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REGISTERED NUMBER: 07380737 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025 |

| FOR |

| PHOENIX BRICKWORK (UK) LIMITED |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Income Statement | 11 |

Other Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |

PHOENIX BRICKWORK (UK) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| DIRECTORS: | Mr C P Watson

| Mr M Veral

| Mr S Linthwaite

| Mr I S Artley

| Mr J Duerden

| SECRETARY: | Mrs K A Rousell

| REGISTERED OFFICE: | Unit 2 Plymouth Avenue

| Brookhill Industrial Estate

| Pinxton

| Derbyshire

| NG16 6RA

| REGISTERED NUMBER: | 07380737 (England and Wales)

| AUDITORS: | Shaw Gibbs (Audit) Limited

| Statutory Auditor

| Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Presented in respect of the audited financial statements of Phoenix Brickwork (UK) Limited (registered number 07380737), a member of the Phoenix UK Group whose ultimate parent company is Phoenix UK Group Limited. References to "the Company" and "Phoenix" should be read accordingly.

INTRODUCTION

The directors present their Strategic Report for the year ended 30 September 2025. Phoenix is a leading masonry, drywall and steel framing systems contractor operating from the centre of the United Kingdom, delivering packages of up to £5m in value across commercial, residential, refurbishment and major public-sector projects, including hospitals and custodial facilities.

FY2025 was a year of deliberate consolidation and strengthening. Against a softer and more selective UK construction market, the business chose contract quality over volume, sustained a solid profit before tax of £761,633, materially reduced its borrowings, continued to invest in plant, fleet and systems, and completed a successful management buy-in that introduced fresh capital and broadened ownership. The Company closed the year with its strongest balance sheet to date, with net assets rising to £3.28m.

REVIEW OF THE BUSINESS AND BUSINESS MODEL

Phoenix generates revenue principally from long-term construction contracts won in partnership with leading tier-one main contractors, many of whom retain Phoenix on their approved or preferred supply chains. The Company's model is built on disciplined estimating, strong site-level commercial control, directly employed core labour supplemented flexibly as required, and an enduring reputation for delivering high-quality work safely and on programme.

During the year the directors continued the established strategy of securing fewer, larger and better-quality contracts concentrated within a favoured geographic area. This selectivity reduces mobilisation, travel and agency cost, lowers delivery risk, and supports a leaner overhead base - prioritising the resilience and cash quality of the order book over headline turnover. The directors regard this as the right posture for the current market, in which several large contractors have entered administration and counterparty risk has risen across the sector.

Results and Financial Performance

Turnover for the year was £15.33m (2024: £18.19m), reflecting the planned move towards a smaller number of larger, carefully selected contracts and a more cautious approach to bidding in an inflationary, higher-risk environment. The Company nonetheless remained firmly profitable, delivering a profit before taxation of £761,633 and a profit after taxation of £594,714.

Other operating income grew strongly to £651,404 (2024: £358,738), an increase of 81.6%, supported by management charges and ancillary activity with other companies within the wider Phoenix group. Net finance costs improved markedly: interest receivable rose to £75,436 (2024: £9,721) as the Company put surplus funds to work, while interest payable fell by 27.4% to £175,927 (2024: £242,459) as borrowings were repaid. The effective tax rate reduced to 21.9% (2024: 44.9%), benefiting from research and development incentives and the absence of prior-year research and development adjustments.

The headline measure of the year, however, is balance-sheet quality. Net assets and shareholders' funds increased by 4.4% to £3,283,986 (2024: £3,145,366) - the highest level in the Company's history - after absorbing £593,264 of distributions to shareholders and continued capital investment. This combination of sustained profitability, a strengthening capital base and a reduced debt burden leaves the business well capitalised and well positioned for its next phase of growth.

FINANCIAL PERFORMANCE

The directors monitor the following financial key performance indicators, alongside operational measures such as work-in-progress days, liquidity ratios, health-and-safety performance and order-book cover:

Key performance indicator |  | 2025 |  | 2024 |  | Movement |

Turnover |  | £15.33m |  | £18.19m |  | (15.7%) |

Gross profit |  | £3.01m |  | £4.09m |  | (26.3%) |

Gross profit margin |  | 19.7% |  | 22.5% |  | (2.8%) |

Other operating income |  | £651k |  | £359k |  | +81.6% |

Operating profit |  | £0.86m |  | £1.70m |  | (49.2%) |

Profit before taxation |  | £761,633 |  | £1,465,910 |  | (48%) |

Profit after taxation |  | £594,174 |  | £807,513 |  | (26.4%) |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Net assets / shareholders' funds |  | £3.28m |  | £3.15m |  | +4.4% |

Total secured borrowings |  | £690,161 |  | £1,103,833 |  | (37.5%) |

Capital additions in the year |  | £243,757 |  | - |  | - |

Return on capital employed |  | 21.5% |  | 44.8% |  | (23.3%) |

Average headcount |  | 48 |  | 45 |  | +3 |

Return on capital employed is calculated as operating profit divided by total assets less current liabilities. Movements in turnover and profit reflect the deliberate strategic shift towards fewer, larger contracts described above; the strengthening of net assets and the reduction in borrowings are the directors' primary indicators of progress in the year.

Investment in Plant, Fleet and Technology

Phoenix continued to invest through the cycle, with additions to tangible fixed assets of £243,757 in the year. Investment was directed towards a renewed operational fleet (£206,503), additional plant and machinery (£5,584), workplace fixtures and fittings (£21,017) and computer equipment (£10,653) to support the Group's digital systems.

Assets held under hire purchase had a net book value of £916,939 at the year end, underpinning the Company's delivery capability without over-extending its balance sheet.

This sustained reinvestment ensures the operational base remains modern, efficient and safe, reduces reliance on third-party hire over time, and supports the higher-value contracts the business is now targeting.

Management Buy-In and Corporate Development

A significant milestone in the year was the successful completion of a management buy-in by two key individuals within the business. The transaction broadened the Company's ownership and introduced £140,000 of new equity capital, reflected in the issue of 6,088 B Ordinary shares and a share premium of £139,939 recognised in the year.

The buy-in aligns the interests of senior leadership directly with the long-term success of the Group, deepens the management bench and supports succession and continuity. The board was further strengthened by the appointment of Mr J Duerden as a director on 1 July 2025. The directors view the transaction as a strong endorsement of the Company's prospects and a firm foundation for the next stage of its development.

Funding, Liquidity and Financial Position

The Company made substantial progress in strengthening its financial position and reducing financial risk. Total secured borrowings fell by 37.5% to £690,161 (2024: £1,103,833), including the continued orderly repayment of facilities drawn under the Coronavirus Business Interruption Loan Scheme. This deleveraging, together with the new equity introduced on the buy-in and retained profits, lifted shareholders' funds to a record £3.28m and reduced the Company's gearing.

Net current assets strengthened to £2,981,558 (2024: £2,650,357). Cash management remains a board priority: the directors continue to track liquidity ratios and work-in-progress days, have tightened procedures for assessing and authorising extended credit terms, and maintain credit insurance over the debtor book to protect against counterpart failure in a sector where several large contractors have recently entered administration.

RESEARCH AND DEVELOPMENT

Innovation remains central to Phoenix's competitive position. The Company continued to develop its bespoke, internally coded application, which delivers efficient, accurate, real-time record-keeping on site and is increasingly integrated with the Company's wider software systems; the platform is consistently well received by both internal users and clients.

In addition, the business advanced research into fire barriers and fire protection for the brickwork trades, with testing now completed, and undertook fire-testing within its drywall division jointly with a client to secure product warranties. These programmes reinforce Phoenix's reputation for technical assurance and quality, and qualify the Company for research and development tax incentives.

OUR PEOPLE

The Company's performance rests on the skill and commitment of its people. Average headcount increased to 48 (2024: 45), including an expansion of directly employed production staff to 18 (2024: 16), reinforcing in-house delivery capability and reducing reliance on agency labour.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Phoenix invests heavily in operative and staff training to maintain legislative compliance, uphold its high safety standards and support continuous professional development, and operates reward structures designed to retain key personnel and share the success of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Cashflow and counterparty risk

Inflationary cost pressure and the risk of main-contractor failure are managed through credit insurance over debtors, tightened credit-authorisation procedures, procurement KPIs on supplier credit terms, and continuous monitoring of liquidity and work-in-progress days.

Contract and project-delivery risk

A dedicated procurement team and real-time commercial reporting on live projects allow the business to monitor cost and progress proactively, react quickly, and avoid committing to contract terms likely to result in losses; full provision is made for foreseen losses as soon as they are identified.

Inflation and pricing risk

Experienced personnel oversee estimating and pricing so that contracts are costed accurately and payment terms support the Group's cashflow requirements, protecting margins through the contract life.

Organisational and people risk

The business maintains standards exceeding statutory requirements, holds numerous industry accreditations, and operates incentive and training arrangements to retain key staff and sustain a strong safety and compliance culture.

FUTURE OUTLOOK

The directors look ahead with confidence. Phoenix enters FY2026 with its strongest balance sheet to date, materially lower borrowings, a renewed asset base, a strengthened and reinvested management team, and an engaged ownership group following the buy-in.

The strategy of pursuing fewer, larger, higher-quality contracts with trusted main contractors will continue, with a clear focus on sustainable growth, margin discipline, cash quality and customer-centric delivery.

There are no immediate plans to change the business model. The directors will continue to assess the contract portfolio to ensure that only positive, well-priced and risk-managed work is taken on, and will deploy the Company's strengthened financial capacity to capture selective opportunities as market conditions allow. The board believes Phoenix is well positioned for continued profitable progress and long-term success.

ON BEHALF OF THE BOARD:

Mr C P Watson - Director

25th June 2026

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 30th September 2025 will be £593,264.

DIRECTORS

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

Mr C P Watson

Mr M Veral

Mr S Linthwaite

Mr I S Artley

Other changes in directors holding office are as follows:

Mr J Duerden - appointed 1st July 2025

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C P Watson - Director

25th June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHOENIX BRICKWORK (UK) LIMITED

Opinion

We have audited the financial statements of Phoenix Brickwork (UK) Limited (the 'company') for the year ended 30th September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHOENIX BRICKWORK (UK) LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHOENIX BRICKWORK (UK) LIMITED

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006, compliance with Health and Safety Regulations, ISO certification and compliance via ISOcomply.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

PHOENIX BRICKWORK (UK) LIMITED

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.

Graham Taylor (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

25th June 2026

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

INCOME STATEMENT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 5 | 15,331,074 |  | 18,193,663 |  |

Cost of sales | 12,318,083 |  | 14,105,291 |  |

GROSS PROFIT | 3,012,991 |  | 4,088,372 |  |

Administrative expenses | 2,802,271 |  | 2,748,462 |  |

210,720 |  | 1,339,910 |  |

Other operating income | 651,404 |  | 358,738 |  |

OPERATING PROFIT | 862,124 |  | 1,698,648 |  |

Interest receivable and similar income | 75,436 |  | 9,721 |  |

937,560 |  | 1,708,369 |  |

Interest payable and similar expenses | 7 | 175,927 |  | 242,459 |  |

PROFIT BEFORE TAXATION | 8 | 761,633 |  | 1,465,910 |  |

Tax on profit | 9 | 166,919 |  | 658,397 |  |

PROFIT FOR THE FINANCIAL YEAR | 594,714 |  | 807,513 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 594,714 |  | 807,513 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 594,714 |  | 807,513 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

BALANCE SHEET

30TH SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 1,031,945 |  | 1,139,399 |  |

CURRENT ASSETS

Stocks | 12 | 5,000 |  | 5,000 |  |

Debtors: amounts falling due within one year | 13 | 7,928,340 |  | 5,766,568 |  |

Debtors: amounts falling due after more than one year | 13 | 46,000 |  | 62,000 |  |

Cash at bank and in hand | 441,478 |  | 1,085,143 |  |

8,420,818 |  | 6,918,711 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,439,260 |  | 4,268,354 |  |

NET CURRENT ASSETS | 2,981,558 |  | 2,650,357 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,013,503 |  | 3,789,756 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (648,319 | ) | (551,837 | ) |

PROVISIONS FOR LIABILITIES | 19 | (81,198 | ) | (92,553 | ) |

NET ASSETS | 3,283,986 |  | 3,145,366 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 178 |  | 117 |  |

Share premium | 21 | 139,939 |  | - |  |

Share-based payments | 21 | 102,708 |  | 105,538 |  |

Retained earnings | 21 | 3,041,161 |  | 3,039,711 |  |

SHAREHOLDERS' FUNDS | 3,283,986 |  | 3,145,366 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25th June 2026 and were signed on its behalf by:

Mr C P Watson - Director

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| Called up |

| share |  | Retained |  | Share |  | Share-based |  | Total

| capital |  | earnings |  | premium |  | payments |  | equity

£ | £ | £ | £ | £ |

Balance at 1st October 2023 | 117 |  | 2,567,447 |  | - |  | 48,960 |  | 2,616,524 |  |

Changes in equity

Dividends | - |  | (335,249 | ) | - |  | - |  | (335,249 | ) |

Total comprehensive income | - |  | 807,513 |  | - |  | - |  | 807,513 |  |

Equity settled share-based payments | - |  | - |  | - |  | 56,578 |  | 56,578 |  |

Balance at 30th September 2024 | 117 |  | 3,039,711 |  | - |  | 105,538 |  | 3,145,366 |  |

Changes in equity

Issue of share capital | 61 |  | - |  | 139,939 |  | - |  | 140,000 |  |

Dividends | - |  | (593,264 | ) | - |  | - |  | (593,264 | ) |

Total comprehensive income | - |  | 594,714 |  | - |  | - |  | 594,714 |  |

Equity settled share-based payments | - |  | - |  | - |  | (2,830 | ) | (2,830 | ) |

Balance at 30th September 2025 | 178 |  | 3,041,161 |  | 139,939 |  | 102,708 |  | 3,283,986 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Phoenix Brickwork (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.48(a)(iii), 11.48(a)(iv) and 11.48(b);

| • | the requirements of paragraphs 12.26;

| • | the requirement of paragraph 33.7.

| Turnover and profit recognition

| Turnover represents amounts due on contracts completed in the year adjusted for turnover attributable to long term work in progress, excluding value added tax and trade discounts.

| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with

| reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value based on the percentage deemed complete by the assessment of the quantity surveyor for both Phoenix Brickwork (UK) Limited and the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

| Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account, an amount recoverable on contract is recognized and separately disclosed within debtors.

| If payments on account are greater than turnover to date, the excess is classified within creditors.

| Turnover from a contract to provide services is recognised when all of the following conditions are satisfied:

| - the amount of turnover can be measured reliably;

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

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

| and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

3. | ACCOUNTING POLICIES - continued

| 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.

| Short leasehold | - | Over the remaining term of the lease

| Plant and machinery | - | 25% on reducing balance and 10% straight line

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33.33% straight line

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

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

| recognised within costs of sales or administrative expenses, dependant upon it's nature.

| Stocks

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

| Financial instruments

| Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the income statement in other administrant expenses.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Lease and hire purchase

| Assets that are held by the company under leases which transfer substantially all the risk and rewards of

| ownership are classified as being held under hire purchase or finance leases. Leases which do not transfer

| substantially all the risk and rewards of ownership are classified as operating leases.

| Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Assets

| obtained under hire purchase contracts and finance leases are capitalized as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in creditors net of the finance charge allocated to future periods.

| The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

| Pension costs and other post-retirement benefits

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

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

| plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

| The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

| Share based payments

| The company has entered into a share based payment arrangement in respect of equities issued. Share based payments are accounted for in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

| Share based payments are recognised in the Financial Statements on the basis of the fair value of the shares at the balance sheet date in consideration with the hurdle value, returns threshold and the fair value of the shares at the grant date.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

4. | SIGNIFICANT JUDGEMENT AND ESTIMATES

| The company accounting policies, including the assumptions and judgements underlying them, are disclosed in the notes to the financial statements. These policies have been consistently applied in all material aspects and address such matters as revenue recognition, depreciation lives;

| Useful economic life of non-current assets

| The directors have reviewed the assets lives of all fixed asset classes, and have concluded that asset lives are appropriate.

| The actual lives of the assets are assessed annually and may vary depending on a number of factors. In

| re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance

| programmes are taken into account.

| Recognition of profit on long term contracts

| Profit recognition is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

| Leases

| The directors determine whether leases entered into are an operating lease or a finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company on a lease by lease basis based on an evaluation of the terms and conditions of the arrangement, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

5. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Construction contracts | 15,331,074 |  | 18,193,663 |  |

15,331,074 |  | 18,193,663 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 15,331,074 |  | 18,193,663 |  |

15,331,074 |  | 18,193,663 |  |

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,824,353 |  | 1,703,338 |  |

| Social security costs | 203,571 |  | 171,637 |  |

| Other pension costs | 40,931 |  | 37,804 |  |

2,068,855 |  | 1,912,779 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

6. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Production staff | 18 |  | 16 |  |

| Administrative staff | 21 |  | 20 |  |

| Management staff | 9 |  | 9 |  |

48 |  | 45 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 78,657 |  | 50,263 |  |

| Directors' pension contributions to money purchase schemes | 3,332 |  | 1,474 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 5 |  | 4 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 51,419 |  | 79,930 |  |

| HMRC interest paid | 12,524 |  | - |  |

| Loan interest | 75,983 |  | 100,899 |  |

| Other finance interest | - |  | 22,467 |  |

| Hire purchase | 36,001 |  | 39,163 |  |

175,927 |  | 242,459 |  |

8. | PROFIT BEFORE TAXATION

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

|  | 2025 |  | 2024 |

|  | £ |  | £ |

| Hire of plant and machinery |  | 491,133 |  | 545,239 |

| Other operating leases |  | 42,114 |  | 51,973 |

| Depreciation - owned assets |  | 56,177 |  | 52,855 |

| Depreciation - assets on hire purchase contracts |  | 186,451 |  | 228,810 |

| (Profit)/loss on disposal of fixed assets |  | 131 |  | (22,286 | )

| Auditors' remuneration |  | 34,650 |  | 33,000 |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 210,852 |  | 432,350 |  |

| Under/(over) provision in

| prior year | - |  | 318 |  |

| Research and development | (32,578 | ) | 275,211 |  |

| Total current tax | 178,274 |  | 707,879 |  |

| Deferred tax | (11,355 | ) | (49,482 | ) |

| Tax on profit | 166,919 |  | 658,397 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 761,633 |  | 1,465,910 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 190,408 |  | 366,478 |  |

| Effects of:

| Expenses not deductible for tax purposes | 9,739 |  | 5,445 |  |

| Depreciation in excess of capital allowances | 11,355 |  | 49,482 |  |

| Research & Development tax credit | (32,578 | ) | 275,211 |  |

| Under provision in prior year | - |  | 318 |  |

| Share-based payments | (708 | ) | 14,145 |  |

| Temporary timing differences | 58 |  | (40 | ) |

| Group relief | - |  | (3,160 | ) |

| Deferred tax - timing differences | (11,355 | ) | (49,482 | ) |

| Total tax charge | 166,919 |  | 658,397 |  |

| The expected reversal of deferred tax liabilities in the succeeding period is £31,008 (2024: £52,040). This is in relation to the deferred tax liability recognised on accelerated capital allowances and other timing differences.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of 1p each |

| Interim | 325,500 |  | 199,458 |  |

| A2 Ordinary shares of 1p each |

| Interim | 115,078 |  | 72,298 |  |

| A3 Ordinary shares of 1p each |

| Interim | 40,764 |  | 8,955 |  |

| A4 Ordinary shares of 1p each |

| Interim | 15,000 |  | 23,264 |  |

| A5 Ordinary shares of 1p each |

| Interim | 71,152 |  | 28,002 |  |

| A6 Ordinary shares of 1p each |

| Interim | 16,270 |  | 3,272 |  |

| B ordinary shares of 1p each |

| Interim | 9,500 |  | - |  |

593,264 |  | 335,249 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures

| Short |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1st October 2024 | 144,834 |  | 826,339 |  | 221,678 |  |

| Additions | - |  | 5,584 |  | 21,017 |  |

| Disposals | - |  | - |  | - |  |

| At 30th September 2025 | 144,834 |  | 831,923 |  | 242,695 |  |

| DEPRECIATION

| At 1st October 2024 | 104,541 |  | 219,527 |  | 171,716 |  |

| Charge for year | 26,862 |  | 86,047 |  | 11,743 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 30th September 2025 | 131,403 |  | 305,574 |  | 183,459 |  |

| NET BOOK VALUE

| At 30th September 2025 | 13,431 |  | 526,349 |  | 59,236 |  |

| At 30th September 2024 | 40,293 |  | 606,812 |  | 49,962 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

11. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st October 2024 | 595,280 |  | 241,688 |  | 2,029,819 |  |

| Additions | 206,503 |  | 10,653 |  | 243,757 |  |

| Disposals | (179,205 | ) | - |  | (179,205 | ) |

| At 30th September 2025 | 622,578 |  | 252,341 |  | 2,094,371 |  |

| DEPRECIATION

| At 1st October 2024 | 170,074 |  | 224,562 |  | 890,420 |  |

| Charge for year | 107,128 |  | 10,848 |  | 242,628 |  |

| Eliminated on disposal | (70,622 | ) | - |  | (70,622 | ) |

| At 30th September 2025 | 206,580 |  | 235,410 |  | 1,062,426 |  |

| NET BOOK VALUE

| At 30th September 2025 | 415,998 |  | 16,931 |  | 1,031,945 |  |

| At 30th September 2024 | 425,206 |  | 17,126 |  | 1,139,399 |  |

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

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st October 2024 | 784,152 |  | 577,358 |  | 1,361,510 |  |

| Additions | - |  | 206,503 |  | 206,503 |  |

| Disposals | - |  | (179,205 | ) | (179,205 | ) |

| At 30th September 2025 | 784,152 |  | 604,656 |  | 1,388,808 |  |

| DEPRECIATION

| At 1st October 2024 | 193,238 |  | 162,802 |  | 356,040 |  |

| Charge for year | 82,877 |  | 103,574 |  | 186,451 |  |

| Eliminated on disposal | - |  | (70,622 | ) | (70,622 | ) |

| At 30th September 2025 | 276,115 |  | 195,754 |  | 471,869 |  |

| NET BOOK VALUE

| At 30th September 2025 | 508,037 |  | 408,902 |  | 916,939 |  |

| At 30th September 2024 | 590,914 |  | 414,556 |  | 1,005,470 |  |

12. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 5,000 |  | 5,000 |  |

| Stocks with a value of £5,000 (2024: £5,000) have been pledged as security for liabilities of the

| company.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

13. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,679,642 |  | 1,366,763 |  |

| Bad debt provision | (24,343 | ) | (24,343 | ) |

| Amounts recoverable on contract | 2,183,132 |  | 1,426,233 |  |

| Other debtors | 16,426 |  | 16,299 |  |

| Related company loan | 3,383,051 |  | 2,657,465 |  |

| VAT | 238,218 |  | 165,975 |  |

| Prepayments and accrued income | 452,214 |  | 158,176 |  |

7,928,340 |  | 5,766,568 |  |

| Amounts falling due after more than one year:

| Other debtors | 46,000 |  | 62,000 |  |

| Aggregate amounts | 7,974,340 |  | 5,828,568 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 150,000 |  | 297,361 |  |

| Other loans (see note 16) | 132,829 |  | 174,251 |  |

| Hire purchase contracts (see note 17) | 142,768 |  | 164,412 |  |

| Payments on account | 429,237 |  | 780,956 |  |

| Trade creditors | 2,591,217 |  | 1,491,592 |  |

| Amounts owed to group undertakings | 583,635 |  | 526,779 |  |

| Tax | 644,685 |  | 260,487 |  |

| Social security and other taxes | 52,553 |  | 129,281 |  |

| Other creditors | 270,785 |  | 135,886 |  |

| Accruals and deferred income | 441,551 |  | 307,349 |  |

5,439,260 |  | 4,268,354 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 16) | - |  | 150,000 |  |

| Other loans (see note 16) | 397,144 |  | 138,333 |  |

| Hire purchase contracts (see note 17) | 251,175 |  | 263,504 |  |

648,319 |  | 551,837 |  |

16. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 150,000 |  | 297,361 |  |

| Other loans | 132,829 |  | 174,251 |  |

282,829 |  | 471,612 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

16. | LOANS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 150,000 |  |

| Other loans - 1-2 years | 133,965 |  | 70,000 |  |

133,965 |  | 220,000 |  |

| Amounts falling due between two and five years:

| Other loans - 2-5 years | 263,179 |  | 68,333 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 142,768 |  | 164,412 |  |

| Between one and five years | 251,175 |  | 263,504 |  |

393,943 |  | 427,916 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 68,113 |  | 35,001 |  |

| Between one and five years | 252,891 |  | - |  |

321,004 |  | 35,001 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 393,943 |  | 427,916 |  |

| Bank loans | 150,000 |  | 363,333 |  |

| Other loans | 279,708 |  | 312,584 |  |

823,651 |  | 1,103,833 |  |

| Bank loans of £150,000 (2024: £330,000) are secured by way of a debenture, borrowed under the Coronavirus Business Interruption Loan Scheme from the UK Government and a guarantee and debenture given by the group and other related companies.

| Bank loans of £nil (2024: £33,333) are secured by way of a personal guarantee given by the director.

| Hire purchase contracts of £9,551 are secured over assets owned by a related company, with the remaining hire purchase contracts being secured over the assets to which they relate.

| Other loans of £nil (2024: £5,625) are secured by way of a personal guarantee given by the director.

| Other loans of £143,041 are secured by way of cross guarantee given by related companies.

| Other loans of £136,667 (2024: £208,333) are secured by way of a debenture, borrowed under the Coronavirus Business Interruption Loan Scheme from the UK Government.

| Other loans of £nil (2024: £98,626) are secured over the assets to which they relate.

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 81,198 |  | 92,553 |  |

| Deferred |

| tax |

£ |

| Balance at 1st October 2024 | 92,553 |  |

| Credit to Income Statement during year | (11,355 | ) |

| Balance at 30th September 2025 | 81,198 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

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

| 10,000 |  | Ordinary |  | 1p |  | 100 |  | 100 |  |

| 600 |  | A1 Ordinary |  | 1p |  | 6 |  | 6 |  |

| 350 |  | A2 Ordinary |  | 1p |  | 4 |  | 4 |  |

| 350 |  | A3 Ordinary |  | 1p |  | 4 |  | 4 |  |

| 120 |  | A4 Ordinary |  | 1p |  | 1 |  | 1 |  |

| 120 |  | A5 Ordinary |  | 1p |  | 1 |  | 1 |  |

| 120 |  | A6 Ordinary |  | 1p |  | 1 |  | 1 |  |

| 6,088 |  | B Ordinary |  | 1p |  | 61 |  | - |  |

|  | 178 |  | 117 |  |

| During the year, 6,088 B Ordinary shares of 1p each were allotted and fully paid at a premium of £139,939.

| The rights of the shares are as follows:

| Each holder of Ordinary Shares, A1 Shares, A2 Shares, A3 Shares, A4 Shares, A5 Shares, A6 Shares and B Ordinary Shares shall be entitled to receive notice of, attend and vote at general meetings of the company. Each share is entitled to one vote in any circumstances.

| Dividends are declared with priority of the Ordinary Shares, with the first £240,000 available profits each year until the Returns Threshold is met. Subsequently, the A Shares may be declared dividends on one or several classes to the exclusion of any class or classes and dividends at different rates may be declared on the respective classes of shares. Following this, the remainder of available profits may be declared as dividends to the Ordinary Shares and B Ordinary Shares at a ratio of 90:10 respectively.

| Upon an Exit Event, the Exit Proceeds shall be applied on the following basis and in the following order of priority:

| Firstly, in paying to the holders of the Ordinary Shares, an aggregate amount up to but not exceeding £800,000, which shall be distributed to the holders of the Ordinary Shares pro rata to the amount paid up on the Ordinary Shares held by each such holder.

| Secondly, until such point that the Returns Threshold is met, proceeds shall be distributed pro rata to the Ordinary Shares, A1 Shares, A2 Shares, A3 Shares, A4 Shares, A5 Shares and A6 Shares.

| Thirdly, in distributing the balance of proceeds to the holders of the Ordinary Shares, A1 Shares, A2 Shares, A3 Shares, A4 Shares, A5 Shares, A6 Shares and B Ordinary Shares, pro rata to the amount paid up on those shares held by each such holder.

21. | RESERVES

| Retained |  | Share |  | Share-based |

| earnings |  | premium |  | payments |  | Totals

£ | £ | £ | £ |

| At 1st October 2024 | 3,039,711 |  | - |  | 105,538 |  | 3,145,249 |  |

| Profit for the year | 594,714 |  | 594,714 |  |

| Dividends | (593,264 | ) | (593,264 | ) |

| Cash share issue | - |  | 139,939 |  | - |  | 139,939 |  |

| Equity settled share-based payments | - |  | - |  | (2,830 | ) | (2,830 | ) |

| At 30th September 2025 | 3,041,161 |  | 139,939 |  | 102,708 |  | 3,283,808 |  |

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

22. | PENSION COMMITMENTS

| The company contributes to a defined contribution pension scheme for their directors and employees. There were unpaid contributions due at the end of the period in relation to the schemes amounting to £7,982 (2024: £74,473). The amount recognised as an expense in the year was £40,931 (2024: £37,804).

23. | ULTIMATE PARENT COMPANY

| Phoenix UK Group Limited is regarded by the directors as being the company's ultimate parent company.

| The parent undertaking of the smallest and largest group within which this company belongs and for which group accounts are prepared is Phoenix UK Group Limited, registered at Unit 2 Plymouth Avenue, Brookhill Industrial Estate, Pinxton, Derbyshire, United Kingdom, NG16 6RA. Group accounts will be available from the Registrar of Companies.

24. | OTHER FINANCIAL COMMITMENTS

| The company has given cross guarantees to banks and other financial institutions for other related companies' debts. The debt guaranteed at 30 September 2025 amounted to £11,126 (2024: £19,742).

25. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Dividends paid | 325,500 |  | 199,458 |  |

| Amount due to related party | 108,964 |  | 61,383 |  |

| The amounts due to entities with control over the entity are unsecured, interest free and repayable on demand.

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Dividends paid | 251,494 |  | 132,519 |  |

| Key management personnel compensation | 257,344 |  | 262,709 |  |

| Share-based payments (income)/expense | (1,796 | ) | 54,906 |  |

| Amount due to related party | 2,910 |  | - |  |

| The amounts due to key management personnel are unsecured, interest free and repayable on demand.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

25. | RELATED PARTY DISCLOSURES - continued

| Other related parties |

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Sales |  | 1,567,793 |  |  | 751,521 |

| Management charges receivable |  | 608,050 |  |  | 322,959 |

| Sale of assets |  | 10,953 |  |  | 184,093 |

| Interest receivable |  | 37,980 |  |  | 9,004 |

| Dividends paid |  | 16,270 |  |  | 3,272 |

| Management charges payable |  | - |  |  | 958,000 |

| Hire of plant and machinery |  | 219,979 |  |  | 199,905 |

| Share-based payments (income)/expense |  | (1,034) |  |  | 1,672 |

| Rental costs |  | 64,099 |  |  | 86,494 |

| Motor and travel expenses |  | 90,359 |  |  | 101,654 |

| Provision of services from related party |  | 1,108,954 |  |  | 802,074 |

| Amounts due to related party |  | 1,911,098 |  |  | 1,010,261 |

| Amounts due from related party |  | 4,942,399 |  |  | 3,479,381 |

| Included within the amounts due from other related parties is £62,000 (2024: £78,000) in relation to a loan to a related party which is unsecured, with interest charged at 3.25% above the base rate of Royal Bank of Scotland PLC and is repayable in instalments over the next 4 years (2024: 5 years).

| Included within the amounts from other related parties is £962,818 (2024: £nil) in relation to a loan to a related party which is unsecured, with interest charged at hybrid rates based on the company's borrowing rate, and repayable on demand.

| The other amounts due from and to other related parties are unsecured, interest free and repayable on demand.

26. | SHARE-BASED PAYMENT TRANSACTIONS

| During 2023, Ordinary A shares were allotted at par value. The expected future sale price (Good Leaver Price) of the shares is linked to the shareholder being a Good Leaver and therefore the continued provision of services, as well as being subject to a Hurdle Value. The equity settled scheme's grant date is therefore based on the expected exit event date, estimated as being the retirement of the shareholders.

| The value of the equity instruments granted at the balance sheet date is based on the Good Leaver Price at the balance sheet date as defined by the company's Memorandum and Articles of Association, divided by the vesting period, being the expected number of years until the grant date.

| During the year, B Ordinary shares were allotted at at a premium of £139,939. The expected future sale price (Good Leaver Price) of the shares is linked to the shareholder being a Good Leaver and therefore the continued provision of services, as well as being subject to a Returns Threshold Value. The equity settled scheme's grant date is therefore based on the expected exit event date, estimated as being the retirement of the shareholders.

| The value of the equity instruments granted at the balance sheet date is based on the Good Leaver Price at the balance sheet date as defined by the company's Memorandum and Articles of Association, divided by the vesting period, being the expected number of years until the grant date.