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REGISTERED NUMBER: 09958836 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 1 JANUARY 2025 TO 30 SEPTEMBER 2025 |

| FOR |

| PGL HOLDINGS LTD |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 18 |

PGL HOLDINGS LTD

COMPANY INFORMATION

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| DIRECTORS: | P Rickson

| L Rickson

| REGISTERED OFFICE: | 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

| REGISTERED NUMBER: | 09958836 (England and Wales)

| AUDITORS: | Watson Associates (Audit Services) Ltd

| Statutory Auditor

| 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

GROUP STRATEGIC REPORT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

The directors present their strategic report and the financial statements for the nine months ended 30 September 2025.

REVIEW OF BUSINESS

In the nine months ended 30 September 2025, pro rata sales increased by approximately 10% for the subsidiary entity (PGL Brickwork + Scaffolding Ltd). Whilst the beginning of the current period has been adversely affected by the poor weather condition, the second and third quarters are expected to show a marked improvement over

2025.

The government has reiterated their aim of increasing house building which should also help future results.

The trading subsidiary company made a profit after tax of £367,757 (2024 - £579,950). The consolidated balance sheet remains strong with £3,968,852 of net assets which includes £1,010,247 from cash at bank. The directors are satisfied with the results.

The revenue target for this financial year was maintained with the annual output in Construction in the UK seeing an increase in 2025 compared with 2024. The construction output for the UK is forecasted to rise in 2026 with the groups 2026 pipeline strong.

Supply of appropriately skilled labour continues to be an issue despite the business not being directly impacted by Brexit. However, the supply in the market overall has inevitably been reduced, alongside the increase in the number of businesses hiring for high paid, short term contracts in the region, making the labour market more competitive.

PRINCIPAL RISKS AND UNCERTAINTIES

Commercial Risk

There is a commercial risk of non-payment of work and disputes arising from delays. However, PGL mainly work with Tier 1 contractors and have established good relationships with client commercial teams.

PGL's IMS System ensures that checks are carried out on all new clients including assessing credit risk and credit limits and a selective tendering process to filter our projects of higher commercial risk.

Health & Safety Risk

Health and Safety is a significant risk to the business with both a commercial and a reputational impact. PGL strong safety record is a distinguishing factor when clients choose to work with PGL, and increasingly the investment in mental health and general wellbeing support is being valued.

All staff have industry recognised qualifications and are trained to be safe and competent in their role. They are also trained above industry standard through in-house training programmes which includes Risk Aversion Training.

PGL has also renewed its Professional Indemnity insurance at a value required by contractors.

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

GROUP STRATEGIC REPORT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

FINANCIAL KEY PERFORMANCE INDICATORS

Key performance indicators for the Group are turnover and gross margins which are regularly reported on and reviewed.

| 2025 |  | 2024 |  |

| £ |  | £ |  |

Turnover |  | 15,199,283 |  | 18,399,818 |  |

Gross Margin |  | 10.7% |  | 9.5% |  |

ON BEHALF OF THE BOARD:

P Rickson - Director

18 June 2026

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

REPORT OF THE DIRECTORS

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

The directors present their report with the financial statements of the company and the group for the period 1 January 2025 to 30 September 2025.

DIVIDENDS

The total distribution of dividends for the period ended 30 September 2025 will be £ 348,000 .

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

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

P Rickson

L Rickson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

P Rickson - Director

18 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PGL HOLDINGS LTD

Opinion

We have audited the financial statements of PGL Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2025 and of the group's profit for the period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PGL HOLDINGS LTD

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PGL HOLDINGS LTD

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;

- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;

- challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is 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 or 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PGL HOLDINGS LTD

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.

Richard Harris (Senior Statutory Auditor)

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

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

18 June 2026

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| Period |

| 1.1.25 |

| to |  | Year Ended

| 30.9.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 15,199,283 |  | 18,399,818 |  |

Cost of sales | (13,576,876 | ) | (16,658,846 | ) |

GROSS PROFIT | 1,622,407 |  | 1,740,972 |  |

Administrative expenses | (1,346,251 | ) | (1,605,850 | ) |

276,156 |  | 135,122 |  |

Other operating income | 44,733 |  | 2,705 |  |

GROUP OPERATING PROFIT | 5 | 320,889 |  | 137,827 |  |

Share of operating profit in

Associates | 104,721 |  | 149,750 |  |

Interest receivable and similar income | - |  | 4,156 |  |

425,610 |  | 291,733 |  |

Interest payable and similar expenses | 6 | (83,018 | ) | (168,018 | ) |

PROFIT BEFORE TAXATION | 342,592 |  | 123,715 |  |

Tax on profit | 7 | (60,506 | ) | 22,567 |  |

PROFIT FOR THE FINANCIAL PERIOD | 282,086 |  | 146,282 |  |

Profit attributable to:

Owners of the parent | 282,086 |  | 146,282 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| Period |

| 1.1.25 |

| to |  | Year Ended

| 30.9.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 282,086 |  | 146,282 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 282,086 |  | 146,282 |  |

Total comprehensive income attributable to:

Owners of the parent | 282,086 |  | 146,282 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONSOLIDATED BALANCE SHEET

30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 519,855 |  | 571,860 |  |

Investments | 11 | - |  | - |  |

Investment property | 12 | 1,000,000 |  | 1,000,000 |  |

1,519,855 |  | 1,571,860 |  |

CURRENT ASSETS

Stocks | 13 | 1,623,519 |  | 1,128,852 |  |

Debtors | 14 | 2,535,627 |  | 2,794,441 |  |

Cash at bank | 1,010,247 |  | 1,311,638 |  |

5,169,393 |  | 5,234,931 |  |

CREDITORS

Amounts falling due within one year | 15 | (1,839,380 | ) | (1,569,092 | ) |

NET CURRENT ASSETS | 3,330,013 |  | 3,665,839 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,849,868 |  | 5,237,699 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (832,929 | ) | (1,107,641 | ) |

PROVISIONS FOR LIABILITIES | 19 | (48,087 | ) | (95,292 | ) |

NET ASSETS | 3,968,852 |  | 4,034,766 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 1,000 |  | 1,000 |  |

Retained earnings | 21 | 3,967,852 |  | 4,033,766 |  |

SHAREHOLDERS' FUNDS | 3,968,852 |  | 4,034,766 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

P Rickson - Director

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

COMPANY BALANCE SHEET

30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 31,067 |  | 38,178 |  |

Investments | 11 | 1,000 |  | 1,000 |  |

Investment property | 12 | 1,000,000 |  | 1,000,000 |  |

1,032,067 |  | 1,039,178 |  |

CURRENT ASSETS

Debtors | 14 | 1,064,414 |  | 952,909 |  |

Cash at bank | 3,267 |  | 141,439 |  |

1,067,681 |  | 1,094,348 |  |

CREDITORS

Amounts falling due within one year | 15 | (95,728 | ) | (91,877 | ) |

NET CURRENT ASSETS | 971,953 |  | 1,002,471 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,004,020 |  | 2,041,649 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (712,324 | ) | (760,525 | ) |

NET ASSETS | 1,291,696 |  | 1,281,124 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 1,000 |  | 1,000 |  |

Retained earnings | 21 | 1,290,696 |  | 1,280,124 |  |

SHAREHOLDERS' FUNDS | 1,291,696 |  | 1,281,124 |  |

Company's profit for the financial year | 358,572 |  | 571,393 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

P Rickson - Director

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 4,369,484 |  | 4,370,484 |  |

Changes in equity

Dividends | - |  | (482,000 | ) | (482,000 | ) |

Total comprehensive income | - |  | 146,282 |  | 146,282 |  |

Balance at 31 December 2024 | 1,000 |  | 4,033,766 |  | 4,034,766 |  |

Changes in equity

Dividends | - |  | (348,000 | ) | (348,000 | ) |

Total comprehensive income | - |  | 282,086 |  | 282,086 |  |

Balance at 30 September 2025 | 1,000 |  | 3,967,852 |  | 3,968,852 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 1,190,731 |  | 1,191,731 |  |

Changes in equity

Dividends | - |  | (482,000 | ) | (482,000 | ) |

Total comprehensive income | - |  | 571,393 |  | 571,393 |  |

Balance at 31 December 2024 | 1,000 |  | 1,280,124 |  | 1,281,124 |  |

Changes in equity

Dividends | - |  | (348,000 | ) | (348,000 | ) |

Total comprehensive income | - |  | 358,572 |  | 358,572 |  |

Balance at 30 September 2025 | 1,000 |  | 1,290,696 |  | 1,291,696 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

| Period |

| 1.1.25 |

| to |  | Year Ended

| 30.9.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 645,069 |  | 802,121 |  |

Interest paid | (49,315 | ) | (107,091 | ) |

Interest element of hire purchase payments paid | (33,703 | ) | (60,927 | ) |

Amnts drawn beyond investment value | - |  | 79,178 |  |

Tax paid | (15,952 | ) | (422,464 | ) |

Net cash from operating activities | 546,099 |  | 290,817 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (896 | ) | (51,199 | ) |

Sale of tangible fixed assets | - |  | 48,476 |  |

Sale of investment property | - |  | 1,094,369 |  |

Interest received | - |  | 4,156 |  |

Net cash from investing activities | (896 | ) | 1,095,802 |  |

Cash flows from financing activities

New Hire Purchase agreements in year | 7,404 |  | 36,121 |  |

Loan repayments in year | (209,093 | ) | (494,747 | ) |

Capital repayments in year | (213,171 | ) | (300,396 | ) |

Amount introduced by directors | 40,205 |  | 271,598 |  |

Amount withdrawn by directors | (124,273 | ) | (110,447 | ) |

Equity dividends paid | (348,000 | ) | (482,000 | ) |

Net cash from financing activities | (846,928 | ) | (1,079,871 | ) |

(Decrease)/increase in cash and cash equivalents | (301,725 | ) | 306,748 |  |

Cash and cash equivalents at beginning of period | 2 | 1,311,638 |  | 1,004,890 |  |

Cash and cash equivalents at end of period | 2 | 1,009,913 |  | 1,311,638 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

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

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 342,592 |  | 123,715 |  |

| Depreciation charges | 106,124 |  | 199,979 |  |

| Profit on disposal of fixed assets | - |  | (132,721 | ) |

| Share of profit from associate | (44,595 | ) | 46,072 |  |

| Finance costs | 83,018 |  | 168,018 |  |

| Finance income | - |  | (4,156 | ) |

487,139 |  | 400,907 |  |

| (Increase)/decrease in stocks | (494,667 | ) | 55,410 |  |

| Decrease/(increase) in trade and other debtors | 52,420 |  | (32,247 | ) |

| Increase in trade and other creditors | 600,177 |  | 378,051 |  |

| Cash generated from operations | 645,069 |  | 802,121 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 30 September 2025

| 30.9.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 1,010,247 |  | 1,311,638 |  |

| Bank overdrafts | (334 | ) | - |  |

1,009,913 |  | 1,311,638 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,311,638 |  | 1,004,890 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.1.25 | Cash flow | changes | At 30.9.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 1,311,638 |  | (301,391 | ) | 1,010,247 |  |

| Bank overdrafts | - |  | (334 | ) | (334 | ) |

1,311,638 |  | (301,725 | ) | 1,009,913 |  |

| Debt

| Finance leases | (477,321 | ) | 205,767 |  | - |  | (324,777 | ) |

| Debts falling due

| within 1 year | (278,404 | ) | 965 |  | - |  | (277,439 | ) |

| Debts falling due

| after 1 year | (920,786 | ) | 208,462 |  | - |  | (712,324 | ) |

(1,676,511 | ) | 415,194 |  | - |  | (1,314,540 | ) |

| Total | (364,873 | ) | 113,469 |  | - |  | (304,627 | ) |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| PGL Holdings Ltd 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 General 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.

| Basis of consolidation

| The consolidated financial statements are prepared using uniform accounting policies for like transactions and events in similar circumstances for all of the entities in the group.

| The consolidated financial statements of the parent and the subsidiary are drawn up at the same reporting date.

| Related party exemption

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 20% on cost

| Short leasehold | - | 20% on cost

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 15% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on cost

| Investments in associates

| Investments in associate undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| 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.

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| The preparation of the financial statements requires management to make estimations and judgements that affect the reported disclosures.

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Management's estimation and assumptions form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

| Depreciation

| The company exercises judgment to determine useful lives and residual values of intangibles and property, plant and equipment. The assets are depreciated down to their residual values over their estimated useful lives.

| Work in progress

| The entity exercises judgment to determine the value of the work in progress at the year end. Work in progress comprises unbilled amounts for customer work, measured at fair value less provisions for foreseeable losses.

4. | EMPLOYEES AND DIRECTORS

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 628,540 |  | 796,303 |  |

| Social security costs | 71,819 |  | 82,093 |  |

| Other pension costs | 10,641 |  | 9,427 |  |

711,000 |  | 887,823 |  |

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

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

| Management | 3 |  | 3 |  |

| Administration | 19 |  | 19 |  |

22 |  | 22 |  |

| The average number of employees by undertakings that were proportionately consolidated during the period was NIL (2024 - NIL).

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 35,893 |  | 28,800 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

5. | OPERATING PROFIT

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

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 33,065 |  | 64,465 |  |

| Depreciation - owned assets | 50,567 |  | 105,889 |  |

| Depreciation - assets on hire purchase contracts | 55,557 |  | 94,089 |  |

| Profit on disposal of fixed assets | - |  | (132,721 | ) |

| Auditors' remuneration | 21,953 |  | 27,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Bank loan interest | 45,186 |  | 91,223 |  |

| Other interest payable | 4,129 |  | 15,868 |  |

| Hire purchase | 33,703 |  | 60,927 |  |

83,018 |  | 168,018 |  |

7. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the period was as follows:

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 63,116 |  | 334 |  |

| Prior year taxation | - |  | (1,160 | ) |

| Total current tax | 63,116 |  | (826 | ) |

| Deferred tax | (2,610 | ) | (21,741 | ) |

| Tax on profit | 60,506 |  | (22,567 | ) |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

7. | TAXATION - continued

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| Period |

| 1.1.25 |

| to | Year Ended

| 30.9.25 |  | 31.12.24

£ | £ |

| Profit before tax | 342,592 |  | 123,715 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 22.131 %) | 85,648 |  | 27,379 |  |

| Effects of:

| Expenses not deductible for tax purposes | 39 |  | 894 |  |

| Income not taxable for tax purposes | (26,180 | ) | (33,895 | ) |

| Depreciation in excess of capital allowances | 4,489 |  | 24,257 |  |

| Utilisation of tax losses | (880 | ) | 1,675 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (1,160 | ) |

| Adjustments to tax charge in respect of deferred taxation | (2,610 | ) | (21,741 | ) |

| Profit or loss on disposal of assets | - |  | (29,373 | ) |

| Balancing charge | - |  | 9,397 |  |

| Corporation Tax |

| Total tax charge/(credit) | 60,506 |  | (22,567 | ) |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| Dividends totalling £348,000 (2024: £482,000) were declared for the year.

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Short |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 January 2025 | 70,000 |  | 11,369 |  | 134,015 |  |

| Additions | - |  | - |  | 896 |  |

| At 30 September 2025 | 70,000 |  | 11,369 |  | 134,911 |  |

| DEPRECIATION

| At 1 January 2025 | 70,000 |  | 11,369 |  | 69,521 |  |

| Charge for period | - |  | - |  | 9,284 |  |

| At 30 September 2025 | 70,000 |  | 11,369 |  | 78,805 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | - |  | 56,106 |  |

| At 31 December 2024 | - |  | - |  | 64,494 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 31,644 |  | 1,262,387 |  | 22,313 |  | 1,531,728 |  |

| Additions | - |  | 53,223 |  | - |  | 54,119 |  |

| At 30 September 2025 | 31,644 |  | 1,315,610 |  | 22,313 |  | 1,585,847 |  |

| DEPRECIATION

| At 1 January 2025 | 18,491 |  | 768,174 |  | 22,313 |  | 959,868 |  |

| Charge for period | 3,560 |  | 93,280 |  | - |  | 106,124 |  |

| At 30 September 2025 | 22,051 |  | 861,454 |  | 22,313 |  | 1,065,992 |  |

| NET BOOK VALUE

| At 30 September 2025 | 9,593 |  | 454,156 |  | - |  | 519,855 |  |

| At 31 December 2024 | 13,153 |  | 494,213 |  | - |  | 571,860 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

10. | TANGIBLE FIXED ASSETS - continued

| Group

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

| Motor

| vehicles

£ |

| COST

| At 1 January 2025 | 764,114 |  |

| Additions | 53,223 |  |

| At 30 September 2025 | 817,337 |  |

| DEPRECIATION

| At 1 January 2025 | 484,206 |  |

| Charge for period | 55,557 |  |

| At 30 September 2025 | 539,763 |  |

| NET BOOK VALUE

| At 30 September 2025 | 277,574 |  |

| At 31 December 2024 | 279,908 |  |

| Company

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025

| and 30 September 2025 | 70,000 |  | 13,150 |  | 7,804 |  |

| DEPRECIATION

| At 1 January 2025 | 70,000 |  | 8,841 |  | 5,853 |  |

| Charge for period | - |  | 615 |  | 878 |  |

| At 30 September 2025 | 70,000 |  | 9,456 |  | 6,731 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 3,694 |  | 1,073 |  |

| At 31 December 2024 | - |  | 4,309 |  | 1,951 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 30 September 2025 | 125,713 |  | 10,425 |  | 227,092 |  |

| DEPRECIATION

| At 1 January 2025 | 93,795 |  | 10,425 |  | 188,914 |  |

| Charge for period | 5,618 |  | - |  | 7,111 |  |

| At 30 September 2025 | 99,413 |  | 10,425 |  | 196,025 |  |

| NET BOOK VALUE

| At 30 September 2025 | 26,300 |  | - |  | 31,067 |  |

| At 31 December 2024 | 31,918 |  | - |  | 38,178 |  |

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

| Motor

| vehicles

£ |

| COST

| At 1 January 2025

| and 30 September 2025 | 51,000 |  |

| DEPRECIATION

| At 1 January 2025 | 36,880 |  |

| Charge for period | 2,485 |  |

| At 30 September 2025 | 39,365 |  |

| NET BOOK VALUE

| At 30 September 2025 | 11,635 |  |

| At 31 December 2024 | 14,120 |  |

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 30 September 2025 | 1,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,000 |  |

| At 31 December 2024 | 1,000 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

12. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 30 September 2025 | 1,000,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,000,000 |  |

| At 31 December 2024 | 1,000,000 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 30 September 2025 | 1,000,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,000,000 |  |

| At 31 December 2024 | 1,000,000 |  |

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2020 | (162,226 | ) |

| Valuation in 2021 | 100,000 |  |

| Cost | 1,062,226 |  |

1,000,000 |  |

| If the investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 1,062,226 |  | 1,062,226 |  |

| The investment property was valued on an open market basis on 30 September 2025 by the directors .

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 5,100 |  | 5,100 |  |

| Work-in-progress | 1,618,419 |  | 1,123,752 |  |

1,623,519 |  | 1,128,852 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 1,183,300 |  | 1,203,028 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 618,020 |  | 499,392 |  |

| Amounts owed by associates | 1,218,053 |  | 1,444,461 |  | 415,000 |  | 415,000 |  |

| Other debtors | - |  | 4,356 |  | - |  | 4,356 |  |

| Directors' current accounts | 8,865 |  | 4,802 |  | - |  | - |  |

| VAT | 42,651 |  | 26,699 |  | 2,172 |  | - |  |

| Deferred tax asset | - |  | - |  | 29,222 |  | 34,161 |  |

| Prepayments | 82,758 |  | 111,095 |  | - |  | - |  |

2,535,627 |  | 2,794,441 |  | 1,064,414 |  | 952,909 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 277,773 |  | 278,404 |  | 61,208 |  | 59,210 |  |

| Hire purchase contracts (see note 18) | 204,172 |  | 290,466 |  | - |  | 9,226 |  |

| Trade creditors | 821,866 |  | 719,200 |  | 22,774 |  | 12,661 |  |

| Tax | 63,450 |  | 334 |  | - |  | - |  |

| Social security and other taxes | 43,057 |  | 40,309 |  | - |  | - |  |

| VAT | 2,172 |  | 4,356 |  | - |  | - |  |

| Other creditors | 3,170 |  | 2,147 |  | - |  | - |  |

| Directors' current accounts | 103,091 |  | 183,096 |  | - |  | - |  |

| Accrued expenses | 320,629 |  | 50,780 |  | 11,746 |  | 10,780 |  |

1,839,380 |  | 1,569,092 |  | 95,728 |  | 91,877 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 712,324 |  | 920,786 |  | 712,324 |  | 760,525 |  |

| Hire purchase contracts (see note 18) | 120,605 |  | 186,855 |  | - |  | - |  |

832,929 |  | 1,107,641 |  | 712,324 |  | 760,525 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

17. | LOANS

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 334 |  | - |  | 335 |  | 1 |  |

| Bank loans | 277,439 |  | 278,404 |  | 60,873 |  | 59,209 |  |

277,773 |  | 278,404 |  | 61,208 |  | 59,210 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 63,798 |  | 222,902 |  | 63,798 |  | 62,641 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 219,823 |  | 210,663 |  | 219,823 |  | 210,663 |  |

| Amounts falling due in more than five | years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 428,703 |  | 487,221 |  | 428,703 |  | 487,221 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 204,172 |  | 290,466 |  |

| Between one and five years | 120,605 |  | 186,855 |  |

324,777 |  | 477,321 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 9,226 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

19. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 13,504 |  | 16,114 |  |

| Other provisions | 34,583 |  | 79,178 |  |

| Aggregate amounts | 48,087 |  | 95,292 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 16,114 |  |

| Credit to Income Statement during period | (2,610 | ) |

| Balance at 30 September 2025 | 13,504 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | (34,161 | ) |

| Charge to Statement of Comprehensive Income during period | 4,939 |  |

| Balance at 30 September 2025 | (29,222 | ) |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 501 | Ordinary A | £1 | 501 |  | 501 |  |

| 236 | Ordinary B | £1 | 236 |  | 236 |  |

| 236 | Ordinary C | £1 | 236 |  | 236 |  |

| 9 | Ordinary D | £1 | 9 |  | 9 |  |

| 9 | Ordinary E | £1 | 9 |  | 9 |  |

| 9 | Ordinary F | £1 | 9 |  | 9 |  |

1,000 |  | 1,000 |  |

PGL HOLDINGS LTD (REGISTERED NUMBER: 09958836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 SEPTEMBER 2025

21. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2025 | 4,033,766 |  |

| Profit for the period | 282,086 |  |

| Dividends | (348,000 | ) |

| At 30 September 2025 | 3,967,852 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2025 | 1,280,124 |  |

| Profit for the period | 358,572 |  |

| Dividends | (348,000 | ) |

| At 30 September 2025 | 1,290,696 |  |

22. | RELATED PARTY DISCLOSURES

| At the balance sheet date, a balance of £1,218,053 (2024 - £1,444,461) was due from the associated company.

23. | POST BALANCE SHEET EVENTS

| On 14 November 2025 PGL Brickwork + Scaffolding Limited, a 100% subsidiary of the group, acquired a further 50% shareholding in AGL Scaffold Limited, increasing its total holding to 100%.