FWP UK Limited Company accounts

COMPANY REGISTRATION NUMBER: 04230912

FWP UK Limited

Financial Statements

31 March 2025

FWP UK Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Director's report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Statement of cash flows	11

Notes to the financial statements	12

FWP UK Limited

Strategic Report

Year ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025. Principal activity and Business review FWP UK Limited provides design, supply and installation of Ventilation, Air Conditioning, Refrigeration and heating systems predominantly in the UK. The directors are encouraged by the performance of the company during the year. Revenue for the year increased to £13.0m (2024 £12.7m). The company has reported a pre-tax loss for the year of £62k (2024 Profit £13k). This years loss was driven by bad debts written off of £202k. Adjusted EBITDA, which removes the impact of bad debts written off, has increased to £325k (2024 £284k). The company continues to maintain its underlying strength with net assets/shareholder funds at £529k (2024 £571k). Financial Risk Management The company's activities expose it to a number of financial risks including credit risk and liquidity risk. Its risk management is overseen by the directors focusing on actively securing the company's short term to medium term cash flows. Principal risks and uncertainties The company's operations expose it to a variety of financial risks that include price risk, credit risk and liquidity risk. Price risk The company's exposure to price risk consists mainly of movements in the cost of materials and wages and salaries. The directors keep under review the price fluctuations and agree contract prices in advance with customers and suppliers. Credit risk The company is exposed to the usual credit risk associated with this type of business with its main financial asset being trade debtors. In order to manage credit risk, the directors review credit limits on a regular basis and use third party credit checks. Liquidity risk The company has a strong balance sheet and continues to maintain low levels of net debt relative to its market capital. Future developments and performance The directors continue to implement a long-term strategy that will enable further growth and continuity of strong margins. The company has continued to make significant investment in its workforce to enable it to undertake future projects secured.

This report was approved by the board of directors on 4 June 2026 and signed on behalf of the board by:

Mr S Frudd
Director

Registered office:

H1, Ash Tree Court

Mellors Way

Nottingham Business Park

Nottingham

United Kingdom

NG8 6PY

FWP UK Limited

Director's Report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:

Mr S Frudd
Mr P Watts

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 25 to the financial statements.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 4 June 2026 and signed on behalf of the board by:

Mr S Frudd
Director

Registered office:

H1, Ash Tree Court

Mellors Way

Nottingham Business Park

Nottingham

United Kingdom

NG8 6PY

FWP UK Limited

Independent Auditor's Report to the Members of FWP UK Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of FWP UK Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and UK tax legislation. Audit procedures performed by the engagement team included: - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Enquiry of management and those charged with governance around actual and potential litigation and claims. - Enquiry of entity in the compliance functions to identify any instances of non-compliance with laws and regulations. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Tidyman

(Senior Statutory Auditor)

For and on behalf of

Sumer Auditco Limited

Chartered Accountants & statutory auditor

Stone House

55 Stone Road Business Park

Stone Road

Stoke-on-Trent

Staffordshire

ST6 6SR

4 June 2026

FWP UK Limited

Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	12,984,056	12,680,086

Cost of sales	10,991,979	10,771,639
	-------------	-------------
Gross profit	1,992,077	1,908,447

Administrative expenses		1,976,249	1,799,584
		------------	------------
Operating profit	5	15,828	108,863

Other interest receivable and similar income	9	12,428	10,113
Interest payable and similar expenses	10	90,371	105,619
		------------	------------
(Loss)/profit before taxation		( 62,115)	13,357

Tax on (loss)/profit	11	( 215,648)	22,030
		---------	--------
Profit/(loss) for the financial year and total comprehensive income		153,533	( 8,673)
		---------	--------

Dividends paid and payable	12	( 195,700)	( 195,965)

Retained earnings at the start of the year	570,671	775,309
	---------	---------
Retained earnings at the end of the year	528,504	570,671
	---------	---------

All the activities of the company are from continuing operations.

FWP UK Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	13	340,441	408,235

Current assets

Debtors	14	1,908,183	2,905,944
Cash at bank and in hand		502,382	351,244
		------------	------------
		2,410,565	3,257,188

Creditors: amounts falling due within one year	15	1,666,240	2,238,675
		------------	------------
Net current assets		744,325	1,018,513
		------------	------------
Total assets less current liabilities		1,084,766	1,426,748

Creditors: amounts falling due after more than one year	16	491,712	754,389

Provisions	18	64,250	101,388
		------------	------------
Net assets		528,804	570,971
		------------	------------

Capital and reserves

Called up share capital	21	300	300
Profit and loss account	22	528,504	570,671
		---------	---------
Shareholders funds		528,804	570,971
		---------	---------

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

These financial statements were approved by the board of directors and authorised for issue on 4 June 2026 , and are signed on behalf of the board by:

Mr S Frudd
Director

Company registration number: 04230912

FWP UK Limited

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	153,533	( 8,673)

Adjustments for:
Depreciation of tangible assets	113,123	135,657
Other interest receivable and similar income	( 12,428)	( 10,113)
Interest payable and similar expenses	90,371	105,619
Gains on disposal of tangible assets	( 6,468)	( 1,297)
Tax on (loss)/profit	( 215,648)	22,030
Accrued expenses/(income)	10,013	( 3,225)

Changes in:
Trade and other debtors	1,057,000	( 436,571)
Trade and other creditors	( 656,862)	115,682
	------------	---------
Cash generated from operations	532,634	( 80,891)

Interest paid	( 90,371)	( 105,619)
Interest received	12,428	10,113
Tax received/(paid)	183,983	( 25,754)
	---------	---------
Net cash from/(used in) operating activities	638,674	( 202,151)
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 72,827)	( 232,035)
Proceeds from sale of tangible assets	33,966	10,025
	---------	---------
Net cash used in investing activities	( 38,861)	( 222,010)
	---------	---------

Cash flows from financing activities

Proceeds from borrowings	60,808	187,444
Payments of finance lease liabilities	( 313,783)	( 296,642)
Dividends paid	( 195,700)	( 195,965)
	---------	---------
Net cash used in financing activities	( 448,675)	( 305,163)
	---------	---------

Net increase/(decrease) in cash and cash equivalents	151,138	( 729,324)
Cash and cash equivalents at beginning of year	351,244	1,080,568
	---------	------------
Cash and cash equivalents at end of year	502,382	351,244
	---------	------------

FWP UK Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is H1, Ash Tree Court, Mellors Way, Nottingham Business Park, Nottingham, NG8 6PY, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company finances its day-to-day working capital requirements through a combination of its own cash resources and bank borrowing facilities. At the balance sheet date, the company continued to have a healthy cash balance and significant net current asset resources amounting to £744k. At the time of signing the accounts, the company continues to deliver positive results and is forecast to remain on target for the next 12 months. On this basis the directors have prepared these financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of retentions and amounts due on construction contracts The company makes an estimate of the recoverable value of retentions held by customers as part of the contractual terms and amounts due on construction contracts. The directors consider factors including a review of the type of work performed and the progress of the individual jobs assessed by the company quantity surveyors. Additional estimates are made to consider any further costs to deliver the full terms of the contract and provisions are made specifically against contracts where recoverability is is uncertain.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	15% reducing balance
Plant and machinery	-	25% reducing balance
Fixtures, fittings and equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	2,004,872	2,393,158
Construction contracts	10,979,184	10,286,928
	-------------	-------------
	12,984,056	12,680,086
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	113,123	135,657
Gains on disposal of tangible assets	( 6,468)	( 1,297)
Impairment of trade debtors	202,565	40,621
	---------	---------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	15,000	–
	--------	----

7. Staff costs

The average number of persons employed by the company during the year amounted to 53 (2024: 52 ).

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,542,682	2,355,506
Social security costs	276,969	260,878
Other pension costs	127,318	116,580
	------------	------------
	2,946,969	2,732,964
	------------	------------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	32,316	31,770
Company contributions to defined contribution pension plans	60,000	57,000
	--------	--------
	92,316	88,770
	--------	--------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	1,365	1,906
Interest on cash and cash equivalents	6,842	8,207
Other interest receivable and similar income	4,221	–
	--------	--------
	12,428	10,113
	--------	--------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	58,841	77,650
Interest on obligations under finance leases and hire purchase contracts	31,530	27,969
	--------	---------
	90,371	105,619
	--------	---------

11. Tax on (loss)/profit

Major components of tax (income)/expense

	2025	2024
	£	£

Current tax:

UK current tax expense	5,473	–
Adjustments in respect of prior periods	( 183,983)	–
	---------	----
Total current tax	( 178,510)	–
	---------	----

Deferred tax:

Origination and reversal of timing differences	( 37,138)	22,030
	---------	--------
Tax on (loss)/profit	( 215,648)	22,030
	---------	--------

Reconciliation of tax (income)/expense

The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).

	2025	2024
	£	£
(Loss)/profit on ordinary activities before taxation	( 62,115)	13,357
	--------	--------
(Loss)/profit on ordinary activities by rate of tax	( 11,802)	2,538
Adjustment to tax charge in respect of prior periods	( 183,983)	–
Effect of expenses not deductible for tax purposes	4,394	4,832
Effect of capital allowances and depreciation	12,881	( 16,654)
Unused tax losses	–	9,284
Deferred tax movement	(37,138)	22,030
	---------	--------
Tax on (loss)/profit	( 215,648)	22,030
	---------	--------

12. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	195,700	195,965
	---------	---------

13. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	14,295	28,400	94,401	790,939	928,035
Additions	–	–	2,573	70,254	72,827
Disposals	–	( 28,400)	( 56,296)	( 65,013)	( 149,709)
	--------	--------	--------	---------	---------
At 31 March 2025	14,295	–	40,678	796,180	851,153
	--------	--------	--------	---------	---------
Depreciation
At 1 April 2024	11,614	27,400	71,942	408,844	519,800
Charge for the year	402	–	4,233	108,488	113,123
Disposals	–	( 27,400)	( 48,194)	( 46,617)	( 122,211)
	--------	--------	--------	---------	---------
At 31 March 2025	12,016	–	27,981	470,715	510,712
	--------	--------	--------	---------	---------
Carrying amount
At 31 March 2025	2,279	–	12,697	325,465	340,441
	--------	--------	--------	---------	---------
At 31 March 2024	2,681	1,000	22,459	382,095	408,235
	--------	--------	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2025	293,860
	---------
At 31 March 2024	321,559
	---------

14. Debtors

	2025	2024
	£	£
Trade debtors	1,537,556	2,498,503
Amounts owed by customers on construction contracts	134,885	224,085
Prepayments and accrued income	67,228	7,554
Director's loan account	131,818	175,802
Other debtors	36,696	–
	------------	------------
	1,908,183	2,905,944
	------------	------------

15. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	191,667	191,667
Trade creditors	922,324	1,704,070
Accruals and deferred income	103,455	34,203
Corporation tax	5,473	–
Social security and other taxes	268,106	148,322
Obligations under finance leases and hire purchase contracts	127,466	117,764
Other creditors	47,749	42,649
	------------	------------
	1,666,240	2,238,675
	------------	------------

The directors have given a joint personal guarantee in respect of the loan facility totalling £250,000.

The directors have given a joint personal guarantee in respect of the bank overdraft and credit card facility totalling £140,000.

16. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	323,610	515,278
Obligations under finance leases and hire purchase contracts	168,102	239,111
	---------	---------
	491,712	754,389
	---------	---------

The directors have given a joint personal guarantee in respect of the loan facility totalling £250,000.

17. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	127,466	117,764
Later than 1 year and not later than 5 years	168,102	239,111
	---------	---------
	295,568	356,875
	---------	---------

18. Provisions

	Deferred tax (note 19)
	£
At 1 April 2024	101,388
Charge against provision	( 37,138)
	---------
At 31 March 2025	64,250
	---------

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 18)	64,250	101,388
	--------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	64,250	101,388
	--------	---------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 127,318 (2024: £ 116,580 ).

21. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
Ordinary A shares of £ 1 each	100	100	100	100
	----	----	----	----
	300	300	300	300
	----	----	----	----

22. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	351,244	151,138	502,382
Debt due within one year	(309,431)	(9,702)	(319,133)
Debt due after one year	(754,389)	262,677	(491,712)
	---------	---------	---------
	( 712,576)	404,113	( 308,463)
	---------	---------	---------

24. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	48,075	39,584
Later than 1 year and not later than 5 years	33,980	50,082
	--------	--------
	82,055	89,666
	--------	--------

25. Events after the end of the reporting period

On 2 April 2026, following a share-for-share exchange, the company became a wholly owned subsidiary of FWP UK Holdings Limited. As part of this transaction, the shares held by two shareholders who exited the group were acquired. The transaction represents a non-adjusting post balance sheet event and, accordingly, no adjustments have been made to the amounts recognised in these financial statements.

26. Director's advances, credits and guarantees

During the year the company made advances to the directors on which interest was charged. The amount outstanding at the year end was £131,818 (2024 £175,802).

27. Related party transactions

Ordinary dividends paid to the directors in their capacity as shareholders amounted to £169,930 (2024: £170,175).