Company Registration No. 00533082 (England and Wales)
WARDEN CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2025
30 November 2025
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WARDEN CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr A Atkinson MRICS
Mrs J Williams
Mr J Flitcroft
(Appointed 1 January 2025)
Mr I Williams MCIOB
Mr D Culshaw ACMA CGMA
Secretary
Mr A Atkinson MRICS
Company number
00533082
Registered office
Damar House
Richard Street
Kirkham
PR4 2HU
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WARDEN CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
WARDEN CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

Warden's board of directors are delighted to report another record year of business in 2025. This is yet another milestone year for the company as we broke the £30 million turnover mark for the first time. In 2025, our revenue has increased by 15% on the previous year from £26.7million (2024) to £30.6 million. This is also reflected in gross profit performance which has increased from £4.5million in 2024 to £5.4 million in 2025, which is an increase of 20% year on year. During 2025, the economic climate has been more stable than in 2024, with inflation continuing to fall. However, this is not to say the market has been without its challenges. One of the primary issues faced has been increasing labour cost pressures, driven in part by the Government’s decision to raise employer National Insurance contributions and the minimum wage. Coupled with the ongoing construction skills shortage, these factors have presented a significant challenge as we continue to grow the business. Once again, as we have consistently demonstrated over the years, we have successfully navigated these challenges by working collaboratively with our trusted clients and valued supply chain partners to keep projects progressing to site. These relationships are never taken for granted and remain highly important to the business. We fully recognise and appreciate the significant contribution our partners have made to the success of the financial year. In 2025, we strengthened our reputation by delivering projects across multiple sectors of the construction industry, including Youth & Community Buildings, Local Markets, Education, Further education, Public Decarbonisation and Fire Remediation projects across many of the public sector funding streams including Levelling Up & UK Shared Prosperity Funds working successfully with Local Authorities to strengthen communities. Our healthcare portfolio continues to grow, highlighted by the successful completion of a £4m endoscopy facility at Mersey & West Lancs Teaching Hospitals and the new Runcorn health & education hub with North Cheshire & Mersey NHS Foundation Trust under the ‘Reconnecting Runcorn’ local community initiative again demonstrating our working with communities. Our established private clients continue to support our workflows with Manchester Airport Group and Grosvenor inputting strongly within the year. Our success with award applications continued in 2025 with a small project of the year award for the University of Manchester Ellen Wilkinson building refurbishment scheme. We were especially proud to be nominated for a Lancashire Business View Red Rose Award, and to go on to win Employer of the Year 2025. This achievement is a clear reflection of our commitment to our mission to “build something greater.” We are cautiously optimistic going into 2026. However there’s significant world uncertainty as a result of tension in the Middle East. Our pipeline remains strong and we’re confident our risk profiling and management approach will sustain short term inflationary pressures, political uncertainty and international instability. Our current outlook is positive, the company strategy of procuring work via frameworks where possible is still successful with the number of projects currently at pre-construction still at strong levels.

Principal risks and uncertainties

The directors consider the principal risks and uncertainties to be those commonly associated with the construction industry, in particular, economic uncertainties, health and safety and environmental issues. Such matters are at the forefront of the operations of the business. The directors are aware of the need to provide a quality service to the customer base at a competitive price.

Financial risk
The company makes little use of financial instruments other than an operational bank account so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position or profit or loss of the company.

WARDEN CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Key performance indicators

The turnover in the company increased from £26.7m to £30.6m in the year (15% increase) and gross profit increased from £4.5m to £5.4m in the year (20% increase).

Matters of strategic importance

Investment in the business has continued throughout 2025, including the opening of an additional office in Birchwood in Autumn 2025, growth in team numbers, ongoing training programmes, the expansion of our low-emissions fleet and the early repayment of our CBILS loan. Through these initiatives, we are ensuring our team is equipped with the skills and resources needed to meet the demands of an uncertain market. These strategic investments not only strengthen our operational capabilities but also position us to maintain our strong market position in 2026 and beyond, enabling us to deliver high-quality projects efficiently and effectively.

Future developments

Looking to the future, we are very encouraged by so many positive aspects within the business, but whilst there is a huge amount uncertainty around public spending with a potential trade war on the horizon, there is always a note of caution. We are confident that there will be significant opportunities for the company to progress its current growth plan in 2026, 2027 and beyond.

On behalf of the board

Mr I Williams MCIOB
Director
1 June 2026
WARDEN CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company continued to be that of the construction and alteration of industrial and commercial buildings.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £382,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Atkinson MRICS
Mrs J Williams
Mr J Flitcroft
(Appointed 1 January 2025)
Mr I Williams MCIOB
Mr D Culshaw ACMA CGMA
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

WARDEN CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
On behalf of the board
Mr I Williams MCIOB
Director
1 June 2026
WARDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARDEN CONSTRUCTION LIMITED
- 5 -
Opinion

We have audited the financial statements of Warden Construction Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 30 November 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WARDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARDEN CONSTRUCTION LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WARDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARDEN CONSTRUCTION LIMITED (CONTINUED)
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- the matters discussed among the audit engagement team and relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

  - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

WARDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARDEN CONSTRUCTION LIMITED (CONTINUED)
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Chris Read FCCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP, Statutory Auditor
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
4 June 2026
WARDEN CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
30,631,022
26,749,040
Cost of sales
(25,271,148)
(22,275,267)
Gross profit
5,359,874
4,473,773
Administrative expenses
(3,719,102)
(3,400,413)
Other operating income
139,173
158,613
Operating profit
4
1,779,945
1,231,973
Interest receivable and similar income
7
64,446
49,398
Interest payable and similar expenses
8
(26,880)
(48,924)
Profit before taxation
1,817,511
1,232,447
Tax on profit
9
(463,440)
(317,963)
Profit for the financial year
1,354,071
914,484

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WARDEN CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
396,560
407,240
Investment property
12
590,000
590,000
986,560
997,240
Current assets
Stocks
13
75,000
75,000
Debtors
14
10,728,190
5,566,835
Cash at bank and in hand
3,263,933
4,792,429
14,067,123
10,434,264
Creditors: amounts falling due within one year
15
(11,605,680)
(8,761,633)
Net current assets
2,461,443
1,672,631
Total assets less current liabilities
3,448,003
2,669,871
Creditors: amounts falling due after more than one year
16
-
0
(201,667)
Provisions for liabilities
Deferred tax liability
18
113,053
105,325
(113,053)
(105,325)
Net assets
3,334,950
2,362,879
Capital and reserves
Called up share capital
20
49,270
49,270
Share premium account
21
13,838
13,838
Revaluation reserve
235,293
235,293
Profit and loss reserves
3,036,549
2,064,478
Total equity
3,334,950
2,362,879

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 June 2026 and are signed on its behalf by:
Mr I Williams MCIOB
Director
Company registration number 00533082 (England and Wales)
WARDEN CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2023
49,270
13,838
235,293
3,776,263
4,074,664
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
914,484
914,484
Dividends
10
-
-
-
(2,626,269)
(2,626,269)
Balance at 30 November 2024
49,270
13,838
235,293
2,064,478
2,362,879
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
1,354,071
1,354,071
Dividends
10
-
-
-
(382,000)
(382,000)
Balance at 30 November 2025
49,270
13,838
235,293
3,036,549
3,334,950
WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Company information

Warden Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Damar House, Richard Street, Kirkham, PR4 2HU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investments properties at fair value. The principal accounting policies adopted are set out below.

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

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

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

The financial statements of the company are consolidated in the financial statements of Warden Construction Group Limited. These consolidated financial statements are available from its registered office, Damar House, Richard Street, Kirkham, Preston, PR4 2HU.

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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 are recover able.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
50 years straight-line
Plant and equipment
3 to 10 years straight-line
Fixtures and fittings
5 to 10 years straight-line
Motor vehicles
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

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

1.6
Impairment of fixed assets

At each reporting period end date, the company 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 individual asset, the company 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 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 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 the 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 for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is 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.

1.7
Stocks

Development land/projects are valued at the lower of cost and net realisable value after making due allowance for impairment.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.8
Construction contracts

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

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

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

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. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
2
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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Construction contracts

Profit on construction contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of work carried out by the year end by recording turnover and related costs as contract activity progresses.

Turnover is calculated as the work performed to date. Revenue derived from the variations on contracts is only recognised when they have been accepted by the customers.

Full provision is made for losses on all contracts in the year in which they are foreseen.

Amounts recoverable on contracts are amounts not yet invoiced for work which has been completed but not yet certified.

Stock

Stock represents properties held for development. The directors believe that the current carrying value of these properties has not changed significantly in the last year.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Attributable to the construction cost revenue
30,631,022
26,749,040
2025
2024
£
£
Other revenue
Interest income
64,446
49,398
Grants received
71,995
52,590
Rental income arising from investment properties
46,749
76,814
Sundry income
20,429
29,209

All turnover within both the current and the prior year arises in the UK.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(71,995)
(52,590)
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
22,850
Depreciation of tangible fixed assets
10,680
10,680
Profit on disposal of tangible fixed assets
(11,566)
(16,420)
Operating lease charges
241,116
207,522
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
48
44
Admin
33
33
Directors
5
4
Total
86
81

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,859,482
3,513,196
Social security costs
470,639
372,396
Pension costs
325,682
306,224
4,655,803
4,191,816

The average employee numbers have changed for the prior year disclosure, as a result of management's re-evaluation of the employee calculations in order to reflect a more accurate representation of average employees in the business.

6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
616,661
345,790
Company pension contributions to defined contribution schemes
213,041
157,732
829,702
503,522
WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
6
Directors' remuneration
(Continued)
- 19 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
100,039
92,655
Company pension contributions to defined contribution schemes
97,189
76,914
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
64,446
49,398
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
26,880
48,924
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
455,712
338,489
Deferred tax
Origination and reversal of timing differences
6,608
(20,526)
Adjustment in respect of prior periods
1,120
-
0
Total deferred tax
7,728
(20,526)
Total tax charge
463,440
317,963
WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,817,511
1,232,447
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
454,378
308,112
Tax effect of expenses that are not deductible in determining taxable profit
5,703
9,851
Adjustments in respect of prior years
1,120
-
0
Depreciation on assets not qualifying for tax allowances
2,239
-
0
Taxation charge for the year
463,440
317,963
10
Dividends
2025
2024
£
£
Final paid
382,000
2,626,269
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
410,000
12,940
46,932
144,721
614,593
Disposals
-
0
-
0
-
0
(44,039)
(44,039)
At 30 November 2025
410,000
12,940
46,932
100,682
570,554
Depreciation and impairment
At 1 December 2024
8,960
12,940
40,732
144,721
207,353
Depreciation charged in the year
4,480
-
0
6,200
-
0
10,680
Eliminated in respect of disposals
-
0
-
0
-
0
(44,039)
(44,039)
At 30 November 2025
13,440
12,940
46,932
100,682
173,994
Carrying amount
At 30 November 2025
396,560
-
0
-
0
-
0
396,560
At 30 November 2024
401,040
-
0
6,200
-
0
407,240
WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Tangible fixed assets
(Continued)
- 21 -

Land and buildings with a carrying value of £396,560 (2024: £401,040) were revalued at 17 January 2023 by Duxbury Property Consultants, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Freehold land and buildings are carried at valuation. If freehold land and buildings were measured using the cost model, the carrying amounts would have been approximately £92,555 (2024 - £95,071), being cost £125,816 (2024 - £125,816) and depreciation £33,261 (2024 - £30,745).

12
Investment property
2025
£
Fair value
At 1 December 2024 and 30 November 2025
590,000

Investment property comprises a building held by the company in Kirkham. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Duxbury Property Consultants on 19 January 2023, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors deem this to still be the fair value of the property.

13
Stocks
2025
2024
£
£
Work in progress
75,000
75,000
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,409,899
2,165,673
Gross amounts owed by contract customers
5,024,483
3,102,433
Corporation tax recoverable
65,647
65,647
Amounts owed by group undertakings
2,000,000
37
Other debtors
109,004
141,148
Prepayments and accrued income
119,157
91,897
10,728,190
5,566,835

Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
17
-
0
220,000
Trade creditors
6,070,107
4,274,568
Corporation tax
465,443
328,716
Other taxation and social security
964,256
866,139
Other creditors
215,267
150,524
Accruals and deferred income
3,890,607
2,921,686
11,605,680
8,761,633
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
17
-
0
201,667
17
Loans and overdrafts
2025
2024
£
£
Other loans
-
0
421,667
Payable within one year
-
0
220,000
Payable after one year
-
0
201,667

The long term borrowings were in relation to a CBILS loan taken out by the company with an interest rate of 3.99% above base rate. The loan was repaid in full during the year.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
(3,740)
(4,669)
Capital gains
127,389
127,389
Short term timing differences
(10,596)
(17,395)
113,053
105,325
WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
18
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 December 2024
105,325
Charge to profit or loss
7,728
Liability at 30 November 2025
113,053
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
325,682
306,224

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end there was a creditor of £135,765 (2024: debtor £22,500) outstanding.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
46,420
46,420
46,420
46,420
Ordinary "A" shares of £1 each
2,850
2,850
2,850
2,850
49,270
49,270
49,270
49,270

The Ordinary shares and Ordinary "A" shares rank pari passu.

21
Share premium account

The share premium account represents consideration received for shares issued above their nominal value net of transaction costs.

22
Financial commitments, guarantees and contingent liabilities

There is an unlimited multilateral guarantee between Warden Construction Group Limited and Warden Construction Limited.

There is a first legal charge dated 18 March 1991 over Freehold Property known as Railside House and also floating charges over the assets of the company dated 18 January 1980.

There is a first legal charge dated 29 November 2018 over Freehold Property known as Land and Buildings lying to the south of Richards Street.

WARDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
248,769
206,521
Years 2-5
300,601
353,993
After 5 years
-
0
16,213
549,370
576,727
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent paid to a Partnership operated by the company's directors Mr A A Atkinson and Mr I F Williams, and their spouses, of £48,645 (2024 - £70,251).

There is also an amount owed to the company by this Partnership of £nil at year end (2024 - £119,291).

The company has taken advantage of the exemption permitted under section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with other companies in the group.

25
Ultimate controlling party

The ultimate controlling party is Warden Construction Group Limited, a company incorporated in Great Britain, which owns 100% of the issued share capital of Warden Construction Limited. The financial statements of Warden Construction Group Limited are available from the company's registered office at Damar House, Richard Street, Kirkham, Preston, PR4 2HU or from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

There is considered to be no individual controlling party of Warden Construction Group Limited.

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