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

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

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

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.

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

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

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

)

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.