REGISTERED NUMBER: 09946679 (England and Wales)

Ruttle Group Limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 September 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

GH Ruttle

GH Ruttle

MT Ruttle

REGISTERED OFFICE:

Lancaster House

Ackhurst Road

Chorley

Lancashire

PR7 1NH

REGISTERED NUMBER:

09946679 (England and Wales)

AUDITORS:

McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The Group turnover has fallen slightly in the year by 2.5% (2024: rise of 3.6%) to £22.5m from £23.1m. The turnover has been achieved through diversifying the activities to include waste management in addition to traditional plant hire. The Group has continued to invest in plant as required for the needs of the business.

The Group has continued to restructure internally, and responded to movements outside of its direct control. As a result, a number of balances have been provided in the year, which has led to operating profit of £2.4m (2024: £2.9m). The directors are satisfied that the changes made in the year provide a stable footing for the Group to proceed into 2026 and beyond.

At the 30 September 2025, shareholders funds stood at £19,834,324 (2024: £18,181,055).

The Group has focussed on increasing the headroom on financed assets. Asset finance is 51.7% of the plant and machinery at the year end (2024: 65.7%).

The net cash position was £341,549 at the year end (2024: £865,465), and the overall net debt figure decreased to £16,023,151 (2024: £18,085,893). This included finance leases of £13,277,870 (2024: £16,230,358).

Key performance indicators

2025

2024

EBITDA (earning before interest, tax, depreciation amortisation and exceptional items)

£4.6m

£6.0m

Gross profit percentage

22.6%

29.2%

Operating profit percentage (adjusted for negative goodwill and exceptional)

10.6%

13.5%

Headroom on hire purchase assets

£7.6m

£6.2m

Capital expenditure

£5.6m

£4.3m

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal key risks and uncertainties are:

- The general state of the economy and the construction industry, which has seen a slowdown, particularly in the housebuilding sector.

- The ability of the company to secure competitive finance to support its growth plans, in a market of higher interest rates.

- The conflict in Ukraine, and the resultant impact on the cost of living (in particular energy costs) and inflation in the UK.

It is felt by management that the risks and uncertainties relating to the performance of the UK economy could substantially impact the construction industry in particular. However, the directors feel that the current demand and planned government infrastructure projects will maintain the demand at current levels.

The directors feel that the Group is well placed to weather any economic storms as it has a strategy of minimising costs as much as practicable and maintaining cash reserves where possible.

ON BEHALF OF THE BOARD:

GH Ruttle - Director

23 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a group holding company.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

GH Ruttle

GH Ruttle

MT Ruttle

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). 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, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

GH Ruttle - Director

23 June 2026

Opinion

We have audited the financial statements of Ruttle Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year 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 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 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 three, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships; and

-

tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Andrea Gerring FCA (Senior Statutory Auditor)

for and on behalf of McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

23 June 2026

TURNOVER

22,549,657

23,105,966

Cost of sales

17,452,707

16,354,708

GROSS PROFIT

5,096,950

6,751,258

Administrative expenses

5,185,473

5,173,076

(88,523

)

1,578,182

Other operating income

2,488,850

1,298,467

OPERATING PROFIT

4

2,400,327

2,876,649

Interest receivable and similar income

994,519

-

3,394,846

2,876,649

Interest payable and similar expenses

6

1,408,952

1,588,808

PROFIT BEFORE TAXATION

1,985,894

1,287,841

Tax on profit

7

332,625

(42,693

)

PROFIT FOR THE FINANCIAL YEAR

1,653,269

1,330,534

Profit attributable to:

Owners of the parent

1,653,269

1,330,534

PROFIT FOR THE YEAR

1,653,269

1,330,534

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,653,269

1,330,534

Total comprehensive income attributable to:

Owners of the parent

1,653,269

1,330,534

FIXED ASSETS

Intangible assets

9

(1,519,149

)

(2,039,321

)

Tangible assets

10

39,191,894

38,509,837

Investments

11

-

-

37,672,745

36,470,516

CURRENT ASSETS

Stocks

12

4,029,968

4,774,140

Debtors

13

5,074,556

10,783,642

Cash at bank and in hand

351,810

865,465

9,456,334

16,423,247

CREDITORS

Amounts falling due within one year

14

14,870,744

24,302,218

NET CURRENT LIABILITIES

(5,414,410

)

(7,878,971

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,258,335

28,591,545

CREDITORS

Amounts falling due after more than one year

15

(10,935,399

)

(9,254,502

)

PROVISIONS FOR LIABILITIES

19

(1,488,612

)

(1,155,988

)

NET ASSETS

19,834,324

18,181,055

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Share premium

21

4,000,000

4,000,000

Retained earnings

21

15,824,324

14,171,055

SHAREHOLDERS' FUNDS

19,834,324

18,181,055

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

GH Ruttle - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

14,528,504

14,528,504

14,528,504

14,528,504

CURRENT ASSETS

Debtors

13

422,000

422,000

CREDITORS

Amounts falling due within one year

14

7,500

7,500

NET CURRENT ASSETS

414,500

414,500

TOTAL ASSETS LESS CURRENT LIABILITIES

14,943,004

14,943,004

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Share premium

21

4,000,000

4,000,000

Retained earnings

21

10,933,004

10,933,004

SHAREHOLDERS' FUNDS

14,943,004

14,943,004

Company's profit for the financial year

-

420,000

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

GH Ruttle - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 October 2023

10,000

12,840,521

4,000,000

16,850,521

Changes in equity

Total comprehensive income

-

1,330,534

-

1,330,534

Balance at 30 September 2024

10,000

14,171,055

4,000,000

18,181,055

Changes in equity

Total comprehensive income

-

1,653,269

-

1,653,269

Balance at 30 September 2025

10,000

15,824,324

4,000,000

19,834,324

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 October 2023

10,000

10,513,004

4,000,000

14,523,004

Changes in equity

Total comprehensive income

-

420,000

-

420,000

Balance at 30 September 2024

10,000

10,933,004

4,000,000

14,943,004

Changes in equity

Balance at 30 September 2025

10,000

10,933,004

4,000,000

14,943,004

Cash flows from operating activities

Cash generated from operations

1

5,955,200

6,170,147

Interest paid

(340,428

)

(417,129

)

Interest element of hire purchase payments paid

(1,068,524

)

(1,171,679

)

Tax paid

8,284

25,183

Net cash from operating activities

4,554,532

4,606,522

Cash flows from investing activities

Purchase of tangible fixed assets

(347,428

)

(173,043

)

Sale of tangible fixed assets

2,285,719

1,452,133

Interest received

994,519

-

Net cash from investing activities

2,932,810

1,279,090

Cash flows from financing activities

New bank loans in year

3,086,830

-

Bank loan repayments in year

(2,721,000

)

(300,000

)

Capital repayments in year

(9,684,729

)

(8,061,842

)

Amount introduced by directors

-

3,403,980

Amount withdrawn by directors

(125,460

)

(303

)

Refinance of plant

1,433,101

1,934,818

Net cash from financing activities

(8,011,258

)

(3,023,347

)

(Decrease)/increase in cash and cash equivalents

(523,916

)

2,862,265

Cash and cash equivalents at beginning of year

2

865,465

(1,996,800

)

Cash and cash equivalents at end of year

2

341,549

865,465

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

2025

2024

£

£

Profit before taxation

1,985,894

1,287,841

Depreciation charges

3,522,584

3,199,306

Profit on disposal of fixed assets

(843,793

)

(358,644

)

Amortisation of goodwill

(520,172

)

(520,172

)

Provision for liability

-

765,500

Finance costs

1,408,952

1,588,808

Finance income

(994,519

)

-

4,558,946

5,962,639

Decrease in stocks

744,172

448,726

Decrease/(increase) in trade and other debtors

5,709,086

(3,357,295

)

(Decrease)/increase in trade and other creditors

(5,057,004

)

3,116,077

Cash generated from operations

5,955,200

6,170,147

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:

Year ended 30 September 2025

30/9/25

1/10/24

£

£

Cash and cash equivalents

351,810

865,465

Bank overdrafts

(10,261

)

-

341,549

865,465

Year ended 30 September 2024

30/9/24

1/10/23

£

£

Cash and cash equivalents

865,465

132,063

Bank overdrafts

-

(2,128,863

)

865,465

(1,996,800

)

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/10/24

Cash flow

changes

At 30/9/25

£

£

£

£

Net cash

Cash at bank

and in hand

865,465

(513,655

)

351,810

Bank overdrafts

-

(10,261

)

(10,261

)

865,465

(523,916

)

341,549

Debt

Finance leases

(16,230,358

)

8,251,628

-

(13,277,870

)

Debts falling due

within 1 year

(2,721,000

)

2,721,000

-

-

Debts falling due

after 1 year

-

(3,086,830

)

-

(3,086,830

)

(18,951,358

)

7,885,798

-

(16,364,700

)

Total

(18,085,893

)

7,361,882

-

(16,023,151

)

1.	STATUTORY INFORMATION

Ruttle Group 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The amounts in the financial statements have been rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

Going concern

The financial statements are prepared on a going concern basis which the directors believe to be appropriate for the following reasons.

The directors do not prepare formal forecasts, but instead rely on their market knowledge and experience to monitor future cashflow requirements. The Group is in the process of realising various development assets, which will supplement their operating cashflows and enable them to reduce their reliance on bank and hire purchase funding.

The forecasts also include additional funding as required to be provided by the shareholders in the event of delays in the completion of other projects.

Based on the above indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate.

Basis of consolidation

The consolidated financial statements incorporate those of Ruttle Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements have co-terminus year ends. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

Turnover

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