases of equipment are more fuel efficient than the outgoing models, and this can only help to push the companies' green credentials.

DEVELOPMENT AND PERFORMANCE

Safety is at the forefront of everything we do, and we have recently maintained the RoSPA gold award in recognition of our performance for the last two years running.

New technologies invariably allow us to work more efficiently and in a more carbon friendly way. We recognise the need for continual investment in order to remain at the forefront of our field. We have invested in trucks and rigs with the latest diesel engines, into solar technology to save energy costs and the business seeks to capitalise on new, improved technology at every opportunity across the business.

Our HQ has relocated to a far more modern and carbon friendly office block and this has been futureproofed for any increases to staff levels in the medium term.

ON BEHALF OF THE BOARD:

S M King - Director

4 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of civil engineering and property management.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 367,416 .

RESEARCH AND DEVELOPMENT

The group continues to invest in research and development to ensure that its products and services remain at the cutting edge of the industry.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

S M King

I King

A J King

DIRECTORS’ INDEMNITIES

As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of approval of the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The company has taken advantage of provisions which allow items marked for disclosure in the directors' report to be set out in the strategic report in accordance with s.414C(11) CA 2006.

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, Gopsall Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S M King - Director

4 June 2026

Opinion

We have audited the financial statements of Ivor King Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of 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 30 September 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on 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.

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 property and rental 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, anti-bribery, employment and health and safety legislation;

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

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

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

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

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

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

- performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC, relevant regulators such as the Health and Safety Executive, and the company's legal advisors.

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

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.

Peter White (Senior Statutory Auditor)

for and on behalf of Gopsall Audit Services Limited

Chartered Accountants

Statutory Auditor

First Floor

7 Marina Court

Maple Drive

Hinckley

Leicestershire

LE10 3BF

4 June 2026

TURNOVER

5

30,434,128

24,669,434

Cost of sales

19,544,376

17,296,097

GROSS PROFIT

10,889,752

7,373,337

Administrative expenses

6,079,866

5,718,271

4,809,886

1,655,066

Other operating income

241,616

43,350

OPERATING PROFIT

7

5,051,502

1,698,416

Impairment of debtor balance with connected party

8

-

31,436

5,051,502

1,666,980

Interest receivable and similar income

1,929

-

5,053,431

1,666,980

Gain on revaluation of

investment property

(5,000

)

(245,000

)

5,048,431

1,421,980

Interest payable and similar expenses

9

520,229

583,085

PROFIT BEFORE TAXATION

4,528,202

838,895

Tax on profit

10

1,154,179

225,558

PROFIT FOR THE FINANCIAL YEAR

3,374,023

613,337

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,374,023

613,337

Profit attributable to:

Owners of the parent

3,374,023

613,337

Total comprehensive income attributable to:

Owners of the parent

3,374,023

613,337

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

22,470,803

21,480,949

Investments

16

-

-

Investment property

17

1,400,000

1,405,000

23,870,803

22,885,949

CURRENT ASSETS

Stocks

18

1,540,298

2,094,868

Debtors

19

5,044,689

4,817,545

Cash at bank and in hand

1,579,938

48,469

8,164,925

6,960,882

CREDITORS

Amounts falling due within one year

20

6,893,170

8,264,615

NET CURRENT ASSETS/(LIABILITIES)

1,271,755

(1,303,733

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,142,558

21,582,216

CREDITORS

Amounts falling due after more than one year

21

(7,125,093

)

(7,625,537

)

PROVISIONS FOR LIABILITIES

26

(3,596,805

)

(2,542,626

)

NET ASSETS

14,420,660

11,414,053

CAPITAL AND RESERVES

Called up share capital

27

1,702

1,702

Share premium

28

5,888,000

5,888,000

Revaluation reserve

28

656,045

656,045

Capital redemption reserve

28

298

298

Retained earnings

28

7,874,615

4,868,008

SHAREHOLDERS' FUNDS

14,420,660

11,414,053

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

S M King - Director

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

-

-

Investments

16

5,890,100

5,890,100

Investment property

17

-

-

5,890,100

5,890,100

CURRENT ASSETS

Debtors

19

4,680,246

2,681,162

Cash at bank

1,655

1,835

4,681,901

2,682,997

NET CURRENT ASSETS

4,681,901

2,682,997

TOTAL ASSETS LESS CURRENT LIABILITIES

10,572,001

8,573,097

CAPITAL AND RESERVES

Called up share capital

27

1,702

1,702

Share premium

28

5,888,000

5,888,000

Capital redemption reserve

28

298

298

Retained earnings

28

4,682,001

2,683,097

SHAREHOLDERS' FUNDS

10,572,001

8,573,097

Company's profit for the financial year

2,366,320

669,320

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

S M King - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 October 2023

1,702

4,614,367

5,888,000

Prior year adjustment

-

(26,196

)

-

As restated

1,702

4,588,171

5,888,000

Changes in equity

Dividends

-

(333,500

)

-

Total comprehensive income

-

613,337

-

Balance at 30 September 2024

1,702

4,868,008

5,888,000

Changes in equity

Dividends

-

(367,416

)

-

Total comprehensive income

-

3,374,023

-

Balance at 30 September 2025

1,702

7,874,615

5,888,000

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 October 2023

656,045

298

11,160,412

Prior year adjustment

-

-

(26,196

)

As restated

656,045

298

11,134,216

Changes in equity

Dividends

-

-

(333,500

)

Total comprehensive income

-

-

613,337

Balance at 30 September 2024

656,045

298

11,414,053

Changes in equity

Dividends

-

-

(367,416

)

Total comprehensive income

-

-

3,374,023

Balance at 30 September 2025

656,045

298

14,420,660

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

1,702

2,347,277

5,888,000

298

8,237,277

Changes in equity

Dividends

-

(333,500

)

-

-

(333,500

)

Total comprehensive income

-

669,320

-

-

669,320

Balance at 30 September 2024

1,702

2,683,097

5,888,000

298

8,573,097

Changes in equity

Dividends

-

(367,416

)

-

-

(367,416

)

Total comprehensive income

-

2,366,320

-

-

2,366,320

Balance at 30 September 2025

1,702

4,682,001

5,888,000

298

10,572,001

Cash flows from operating activities

Cash generated from operations

1

6,518,657

3,791,088

Interest paid

(160,536

)

(232,997

)

Interest element of hire purchase payments paid

(359,693

)

(350,088

)

Net cash from operating activities

5,998,428

3,208,003

Cash flows from investing activities

Purchase of tangible fixed assets

(780,092

)

(557,428

)

Sale of tangible fixed assets

581,551

530,791

Interest received

1,929

-

Net cash from investing activities

(196,612

)

(26,637

)

Cash flows from financing activities

Loan repayments in year

(261,462

)

(250,893

)

Capital repayments in year

(2,471,810

)

(2,444,971

)

Amount withdrawn by directors

(19,743

)

19,743

Equity dividends paid

(367,416

)

(333,500

)

Net cash from financing activities

(3,120,431

)

(3,009,621

)

Increase in cash and cash equivalents

2,681,385

171,745

Cash and cash equivalents at beginning of year

2

(1,101,447

)

(1,273,192

)

Cash and cash equivalents at end of year

2

1,579,938

(1,101,447

)

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

30.9.25

30.9.24

as restated

£

£

Profit before taxation

4,528,202

838,895

Depreciation charges

1,657,738

1,485,953

Profit on disposal of fixed assets

(42,485

)

(81,169

)

Loss on revaluation of fixed assets

5,000

245,000

Other provisions

(100,000

)

100,000

Finance costs

520,229

583,085

Finance income

(1,929

)

-

6,566,755

3,171,764

Decrease in stocks

554,570

98,369

(Increase)/decrease in trade and other debtors

(227,144

)

1,287,840

Decrease in trade and other creditors

(375,524

)

(766,885

)

Cash generated from operations

6,518,657

3,791,088

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 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,579,938

48,469

Bank overdrafts

-

(1,149,916

)

1,579,938

(1,101,447

)

Year ended 30 September 2024

30.9.24

1.10.23

as restated

£

£

Cash and cash equivalents

48,469

66,098

Bank overdrafts

(1,149,916

)

(1,339,290

)

(1,101,447

)

(1,273,192

)

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

48,469

1,531,469

1,579,938

Bank overdrafts

(1,149,916

)

1,149,916

-

(1,101,447

)

2,681,385

1,579,938

Debt

Finance leases

(7,478,590

)

2,471,810

(2,406,562

)

(7,413,342

)

Debts falling due

within 1 year

(261,472

)

132,315

-

(129,157

)

Debts falling due

after 1 year

(2,373,411

)

129,143

-

(2,244,268

)

(10,113,473

)

2,733,268

(2,406,562

)

(9,786,767

)

Total

(11,214,920

)

5,414,653

(2,406,562

)

(8,206,829

)

4.	OTHER NOTES

Please note that Finance leases disclosed within the analysis of changes in net debt note are referred to in the Notes to the financial statements as Hire purchase contracts.