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REGISTERED NUMBER: 01074092 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 1 April 2024 to 30 September 2025

for

John E. Griggs & Sons Limited

John E. Griggs & Sons Limited (Registered number: 01074092)

Contents of the Financial Statements

for the Period 1 April 2024 to 30 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 |

Cash Flow Statement | 15 |

Notes to the Cash Flow Statement | 16 |

Notes to the Financial Statements | 17 |

John E. Griggs & Sons Limited

Company Information

for the Period 1 April 2024 to 30 September 2025

| DIRECTORS: | R L Griggs

| C J Griggs

| REGISTERED OFFICE: | 1st Floor Spitalfields House

| Stirling Way

| Borehamwood

| Hertfordshire

| WD6 2FX

| REGISTERED NUMBER: | 01074092 (England and Wales)

| AUDITORS: | TC Group

| Statutory Auditor

| First Floor

| Spitalfields House

| Stirling Way

| Borehamwood

| Hertfordshire

| WD6 2FX

John E. Griggs & Sons Limited (Registered number: 01074092)

Strategic Report

for the Period 1 April 2024 to 30 September 2025

The directors present their strategic report for the period 1 April 2024 to 30 September 2025.

Principle Activities and review of the business

The principal activity of the business during the year under review continued to be that of property construction and development.

REVIEW OF BUSINESS

Turnover & Profitability

In the period ended 30 September 2025 our bespoke operation has continued to expand its geographical reach across the Home Counties, including Surrey and Essex, whilst maintaining a strong and consistent pipeline within our core areas of Hertfordshire and London. The continued strength of the brand has driven increased levels of tender opportunities and project wins, supporting this expansion.

During the period, we have also expanded our presence in the commercial sector, securing and delivering high-quality projects alongside our residential portfolio. Most notably, this has included a significant office extension and refurbishment project in St Albans.

More information on our bespoke homes and our developments can be found at https://www.griggshomes.co.uk/

A summary of the Company's financial results for the period ended 30 September 2025 are set out below:

| September 2025 |  | March 2024 |

Turnover |  | £52,627,161 |  | £37,444,640 |

Gross Profit |  | £5,243,731 |  | £3,570,558 |

Profit / (Loss) before tax |  | £387,060 |  | £99,876 |

Shareholders' Funds |  | £1,909,261 |  | £2,013,939 |

Future Developments

The market for new build homes remains active and whilst we are cautious because of the continuing macro-economic environment, the outlook for the current year is encouraging with a good pipeline of bespoke projects in and around London. We continue to win new and significant residential projects.

In the current financial year, we remain committed to bespoke new build homes and high-end refurbishments. In addition we have expanded our team to provide additional capability for commercial projects, which we see as an important component of our turnover going forward.

The directors are satisfied that the Company has sufficient resources and liquidity to enable it to not only to continue as a going concern for the foreseeable future but to also ensure the Company continues to invest in its infrastructure and staff so that it is in a stable and profitable position going forward.

John E. Griggs & Sons Limited (Registered number: 01074092)

Strategic Report

for the Period 1 April 2024 to 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The main financial risks faced by the Company are funding risk and credit risk. As with any similar business there remains uncertainty and risk about the ability of the company to achieve its business objectives within its current funding. The directors continually review the funding status of the company and its exposure to liquidity risk.

The directors actively manage credit risk to reduce the risk to a minimum level.

The values of the receivables, payables and cash balances in the accounts approximate their book value. The Company does not enter into derivative transactions.

Some risks are excluded because the management considers them not to be material to the company. Additionally there may be risks and uncertainties not presently known to the management team or which they are deemed immaterial to the company.

The main financial risks faced by the Group are funding risk and credit risk. As with any similar business there remains uncertainty and risk about the ability of the company to achieve its business objectives within its current funding. The directors continually review the funding status of the company and its exposure to liquidity risk.

Market risks

The Company's operations and its results are subject to a number of factors which could affect the Company's business, many of which are common to the construction industry and beyond the company's control, such as a potential global economic downturn; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them) may adversely affect available contracts in the building industry and high end residential market.

Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the Group. The Group has in place recovery plans to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.

The other risks relate to the state of the property market and the likelihood of a downturn due to the economic factors affecting the UK. The directors are closely monitoring the external factors.

Liquidity

The group ensures there are sufficient funds available to operate, however there is a potential risk that the Group may be at risk of liquidity issues depending on the size and exposure of a contract.

To mitigate against this risk the management team meets regularly to review the financial performance of the Group, the working capital requirements of individual projects and ensures that valuation reports are regularly updated and agreed with clients to ensure cash flow risks are mitigated.

Fixed operating expenses

The Company's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues.

The Group has appropriate management systems in place to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions.

Key senior personnel and management

The success of the Company's business is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management team or other key personnel may threaten the success of the Group's operations.

The Company has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the Group's culture also plays a leading role in minimising risk.

John E. Griggs & Sons Limited (Registered number: 01074092)

Strategic Report

for the Period 1 April 2024 to 30 September 2025

The strategy in the next financial period is to continue to maintain turnover in a controlled manner through careful financial management with a firm control of overheads.

ON BEHALF OF THE BOARD:

C J Griggs - Director

23 June 2026

John E. Griggs & Sons Limited (Registered number: 01074092)

Report of the Directors

for the Period 1 April 2024 to 30 September 2025

The directors present their report with the financial statements of the company for the period 1 April 2024 to 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review continued to be that of property construction and development.

DIVIDENDS

The total distribution of Dividends for the period ended 30 September 2025 was £364,000.

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 April 2024 to the date of this report.

R L Griggs

C J Griggs

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), 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 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.

John E. Griggs & Sons Limited (Registered number: 01074092)

Report of the Directors

for the Period 1 April 2024 to 30 September 2025

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Griggs - Director

23 June 2026

Report of the Independent Auditors to the Members of

John E. Griggs & Sons Limited

Opinion

We have audited the financial statements of John E. Griggs & Sons Limited (the 'company') for the period ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2025 and of its 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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

John E. Griggs & Sons 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

John E. Griggs & Sons 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

John E. Griggs & Sons 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.

Jonathan Bregman BSc FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

23 June 2026

John E. Griggs & Sons Limited (Registered number: 01074092)

Income Statement

for the Period 1 April 2024 to 30 September 2025

| Period |

| 1.4.24 |

| to |  | Year Ended

| 30.9.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 3 | 52,627,161 |  | 37,444,640 |  |

Cost of sales | (47,383,430 | ) | (33,874,082 | ) |

GROSS PROFIT | 5,243,731 |  | 3,570,558 |  |

Administrative expenses | (4,845,886 | ) | (3,402,049 | ) |

OPERATING PROFIT | 5 | 397,845 |  | 168,509 |  |

Interest receivable and similar income | 14,254 |  | 93,595 |  |

412,099 |  | 262,104 |  |

Interest payable and similar expenses | 6 | (25,039 | ) | (162,228 | ) |

PROFIT BEFORE TAXATION | 387,060 |  | 99,876 |  |

Tax on profit | 7 | (127,738 | ) | (49,691 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 259,322 |  | 50,185 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Other Comprehensive Income

for the Period 1 April 2024 to 30 September 2025

| Period |

| 1.4.24 |

| to |  | Year Ended

| 30.9.25 |  | 31.3.24

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 259,322 |  | 50,185 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 259,322 |  | 50,185 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Balance Sheet

30 September 2025

| 30.9.25 |  | 31.3.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 179,157 |  | 115,473 |  |

CURRENT ASSETS

Debtors | 11 | 9,876,839 |  | 9,066,473 |  |

Cash at bank and in hand | 729,254 |  | 1,574,203 |  |

10,606,093 |  | 10,640,676 |  |

CREDITORS

Amounts falling due within one year | 12 | (8,769,412 | ) | (8,622,395 | ) |

NET CURRENT ASSETS | 1,836,681 |  | 2,018,281 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,015,838 |  | 2,133,754 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (61,789 | ) | (90,947 | ) |

PROVISIONS FOR LIABILITIES | 18 | (44,788 | ) | (28,868 | ) |

NET ASSETS | 1,909,261 |  | 2,013,939 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 502 |  | 502 |  |

Capital redemption reserve | 20 | 500 |  | 500 |  |

Retained earnings | 20 | 1,908,259 |  | 2,012,937 |  |

SHAREHOLDERS' FUNDS | 1,909,261 |  | 2,013,939 |  |

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:

C J Griggs - Director

John E. Griggs & Sons Limited (Registered number: 01074092)

Statement of Changes in Equity

for the Period 1 April 2024 to 30 September 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 502 |  | 1,962,752 |  | 500 |  | 1,963,754 |  |

Changes in equity

Total comprehensive income | - |  | 50,185 |  | - |  | 50,185 |  |

Balance at 31 March 2024 | 502 |  | 2,012,937 |  | 500 |  | 2,013,939 |  |

Changes in equity

Dividends | - |  | (364,000 | ) | - |  | (364,000 | ) |

Total comprehensive income | - |  | 259,322 |  | - |  | 259,322 |  |

Balance at 30 September 2025 | 502 |  | 1,908,259 |  | 500 |  | 1,909,261 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Cash Flow Statement

for the Period 1 April 2024 to 30 September 2025

| Period |

| 1.4.24 |

| to |  | Year Ended

| 30.9.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (437,436 | ) | 88,293 |  |

Interest paid | (16,266 | ) | (160,979 | ) |

Interest element of hire purchase payments paid | (8,773 | ) | (1,249 | ) |

Tax paid | (42,551 | ) | (127,849 | ) |

Net cash from operating activities | (505,026 | ) | (201,784 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (144,112 | ) | (20,577 | ) |

Sale of tangible fixed assets | 41,822 |  | 1 |  |

Interest received | 14,254 |  | 93,595 |  |

Net cash from investing activities | (88,036 | ) | 73,019 |  |

Cash flows from financing activities

Capital repayments in year | 18,109 |  | 28,394 |  |

Amount introduced by directors | 121,624 |  | - |  |

Amount withdrawn by directors | (27,620 | ) | (177,083 | ) |

Equity dividends paid | (364,000 | ) | - |  |

Net cash from financing activities | (251,887 | ) | (148,689 | ) |

Decrease in cash and cash equivalents | (844,949 | ) | (277,454 | ) |

Cash and cash equivalents at beginning of period | 2 | 1,574,203 |  | 1,851,657 |  |

Cash and cash equivalents at end of period | 2 | 729,254 |  | 1,574,203 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Cash Flow Statement

for the Period 1 April 2024 to 30 September 2025

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 387,060 |  | 99,876 |  |

| Depreciation charges | 63,561 |  | 31,025 |  |

| Profit on disposal of fixed assets | (24,799 | ) | - |  |

| Finance costs | 25,039 |  | 162,228 |  |

| Finance income | (14,254 | ) | (93,595 | ) |

436,607 |  | 199,534 |  |

| (Increase)/decrease in trade and other debtors | (1,004,611 | ) | 1,727,651 |  |

| Increase/(decrease) in trade and other creditors | 130,568 |  | (1,838,892 | ) |

| Cash generated from operations | (437,436 | ) | 88,293 |  |

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 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 729,254 |  | 1,574,203 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 1,574,203 |  | 1,851,657 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,574,203 |  | (844,949 | ) | 729,254 |  |

1,574,203 |  | (844,949 | ) | 729,254 |  |

| Debt

| Finance leases | (62,789 | ) | (18,109 | ) | (80,898 | ) |

| Debts falling due within 1 year | (50,000 | ) | 12,500 |  | (37,500 | ) |

| Debts falling due after 1 year | (62,500 | ) | 62,500 |  | - |  |

(175,289 | ) | 56,891 |  | (118,398 | ) |

| Total | 1,398,914 |  | (788,058 | ) | 610,856 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements

for the Period 1 April 2024 to 30 September 2025

1. | STATUTORY INFORMATION

| John E. Griggs & Sons 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. | 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.

| Preparation of consolidated financial statements

| The financial statements contain information about John E. Griggs & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Significant judgement and estimates relates to the recognition of revenue on long term contracts. Recognition of revenue and profit on long term contracts are based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived through the use of estimates in relation to the costs and value of the work performed to date and to be performed in bringing contracts to completion. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Revenue recognition

| When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

| Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim.

| The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately.

| At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progress billings, the balance is presented as due from customers on construction contracts within "Amount recoverable on contract". Where progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within "Payments on account".

| Progress billings not yet paid by customers and retentions by customers are included within "Amount recoverable on contract". Advances received are included within "Payments on account".

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 15% on reducing balance

| Computer equipment | - | 25% on reducing balance

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

| Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Taxation

| Taxation for the period 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.

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Pension costs and other post-retirement benefits

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

| Impairment of fixed assets and investments

| At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. | 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:

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Construction and development | 52,627,161 |  | 37,444,640 |  |

52,627,161 |  | 37,444,640 |  |

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| United Kingdom | 52,627,161 |  | 37,444,640 |  |

52,627,161 |  | 37,444,640 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

4. | EMPLOYEES AND DIRECTORS

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 4,806,644 |  | 2,639,609 |  |

| Social security costs | 583,893 |  | 302,017 |  |

| Other pension costs | 337,354 |  | 227,117 |  |

5,727,891 |  | 3,168,743 |  |

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| Admin, directors, planning and land | 26 |  | 25 |  |

| Construction and site | 25 |  | 19 |  |

51 |  | 44 |  |

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 30,770 |  | 18,200 |  |

5. | OPERATING PROFIT

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Depreciation - owned assets | 63,405 |  | 31,026 |  |

| Profit on disposal of fixed assets | (24,799 | ) | - |  |

| Auditors' remuneration | 21,299 |  | 15,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Bank interest | 11,076 |  | 12,897 |  |

| Other interest | 5,190 |  | 148,082 |  |

| Hire purchase | 8,773 |  | 1,249 |  |

25,039 |  | 162,228 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

7. | TAXATION

| Analysis of the tax charge

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 111,818 |  | 44,711 |  |

| Deferred tax | 15,920 |  | 4,980 |  |

| Tax on profit | 127,738 |  | 49,691 |  |

| Reconciliation of total tax charge included in profit and loss

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Profit before tax | 387,060 |  | 99,876 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 96,765 |  | 24,969 |  |

| Effects of:

| Expenses not deductible for tax purposes | 66,139 |  | 14,850 |  |

| Capital allowances in excess of depreciation | (20,137 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 2,612 |  |

| Adjustments to tax charge in respect of previous periods | - |  | 2,280 |  |

| Deferred tax | 15,920 |  | 4,980 |  |

| respect of this year |

| Group relief | (30,949 | ) | - |  |

| Total tax charge | 127,738 |  | 49,691 |  |

8. | DIVIDENDS

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

£ | £ |

| Ordinary shares of 1 each

| Interim | 364,000 |  | - |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

9. | RECLASSIFICATION OF COMPARATIVE AMOUNTS

| During the year, the company reviewed the classification of certain expenses and balance sheet balances. As a result, certain administrative expenses previously presented within administrative expenses have been reclassified to cost of sales, and certain debit balances previously included within accruals have been reclassified to prepayments and accrued income.

| The reclassifications have been made to provide more appropriate presentation of the financial statements. There is no impact on the previously reported profit for the year, net assets or equity.

| The comparative figures have been restated/reclassified as follows:

| Cost of sales increased by £1,416,257 administrative expenses decreased by £1,416,257, creditors increased by £1,264,712 prepayments/accrued income increased by £1,254,712

10. | TANGIBLE FIXED ASSETS

| Fixtures |

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

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

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 3,144 |  | 52,131 |  | 104,952 |  | 175,608 |  | 335,835 |  |

| Additions | - |  | 6,421 |  | 98,686 |  | 39,005 |  | 144,112 |  |

| Disposals | - |  | - |  | (45,960 | ) | (6,656 | ) | (52,616 | ) |

| At 30 September 2025 | 3,144 |  | 58,552 |  | 157,678 |  | 207,957 |  | 427,331 |  |

| DEPRECIATION

| At 1 April 2024 | 2,213 |  | 44,427 |  | 64,163 |  | 109,559 |  | 220,362 |  |

| Charge for period | 349 |  | 2,096 |  | 28,524 |  | 32,436 |  | 63,405 |  |

| Eliminated on disposal | - |  | - |  | (29,550 | ) | (6,043 | ) | (35,593 | ) |

| At 30 September 2025 | 2,562 |  | 46,523 |  | 63,137 |  | 135,952 |  | 248,174 |  |

| NET BOOK VALUE

| At 30 September 2025 | 582 |  | 12,029 |  | 94,541 |  | 72,005 |  | 179,157 |  |

| At 31 March 2024 | 931 |  | 7,704 |  | 40,789 |  | 66,049 |  | 115,473 |  |

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

| 30.9.25 |  | 31.3.24

£ | £ |

| Trade debtors | 4,679,602 |  | 4,402,575 |  |

| Amounts owed by group undertakings | 1,963,777 |  | 1,963,777 |  |

| Amounts owed by participating interests | 43,248 |  | 20,150 |  |

| Other debtors | 1,000,000 |  | - |  |

| Directors' current accounts | 27,620 |  | 121,624 |  |

| VAT | 61,303 |  | 125,711 |  |

| Prepayments and accrued income | 2,101,289 |  | 2,432,636 |  |

9,876,839 |  | 9,066,473 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

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

| 30.9.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 37,500 |  | 50,000 |  |

| Hire purchase contracts (see note 15) | 19,109 |  | 34,342 |  |

| Trade creditors | 5,253,017 |  | 5,165,206 |  |

| Amounts owed to participating interests | - |  | 584,325 |  |

| Tax | 111,818 |  | 42,551 |  |

| Social security and other taxes | 179,501 |  | 97,837 |  |

| Other creditors | 139,906 |  | 95,016 |  |

| Accrued expenses | 3,028,561 |  | 2,553,118 |  |

8,769,412 |  | 8,622,395 |  |

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

| 30.9.25 |  | 31.3.24

£ | £ |

| Bank loans (see note 14) | - |  | 62,500 |  |

| Hire purchase contracts (see note 15) | 61,789 |  | 28,447 |  |

61,789 |  | 90,947 |  |

14. | LOANS

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

| 30.9.25 |  | 31.3.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 37,500 |  | 50,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 50,000 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 12,500 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 30.9.25 |  | 31.3.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 19,109 |  | 34,342 |  |

| Between one and five years | 61,789 |  | 28,447 |  |

80,898 |  | 62,789 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

15. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

| 30.9.25 |  | 31.3.24

£ | £ |

| Within one year | 164,340 |  | 164,340 |  |

| Between one and five years | 657,360 |  | 657,360 |  |

| In more than five years | 279,603 |  | 443,943 |  |

1,101,303 |  | 1,265,643 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.9.25 |  | 31.3.24

£ | £ |

| Bank loans | 37,500 |  | 112,500 |  |

| Hire Purchase contracts | 80,898 |  | - |  |

118,398 |  | 112,500 |  |

| The bank loans and overdrafts are secured by a fixed and floating in favour of the company's bankers.

17. | FINANCIAL INSTRUMENTS

|  | 30.9.25 |  |  | 31.3.24 |

| £ |  |  | £ |  |

| Financial assets |  |

| Financial assets that are debt instruments measured at amortised cost |  | 5,679,602 |  |  | 4,402,575 |

| Financial liabilities |  |

| Financial liabilities measured at amortised cost |  | 8,458,984 |  |  | 7,925,,840 |

| Financial assets measured at amortised cost comprise trade debtors and other debtors.

| Financial liabilities measured at amortised cost comprise bank overdrafts, bank loans, trade creditors, other creditors and accruals.

18. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 31.3.24

£ | £ |

| Deferred tax | 44,788 |  | 28,868 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 28,868 |  |

| Provided during period | 15,920 |  |

| Balance at 30 September 2025 | 44,788 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 31.3.24

| value: | £ | £ |

| 500 | Ordinary | 1 | 500 |  | 500 |  |

| 1 | Ordinary A | 1 | 1 |  | 1 |  |

| 1 | Ordinary B | 1 | 1 |  | 1 |  |

502 |  | 502 |  |

20. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 2,012,937 |  | 500 |  | 2,013,437 |  |

| Profit for the period | 259,322 |  | 259,322 |  |

| Dividends | (364,000 | ) | (364,000 | ) |

| At 30 September 2025 | 1,908,259 |  | 500 |  | 1,908,759 |  |

John E. Griggs & Sons Limited (Registered number: 01074092)

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption available under Section 33 of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose transactions with wholly owned subsidiaries within the group. Accordingly, no related party transactions between the company and its wholly owned subsidiaries have been disclosed in these financial statements.

| Included within sales is an amount of £1,820,518 (2024: £10,728,728) of sales to connected companies under common control and directorship. All transactions were conducted on arm's length basis.

| During the year, the company paid rent, office and other costs of £554,797 (2024: £456,101), to a connected company under common control and directorship. All transactions were conducted on arm's length basis.

| During the year, the company also paid professional fees of £Nil (2024: £500,000), to a connected company under common control and directorship. All transactions were conducted on arm's length basis.

| Included in debtors falling due less than a year is an amount of £43,248 (2024: £20,150) due from the connected companies under common control and directorship.The loans are interest free and repayable on demand.

| Included within creditors due within one year is an amount of £Nil (2024: £584,325) owed to connected companies under common control and directorship.

| The directors current account was overdrawn by £27,620. The maximum amount overdrawn during the year was £27,620. Interest of £996 has been charged by the company in respect of this amount. The balance outstanding was repaid after the year end.

22. | GOING CONCERN

| The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources and the support of its directors, lenders and shareholders to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

23. | ULTIMATE PARENT UNDERTAKING

| The controlling entity is JEG Holdings Limited which is registered in England and Wales and this is the group into which John E. Griggs & Sons Limited is consolidated for the period ended 30 September 2025. The consolidated financial statements of JEG Holdings Limited are available at Companies House, Cardiff.