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REGISTERED NUMBER: 05883973 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| P J CHAFFIN LIMITED |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Notes to the Financial Statements | 13 |

P J CHAFFIN LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | C D Brazendale

| T R Burks

| P H Sanders

| REGISTERED OFFICE: | Chapter House

| Priesthawes Farm

| Polegate

| East Sussex

| BN26 6QU

| REGISTERED NUMBER: | 05883973 (England and Wales)

| AUDITORS: | Watson Associates (Audit Services) Ltd

| 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

2025 was another strong year of positive growth, building on the significant and profitable expansion achieved in the previous year. While margins were somewhat suppressed during the first half of the year due to the mobilisation of new contracts and the continuation of lower-margin legacy projects, the business still delivered strong overall turnover development from £10.595m to £14.287m (increase of 34.8%). Using the EBITDA metric, the results in 2025 were £909,240, an improvement from the £830,866 achieved in 2024.

The company secured a number of significant contracts during the period, with turnover and margins reaching record levels throughout the second half of 2025 and into the first quarter of 2026. Trading performance continues to build on the team's achievements over the past several years and the company is on track for a further significant growth year with improved EBITDA and net profit outcome.

FINANCIAL KEY PERFORMANCE INDICATORS

Key performance indicators for the company are; turnover growth, gross profit margins and net profit margins which are regularly reported on and reviewed.

| 2025 |  | 2024 |

| % |  | % |

Turnover Growth |  | 35.04 |  | 45.65 |

Gross Profit Margin |  | 28.46 |  | 30.73 |

Net Profit Margin |  | 3.42 |  | 3.89 |

EBITDA |  | £909,240 |  | £830,866 |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors and senior team keep short-, medium and long-term risks facing the company under regular review. The principal risks and uncertainties are:

Health and safety remains the company's highest priority, with a strong focus on the safety, health, and wellbeing of both employees and stakeholders. While led by the Compliance team, this commitment is embedded throughout all levels of the organisation. It is reflected in the company's external accreditations, high standards of training, continued investment in digital and AI-driven systems that support data-led continuous improvement, and the daily emphasis placed on maintaining the highest standards in this area.

Client and contractual risk - the company maintains a strong focus on safety and quality, with the objective of being the highest-performing contractor across all contracts and frameworks in which it operates. In recent years, the industry has experienced a number of main contractor failures, alongside contract cancellations and post-award budget reductions.

To mitigate these risks, the business has worked proactively to expand framework awards across multiple regions, industries, and sectors, thereby broadening its customer base and reducing exposure to any single client or market. The company's consistent strategy is to diversify risk across customers, sectors, and geographic regions in order to minimise the potential impact of contractual or client-related issues.

Wider economic risk, global instability, and government policy - the directors' strategy is to prioritise long-term contractual work as the foundation of the business. Much of this work is supported by government investment and aligned with long-term national infrastructure and safety requirements, which are generally less affected by changes in political leadership.

Potential risks to the business include increases in fuel costs arising from global conflicts, changes in government policy that raise wage and employment costs, and inflationary pressures affecting materials and operational expenditure. The company's commercial approach is to manage these impacts transparently and fairly, seeking to recover increased costs through open engagement with customers where appropriate.

Environmental and ecological risk - environmental responsibility remains a cornerstone of the company's operations. Accreditation to ISO 14001 and PAS 2080 demonstrates the business's commitment to minimising environmental impact and promoting sustainability throughout its projects and operational activities. Environmental considerations are carefully integrated into the company's approach to delivery, supported by guidance and oversight from the internal Compliance and Environmental Consultancy team.

Financial risk - the company maintains close control over cash management to ensure sufficient liquidity is available to meet both the short- and long-term requirements of the business. Investments in plant and machinery are undertaken only following detailed business case evaluation and review.

Trade debtors are monitored daily by the Finance and Commercial teams, supported by weekly cash management meetings with the CEO and a comprehensive cashflow forecasting process. The company's strategy of diversifying its customer base and focusing on blue-chip and government-funded work further reduces exposure to the risk of client failure.

ON BEHALF OF THE BOARD:

T R Burks - Director

9 June 2026

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of support services to forestry

DIVIDENDS

Interim dividends were paid on the following share classes throughout the year:

Ordinary A Shares |  | Ordinary B Shares |  | Ordinary C Shares |  | Total |  | Paid on |

£18,067 |  | £11,719 |  | £1,465 |  | £31,250 |  | 24 February 2025 |

£18,067 |  | £11,719 |  | £1,465 |  | £31,250 |  | 23 May 2025 |

£28,368 |  | £18,401 |  | £2,300 |  | £49,069 |  | 29 August 2025 |

£18,067 |  | £11,719 |  | £1,465 |  | £31,250 |  | 28 November 2025 |

The directors recommend that no final dividend be paid on any class of share.

The total distribution of dividends for the year ended 31 December 2025 will be £142,819.

DIRECTORS

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

C D Brazendale

T R Burks

P H Sanders

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T R Burks - Director

9 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

P J CHAFFIN LIMITED

Opinion

We have audited the financial statements of P J Chaffin Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

P J CHAFFIN LIMITED

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 Report of the Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

The Company is subject to several laws and regulations where the consequence of non-compliance could have a direct material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a direct material effect if non-compliance were to occur:

- FRS102

- Companies Act 2006

- Tax legislation

The Company is subject to many other laws and regulations that do not have a direct effect to the financial statements but are fundamental to the Group's ability to operate or avoid material penalty. These include health and safety, environmental law and the GDPR.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making enquiries of management and those charged with governance. We used internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the group as a whole. We considered the risk of fraud to be higher through the potential for management override of controls and manipulation of accounting estimates.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

P J CHAFFIN LIMITED

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the

conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and

- Testing transactions entered into that are outside of the normal course of the Company's business

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, omission, intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Samuel W Chown FCCA (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

9 June 2026

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 14,287,621 |  | 10,595,215 |  |

Cost of sales | (10,220,715 | ) | (7,345,566 | ) |

GROSS PROFIT | 4,066,906 |  | 3,249,649 |  |

Administrative expenses | (3,339,755 | ) | (2,703,402 | ) |

727,151 |  | 546,247 |  |

Other operating income | - |  | 92,743 |  |

OPERATING PROFIT | 4 | 727,151 |  | 638,990 |  |

Interest receivable and similar income | 14 |  | 38 |  |

727,165 |  | 639,028 |  |

Interest payable and similar expenses | 5 | (62,143 | ) | (57,958 | ) |

PROFIT BEFORE TAXATION | 665,022 |  | 581,070 |  |

Tax on profit | 6 | (85,279 | ) | (169,356 | ) |

PROFIT FOR THE FINANCIAL YEAR | 579,743 |  | 411,714 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 579,743 |  | 411,714 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 579,743 |  | 411,714 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 794,484 |  | 454,115 |  |

Investments | 9 | - |  | 1 |  |

794,484 |  | 454,116 |  |

CURRENT ASSETS

Stocks | 10 | 817,455 |  | 561,013 |  |

Debtors | 11 | 3,876,879 |  | 3,959,046 |  |

Cash at bank | 970,518 |  | 324,336 |  |

5,664,852 |  | 4,844,395 |  |

CREDITORS

Amounts falling due within one year | 12 | (3,241,048 | ) | (2,844,367 | ) |

NET CURRENT ASSETS | 2,423,804 |  | 2,000,028 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,218,288 |  | 2,454,144 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (443,772 | ) | (201,831 | ) |

PROVISIONS FOR LIABILITIES | 17 | (195,704 | ) | (110,425 | ) |

NET ASSETS | 2,578,812 |  | 2,141,888 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 64 |  | 64 |  |

Capital redemption reserve | 19 | 836 |  | 836 |  |

Retained earnings | 19 | 2,577,912 |  | 2,140,988 |  |

SHAREHOLDERS' FUNDS | 2,578,812 |  | 2,141,888 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

T R Burks - Director

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 64 |  | 1,866,773 |  | 836 |  | 1,867,673 |  |

Changes in equity

Dividends | - |  | (137,499 | ) | - |  | (137,499 | ) |

Total comprehensive income | - |  | 411,714 |  | - |  | 411,714 |  |

Balance at 31 December 2024 | 64 |  | 2,140,988 |  | 836 |  | 2,141,888 |  |

Changes in equity

Dividends | - |  | (142,819 | ) | - |  | (142,819 | ) |

Total comprehensive income | - |  | 579,743 |  | - |  | 579,743 |  |

Balance at 31 December 2025 | 64 |  | 2,577,912 |  | 836 |  | 2,578,812 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| P J Chaffin Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Critical accounting judgements and key sources of estimation uncertainty

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The directors have estimated the useful lifespan of the company's assets to be the term of the lease of the premises in which they are held. The actual lives of the assets and residual values may vary depending on a number of factors including future market conditions and projected disposal values. The directors acknowledge uncertainty in this determination.

| Turnover

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Rendering of Services

| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the contract;

| - the stage of completion of the contract at the end of the reporting period can be measured reliably; and

| - the costs incurred and the costs to complete the contract can be measured reliably

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases.

| Depreciation is provided on the following basis:

| Plant and machinery |  | - |  | 25% reducing balance |  |

| Motor vehicles |  | - |  | 25% on cost |  |

| Fixtures and fittings |  | - |  | 25% reducing balance |  |

| Office equipment |  | - |  | 33% on cost |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| Investments in subsidiaries

| Investments in subsidiaries are measured at cost less accumulated impairment.

| Investments in unlisted company shares, whose market value value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit or loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

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

| Going concern

| The financial statements have been prepared on a going concern basis. The directors have made an assessment of the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

| In making this assessment, the directors have considered the company's budgets, cash flow forecasts, and available financing facilities. They have also considered the potential impact of current economic conditions and any other relevant factors on the company's activities and financial position.

| Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,698,395 |  | 2,853,826 |  |

| Social security costs | 449,577 |  | 285,828 |  |

| Other pension costs | 74,629 |  | 56,420 |  |

4,222,601 |  | 3,196,074 |  |

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

| 2025 |  | 2024

| Direct | 79 |  | 58 |  |

| Admin (including directors) | 13 |  | 15 |  |

92 |  | 73 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 250,828 |  | 213,373 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 167,061 |  | 100,000 |  |

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 11,997 |  | (22,148 | ) |

| Other operating leases | 169,171 |  | 105,432 |  |

| Depreciation - owned assets | 96,298 |  | 60,483 |  |

| Depreciation - assets on hire purchase contracts | 85,777 |  | 131,356 |  |

| (Profit)/loss on disposal of fixed assets | (85,717 | ) | 7,474 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 38,781 |  | 34,585 |  |

| Hire purchase | 23,362 |  | 23,373 |  |

62,143 |  | 57,958 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | - |  | 44,875 |  |

| Deferred tax | 85,279 |  | 124,481 |  |

| Tax on profit | 85,279 |  | 169,356 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary A Shares shares of 1 each

| Interim | 142,819 |  | 137,499 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 1,008,665 |  | 35,641 |  | 226,496 |  | 66,665 |  | 1,337,467 |  |

| Additions | 601,632 |  | 21 |  | 50,005 |  | 1,405 |  | 653,063 |  |

| Disposals | (358,138 | ) | - |  | - |  | - |  | (358,138 | ) |

| At 31 December 2025 | 1,252,159 |  | 35,662 |  | 276,501 |  | 68,070 |  | 1,632,392 |  |

| DEPRECIATION

| At 1 January 2025 | 600,296 |  | 25,934 |  | 200,797 |  | 56,325 |  | 883,352 |  |

| Charge for year | 141,462 |  | 2,427 |  | 31,669 |  | 6,517 |  | 182,075 |  |

| Eliminated on disposal | (227,519 | ) | - |  | - |  | - |  | (227,519 | ) |

| At 31 December 2025 | 514,239 |  | 28,361 |  | 232,466 |  | 62,842 |  | 837,908 |  |

| NET BOOK VALUE

| At 31 December 2025 | 737,920 |  | 7,301 |  | 44,035 |  | 5,228 |  | 794,484 |  |

| At 31 December 2024 | 408,369 |  | 9,707 |  | 25,699 |  | 10,340 |  | 454,115 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 631,932 |  | 161,045 |  | 792,977 |  |

| Additions | - |  | 50,005 |  | 50,005 |  |

| Disposals | (313,988 | ) | - |  | (313,988 | ) |

| At 31 December 2025 | 317,944 |  | 211,050 |  | 528,994 |  |

| DEPRECIATION

| At 1 January 2025 | 331,336 |  | 144,216 |  | 475,552 |  |

| Charge for year | 62,978 |  | 22,799 |  | 85,777 |  |

| Eliminated on disposal | (196,561 | ) | - |  | (196,561 | ) |

| At 31 December 2025 | 197,753 |  | 167,015 |  | 364,768 |  |

| NET BOOK VALUE

| At 31 December 2025 | 120,191 |  | 44,035 |  | 164,226 |  |

| At 31 December 2024 | 300,596 |  | 16,829 |  | 317,425 |  |

9. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025 | 1 |  |

| Disposals | (1 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 1 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 27,118 |  | 42,930 |  |

| Work-in-progress | 790,337 |  | 518,083 |  |

817,455 |  | 561,013 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,618,656 |  | 1,842,753 |  |

| Amounts owed by group undertakings | 2,130,279 |  | 1,977,278 |  |

| Other debtors | 18,388 |  | 21,138 |  |

| VAT | 50,170 |  | 5,778 |  |

| Prepayments and accrued income | 59,386 |  | 112,099 |  |

3,876,879 |  | 3,959,046 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 80,000 |  | 80,000 |  |

| Other loans (see note 14) | 50,000 |  | 50,000 |  |

| Hire purchase contracts (see note 15) | 151,654 |  | 143,922 |  |

| Trade creditors | 2,217,935 |  | 1,478,953 |  |

| Amounts owed to group undertakings | - |  | 394,491 |  |

| Tax | 44,063 |  | 44,063 |  |

| Social security and other taxes | 373,129 |  | 317,446 |  |

| Pensions | 6,833 |  | 13,789 |  |

| Other creditors | 19,647 |  | 12,358 |  |

| Directors' current accounts | 90,000 |  | 90,000 |  |

| Accruals and deferred income | 207,787 |  | 219,345 |  |

3,241,048 |  | 2,844,367 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | 40,000 |  | 120,000 |  |

| Hire purchase contracts (see note 15) | 403,772 |  | 81,831 |  |

443,772 |  | 201,831 |  |

14. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 80,000 |  | 80,000 |  |

| Other loans | 50,000 |  | 50,000 |  |

130,000 |  | 130,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 40,000 |  | 120,000 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 151,654 |  | 143,922 |  |

| Between one and five years | 403,772 |  | 81,831 |  |

555,426 |  | 225,753 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 94,950 |  | 69,837 |  |

| Between one and five years | 243,588 |  | 129,496 |  |

| In more than five years | - |  | 7,488 |  |

338,538 |  | 206,821 |  |

16. | SECURED DEBTS

| Debenture including fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures and plant & machinery. Dated 10 January 2007.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 195,704 |  | 110,425 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 110,425 |  |

| Provided during year | 85,279 |  |

| Balance at 31 December 2025 | 195,704 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 37 | Ordinary A Shares | 1 | 37 |  | 37 |  |

| 24 | Ordinary B Shares | 1 | 24 |  | 24 |  |

| 3 | Ordinary C Shares | 1 | 3 |  | 3 |  |

64 |  | 64 |  |

P J CHAFFIN LIMITED (REGISTERED NUMBER: 05883973)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 2,140,988 |  | 836 |  | 2,141,824 |  |

| Profit for the year | 579,743 |  | 579,743 |  |

| Dividends | (142,819 | ) | (142,819 | ) |

| At 31 December 2025 | 2,577,912 |  | 836 |  | 2,578,748 |  |

20. | PENSION COMMITMENTS

| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £81,640 (2024 - £62,821). Contributions totalling £6,833 (2024 - £13,789) were payable to the fund at the balance sheet date and are included in other creditors.

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.