Company Registration No. 13446781 (England and Wales)
WARDEN CONSTRUCTION GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 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 GROUP LIMITED
COMPANY INFORMATION
Directors
Mr I F Williams MCIOB
Mr A A Atkinson MRICS
Mrs D Atkinson
Mrs J Williams
Mr D Culshaw ACMA CGMA
(Appointed 1 January 2025)
Secretary
Mr A A Atkinson MRICS
Company number
13446781
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 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
WARDEN CONSTRUCTION GROUP 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 Construction Group’s board of directors are delighted to report another record year of business in 2025. This is yet another milestone year for its subsidiary company Warden Construction Limited as it broke the £30 million turnover mark for the first time. In 2025, Warden’s 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.

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.

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.

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

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.

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 A A Atkinson MRICS
Director
2 June 2026
WARDEN CONSTRUCTION GROUP 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 group was that of the construction and alteration of industrial and commercial buildings. T he principal activity of the company was that of a holding company.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WARDEN CONSTRUCTION GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr A A Atkinson MRICS
Director
2 June 2026
WARDEN CONSTRUCTION GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARDEN CONSTRUCTION GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Warden Construction Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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:

- T he information given in the strategic report and the directors' r eport 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARDEN CONSTRUCTION GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

WARDEN CONSTRUCTION GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARDEN CONSTRUCTION GROUP LIMITED
- 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 Group'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 including significant component audit teams and involving relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- a ny matters we identified having obtained and reviewed the Group'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 Group'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 Group 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARDEN CONSTRUCTION GROUP LIMITED
- 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 parent 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 parent 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 parent company and the parent company’s members as a body, 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 GROUP LIMITED
GROUP 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
(3,847,515)
(3,517,833)
Other operating income
139,173
158,613
Operating profit
4
1,651,532
1,114,553
Interest receivable and similar income
8
64,446
49,398
Interest payable and similar expenses
9
(26,880)
(48,924)
Profit before taxation
1,689,098
1,115,027
Tax on profit
10
(466,409)
(317,963)
Profit for the financial year
1,222,689
797,064
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WARDEN CONSTRUCTION GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
675,347
792,587
Total intangible assets
675,347
792,587
Tangible assets
13
1,046,560
407,240
Investment property
14
590,000
590,000
2,311,907
1,789,827
Current assets
Stocks
17
75,000
75,000
Debtors
18
8,728,315
5,566,960
Cash at bank and in hand
5,256,262
4,792,429
14,059,577
10,434,389
Creditors: amounts falling due within one year
19
(12,262,151)
(8,761,633)
Net current assets
1,797,426
1,672,756
Total assets less current liabilities
4,109,333
3,462,583
Creditors: amounts falling due after more than one year
20
-
(201,667)
Provisions for liabilities
Deferred tax liability
22
113,053
105,325
(113,053)
(105,325)
Net assets
3,996,280
3,155,591
Capital and reserves
Called up share capital
24
50
50
Share premium account
25
1,215,636
1,215,636
Revaluation reserve
84,920
84,920
Profit and loss reserves
2,695,674
1,854,985
Total equity
3,996,280
3,155,591

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

The financial statements were approved by the board of directors and authorised for issue on 2 June 2026 and are signed on its behalf by:
02 June 2026
Mr A A Atkinson MRICS
Director
Company registration number 13446781 (England and Wales)
WARDEN CONSTRUCTION GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
650,000
-
0
Investments
15
4,306,082
4,306,082
4,956,082
4,306,082
Current assets
Cash at bank and in hand
1,992,329
-
0
Creditors: amounts falling due within one year
19
(2,656,471)
-
Net current liabilities
(664,142)
-
0
Net assets
4,291,940
4,306,082
Capital and reserves
Called up share capital
24
50
50
Share premium account
25
1,215,636
1,215,636
Profit and loss reserves
3,076,254
3,090,396
Total equity
4,291,940
4,306,082

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £367,858 (2024 - £3,234,396 profit).

The financial statements were approved by the board of directors and authorised for issue on 2 June 2026 and are signed on its behalf by:
02 June 2026
Mr A A Atkinson MRICS
Director
Company registration number 13446781 (England and Wales)
WARDEN CONSTRUCTION GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2023
50
1,215,636
84,920
1,201,921
2,502,527
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
797,064
797,064
Dividends
11
-
-
-
(144,000)
(144,000)
Balance at 30 November 2024
50
1,215,636
84,920
1,854,985
3,155,591
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
1,222,689
1,222,689
Dividends
11
-
-
-
(382,000)
(382,000)
Balance at 30 November 2025
50
1,215,636
84,920
2,695,674
3,996,280
WARDEN CONSTRUCTION GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
50
1,215,636
-
0
1,215,686
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
3,234,396
3,234,396
Dividends
11
-
-
(144,000)
(144,000)
Balance at 30 November 2024
50
1,215,636
3,090,396
4,306,082
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
367,858
367,858
Dividends
11
-
-
(382,000)
(382,000)
Balance at 30 November 2025
50
1,215,636
3,076,254
4,291,940
WARDEN CONSTRUCTION GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,187,353
1,149,191
Interest paid
(26,880)
(48,924)
Income taxes paid
(318,985)
(243,239)
Net cash inflow from operating activities
1,841,488
857,028
Investing activities
Purchase of tangible fixed assets
(650,000)
-
Proceeds from disposal of tangible fixed assets
11,566
16,420
Interest received
64,446
49,398
Net cash (used in)/generated from investing activities
(573,988)
65,818
Financing activities
Repayment of borrowings
(421,667)
(220,000)
Dividends paid to equity shareholders
(382,000)
(144,000)
Net cash used in financing activities
(803,667)
(364,000)
Net increase in cash and cash equivalents
463,833
558,846
Cash and cash equivalents at beginning of year
4,792,429
4,233,583
Cash and cash equivalents at end of year
5,256,262
4,792,429
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

Warden Construction Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Damar House, Richard Street, Kirkham, PR4 2HU.

The group consists of Warden Construction Group Limited and all of its subsidiaries.

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 a mounts 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.

The 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 for parent company information presented within the consolidated financial statements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Warden Construction Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.5
Turnover

Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax.

A mounts in respect of contracts included in turnover, net of payments received on accounts, are shown in debtors as gross amounts due from contract customers. Cash received in excess of the value of work done is shown in creditors as payments on account.

An appropriate proportion of the anticipated contract profit is recognised in the profit and loss accounts based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses as soon as they are foreseen.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 1 0 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.7
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
3 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 recognised in the profit and loss account.

1.8
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.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
Stocks

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

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.12
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.

1.13
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.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

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 group after deducting all of its liabilities.

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
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 paymen ts 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.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’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.

1.17
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.

1.18
Retirement benefits

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

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.19
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 d 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.

1.20
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Long term 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.

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Attributable to the construction contract 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
153,628
Sundry income
20,429
58,418

All turnover within both the current and the prior year is attributable to the UK.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(71,995)
(52,590)
Depreciation of tangible fixed assets
10,680
10,680
Profit on disposal of tangible fixed assets
(11,566)
(16,420)
Amortisation of intangible assets
117,240
117,420
Operating lease charges
224,904
207,522
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
48
44
-
-
Administrative
33
33
-
-
Directors
5
4
5
4
Total
86
81
5
4
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,859,482
3,513,196
-
0
-
0
Social security costs
470,639
372,396
-
0
-
0
Pension costs
325,682
306,224
-
0
-
0
4,655,803
4,191,816
-
0
-
0
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
2,850
Audit of the financial statements of the company's subsidiaries
21,000
22,850
24,000
25,700
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
470,462
217,954
Company pension contributions to defined contribution schemes
208,916
153,732
679,378
371,686
Remuneration disclosed above includes 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
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
64,446
49,398
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
26,880
48,924
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
458,681
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
466,409
317,963

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
1,689,098
1,115,027
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
422,275
278,757
Tax effect of expenses that are not deductible in determining taxable profit
11,465
9,851
Adjustments in respect of prior years
1,120
-
0
Depreciation on assets not qualifying for tax allowances
2,239
-
0
Amortisation on assets not qualifying for tax allowances
29,310
29,355
Taxation charge
466,409
317,963
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
382,000
144,000
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2024 and 30 November 2025
1,174,202
Amortisation and impairment
At 1 December 2024
381,615
Amortisation charged for the year
117,240
At 30 November 2025
498,855
Carrying amount
At 30 November 2025
675,347
At 30 November 2024
792,587
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
410,000
76
26,620
11,269
447,965
Additions
650,000
-
0
-
0
-
0
650,000
At 30 November 2025
1,060,000
76
26,620
11,269
1,097,965
Depreciation and impairment
At 1 December 2024
8,960
76
20,420
11,269
40,725
Depreciation charged in the year
4,480
-
0
6,200
-
0
10,680
At 30 November 2025
13,440
76
26,620
11,269
51,405
Carrying amount
At 30 November 2025
1,046,560
-
0
-
0
-
0
1,046,560
At 30 November 2024
401,040
-
0
6,200
-
0
407,240
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
13
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
£
Cost
At 1 December 2024
-
0
Additions
650,000
At 30 November 2025
650,000
Depreciation and impairment
At 1 December 2024 and 30 November 2025
-
0
Carrying amount
At 30 November 2025
650,000
14
Investment property
Group
Company
2025
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.

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
4,306,082
4,306,082
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
4,306,082
Carrying amount
At 30 November 2025
4,306,082
At 30 November 2024
4,306,082
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
16
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Warden Construction Limited
Damar House, Richard Street, Kirkham, Preston, PR4 2HU
Ordinary
100.00
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
75,000
75,000
-
0
-
0
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,409,899
2,165,673
-
0
-
0
Gross amounts owed by contract customers
5,024,483
3,102,433
-
0
-
0
Corporation tax recoverable
65,647
65,647
-
0
-
0
Other debtors
109,129
141,310
-
0
-
0
Prepayments and accrued income
119,157
91,897
-
0
-
0
8,728,315
5,566,960
-
-
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
21
-
0
220,000
-
0
-
0
Trade creditors
6,070,408
4,274,568
301
-
0
Amounts owed to group undertakings
-
0
-
0
2,000,000
-
0
Corporation tax payable
468,412
328,716
2,969
-
0
Other taxation and social security
967,457
866,139
3,201
-
0
Other creditors
865,267
150,524
650,000
-
0
Accruals and deferred income
3,890,607
2,921,686
-
0
-
0
12,262,151
8,761,633
2,656,471
-
0

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

WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
21
-
0
201,667
-
0
-
0
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
-
0
421,667
-
0
-
0
Payable within one year
-
0
220,000
-
0
-
0
Payable after one year
-
0
201,667
-
0
-
0

The long-term loans are not secured on the assets of the company.

The long term borrowings are in relation to a CBILS loan taken out by the group with an interest rate of 3.99% above base rate. The loan was fully repaid in the year.

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
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
The company has no deferred tax assets or liabilities.
Group
Company
2025
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
-
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
325,682
306,224

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the year end there was £135,765 (2024: £2 2,500 Debtor) outstanding.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 1p each
2,000
2,000
20
20
B Ordinary Shares of 1p each
2,000
2,000
20
20
C Ordinary Shares of 1p each
500
500
5
5
D Ordinary Shares of 1p each
500
500
5
5
5,000
5,000
50
50

The A and B shares have voting rights attached to them with one vote for each share held. The C and D shares do not have voting rights. All share classes rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All share classes rank equally in terms of rights to participated in any capital distribution on sale or winding up unless expressly stated otherwise.

25
Reserves
Share premium

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

26
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.

27
Operating lease commitments
As lessee
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
27
Operating lease commitments
(Continued)
- 29 -

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
248,769
206,521
-
-
Years 2-5
300,601
353,993
-
-
After 5 years
-
16,213
-
-
549,370
576,727
-
-
WARDEN CONSTRUCTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
28
Related party transactions

During the year, the Group purchased a property from a partnership that is under common control with the Group, as the partnership is owned by the shareholders of the Group.

The directors consider that the property was acquired at a value consistent with market value at the date of purchase and that the transaction was undertaken on normal commercial terms. The transaction has been appropriately accounted for and disclosed in the financial statements. At the reporting date, £650,000 was outstanding in respect of this transaction.

29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,222,689
797,064
Adjustments for:
Taxation charged
466,409
317,963
Finance costs
26,880
48,924
Investment income
(64,446)
(49,398)
Gain on disposal of tangible fixed assets
(11,566)
(16,420)
Amortisation and impairment of intangible assets
117,240
117,420
Depreciation and impairment of tangible fixed assets
10,680
10,680
Movements in working capital:
Increase in debtors
(3,161,355)
(512,819)
Increase in creditors
3,580,822
435,777
Cash generated from operations
2,187,353
1,149,191
30
Analysis of changes in net funds - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
4,792,429
463,833
5,256,262
Borrowings excluding overdrafts
(421,667)
421,667
-
4,370,762
885,500
5,256,262
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