The directors present the strategic report for the year ended 30 September 2025.

The results for the year are set out on page 7.

The subsidiary company experienced a decrease in turnover during the year which was predominantly driven by challenging market conditions. The gross profit margin was negatively affected due to increasing costs as well as pressure on house prices. We continue to pursue development opportunities throughout our region to secure long-term future supply.

The group is a homebuilder and developer and as such is reliant on the availability of mortgage products to fund its purchasers, funding lines to support its activities, and a ready supply of land supported by a fluent planning process.

The group requires a pipeline of land and future projects to enable its business and consequently funding lines are required to support this. The relationship with, and the support of the group's funders is strong and sufficient facilities are in place to support its current and future development programme.

The group seeks to maintain a spread of development sites, to enable it to offer a range of products to the market. The planning process remains cumbersome which, coupled with the nutrient issues imposed on the industry in our operating region, impacts the group's ability to bring current and future developments to the market in an orderly fashion.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activity of the group continued to be that of property development and homebuilding. The company is a holding company.

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group's principal financial instruments comprise bank loans and overdrafts, trade creditors, other loans and finance lease agreements. The main purpose of these instruments is to provide funds for the group's working capital requirements and to finance group operations.

Funding for current and future development sites are financed via a long-term bank facility, which ensures continuity of funding. The day to day fluctuations in working capital requirements are funded via an overdraft.

The directors continue to closely monitor the group's required financing via its banking facilities. The group is a lessee in respect of finance lease assets. The liquidity risk in respect of these is managed in the same way as bank overdrafts and the loans above. Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to the group to meet these amounts as they fall due.

The directors are responsible for preparing the annual report 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; and

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The group continues to pursue a vigorous monitoring of its health and safety obligations.

The group's policy on environmental issues is to assess their impact and whenever practical and cost effective to incorporate those within new sustainable developments.

We have audited the financial statements of Morrish Builders (Poole) Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 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 Auditor's 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We considered the potential for non-compliance with laws and regulations, including fraud, that could have a material effect on the financial statements. Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, whether due to fraud or error. However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the nature of the group, the sector in which it operates, its control environment, and the group’s policies and procedures regarding compliance with laws and regulations. We also made enquiries of management and those charged with governance concerning any actual or suspected non-compliance and considered whether there was any evidence of such through our audit procedures.

Based on our understanding of the group and its environment, we assessed the areas of the financial statements most susceptible to material misstatement due to fraud to be:

• Revenue recognition, particularly the completeness and timing of property sales;

• Amounts recognised in respect of construction contracts, including revenue recognised and costs recoverable by reference to estimated completion;

• Creditor for future costs payable by the company in relation to completed properties and development sites;

• Valuation of investment property, which is carried at fair value in the financial statements;

• Management override of controls, through the posting of manual journals and adjustments; and

• Use of estimates and judgements, particularly in relation to construction contracts, fixed asset depreciation policies, future costs and investment property valuation

These areas were considered susceptible either due to the level of management judgement involved or the opportunity for intentional misstatement. Our audit procedures were designed accordingly to respond to these risks.

As part of this process, we considered both those laws and regulations that have a direct impact on the preparation of the financial statements (such as the Companies Act 2006 and UK tax legislation) and those with an indirect effect that are fundamental to the group's operations. These included regulations relevant to the property development industry, such as health and safety legislation and employment law. We also considered other relevant laws, including data protection legislation and environmental regulations, to the extent that non-compliance might reasonably be expected to impact the financial statements.

Our audit procedures included:

• Revenue recognition: Vouch all property sales orders in the year to completion statements and entries in the nominal ledger, and perform cut-off and analytical procedures to ensure revenue is complete, accurate, and recorded in the correct period.

• Construction contracts: Recompute the expected profit or loss on each contract based on the estimated stage of completion as determined by Quantity Surveyors and payment applications. Consider the validity of the client’s estimates with regards to completion stage and expected costs, and agree estimated income to the signed contracts or variations where applicable.

• Future costs creditor: For a sample of properties, review post-year end records for costs incurred relating to those properties and compare to the properties’ individual future costs creditors.

• Investment property valuation: For investment properties held as security by the group's bankers, agree the valuation per the financial statements to that agreed with the bank. For all other investment properties, compare with similar properties in the area with regards to value per square foot and rental yield. Discuss with management where further explanations are deemed necessary.

• Management override of controls: Review and test manual journals and other adjustments for unusual, unsupported, or irregular entries.

• Use of estimates and judgements: Assess the reasonableness and supporting evidence for key estimates, including construction contracts, fixed asset depreciation policies, future costs, investment property valuation and revenue recognition assumptions.

• Compliance with laws and regulations: Review adherence to relevant legislation, including health and safety.

Because of 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 our audit was properly planned and performed in accordance with auditing standards. This is particularly the case in relation to irregularities involving collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Morrish Builders (Poole) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Factory Road, Upton Industrial Estate, Poole, Dorset, UK, BH16 5SL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Morrish Group Limited. These consolidated financial statements are available from its registered office at Unit 5 Factory Road, Upton Industrial Estate, Poole, Dorset, BH16 5SL.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

No remuneration was paid to the directors through the company in the current or prior year. The aggregate amount of remuneration paid to the directors through the subsidiary undertaking amounted to £382,648 (2024 - £525,915).

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 30 September 2025 are as follows: