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REGISTERED NUMBER: 02254217 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

GALTEC LIMITED

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 8 |

| Income Statement | 11 |

| Other Comprehensive Income | 12 |

| Balance Sheet | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| GALTEC LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | L J Galvin

| D L Green

| J M Handley

| T L Rayer

| REGISTERED OFFICE: | Boyce's Building

| 40-42 Regent Street

| Clifton

| Bristol

| BS8 4HU

| REGISTERED NUMBER: | 02254217 (England and Wales)

| AUDITORS: | Lawes & Co UK Limited (Statutory Auditors)

| Boyce's Building

| 40-42 Regent Street

| Clifton

| Bristol

| BS8 4HU

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

REVIEW OF BUSINESS

The Company's principal activity remains the provision of Groundworks and Civil Engineering services to national housebuilders across the South West & Wales region.

The housebuilding sector has continued to operate within a challenging environment, with inflationary pressures, elevated interest rates and planning delays impacting affordability, sales rates and the timing of new developments.

The Company has also been affected by wider government policy and regulatory factors. Ongoing inefficiencies within the planning system have delayed site releases, impacting programme mobilisation across a number of projects. In addition, statutory increases in employment costs, including National Living Wage increases during the year and changes to Employer National Insurance contributions effective from April 2025, have contributed to increased labour costs.

During the year, the Company secured a number of significant contracts which were scheduled to commence part-way through the period. However, several of these projects were delayed beyond the year end, resulting in forecast revenue not being realised within the financial year.

In response, the Company made a strategic decision to retain its skilled workforce in anticipation of these projects commencing. Whilst awaiting mobilisation, labour was redeployed to complete existing developments, with a focus on external finishing works and progressing sites through to adoption. This resulted in a period of underutilisation and a higher proportion of lower-margin, labour-intensive works, which has contributed to reduced gross margins and overall profitability.

The Company also invested in establishing a new operating region during the year, incurring upfront costs which have impacted short-term profitability but are expected to support future growth.

Despite these factors, the Company has maintained strong cash discipline, continuing to meet its obligations to the supply chain and preserve liquidity.

The Company enters the new financial year with its strongest order book to date, and the Directors remain confident that, as delayed projects commence and the new region matures, trading performance will improve.

The results for the financial year ended 30 September 2025 has seen turnover decrease to £37,046,655 (2024 - £41,886,968) and a loss on ordinary activities before taxation of £1,604,332 (2024 - £441,369 profit).

| 2025 |  | 2024 |  |

| £ |  | £ |  |

Sales |  | 37,046,655 |  | 41,886,968 |  |

Earnings before interest, tax, depreciation and amortisation |  | (284,857 | ) | 1,210,063 |  |

Depreciation charge |  | 1,174,775 |  | 803,673 |  |

Profit/(loss) before tax |  | (1,604,332 | ) | 441,369 |  |

Profit/(loss) after tax |  | (67,276 | ) | 96,504 |  |

Net assets |  | 7,735,005 |  | 7,802,281 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The construction industry operates within a high-risk, low-margin environment influenced by external factors such as government policy, market confidence, inflation, interest rates, labour availability and weather conditions, all of which can significantly impact programme delivery and profitability.

The Company maintains a robust risk management framework covering strategic, operational, financial, legal and reputational risks, with controls and mitigation strategies in place to manage exposure.

Competition for new work remains strong, placing pressure on margins, while the financial stability of key customers continues to present an inherent risk. The Company mitigates this through maintaining strong client relationships and developing new business opportunities.

The ongoing shortage of skilled labour remains a challenge, and the Company continues to invest in training and development to support workforce retention and capability.

Health and safety remains a key priority, with continued investment in systems, processes and personnel to ensure risks are effectively managed and the highest standards are maintained.

SECTION 172(1) STATEMENT

Under the Companies Act 2006 s172, the Directors must ensure that they act in a way they consider, in good faith, to most likely promote the success of the Company for the benefit of its members as a whole. In doing so, they must have regard, amongst other matters, to the following:

(a) The likely consequences of any decision in the long term

(b) The interest of the Company's employees

(c) The need to foster the Company's business relationships with suppliers customers and others

(d) The impact of the Company's operations on the community and the environment

(e) The desirability of the Company maintaining a reputation for high standards of business conduct, and

(f) The need to act fairly as between members of the Company.

As directors of this Company, and in the light of the considerations above, we also consider the interests of local communities surrounding our site locations and the impact our work has within those areas.

We do this within the day to day management of the Company and overseeing financial performance together with other strategic matters formally on a monthly basis.

This includes reviewing business risks, environmental matters, health and safety and other compliance matters. Maintaining a healthy balance sheet, including sufficient cash reserves, allows us to be in the best position to support the Company's long term strategies.

Maintaining a key role in the day to day management facilitates open communication with our employees. We strive to engender key Company values in our employees. We are fair in terms of support and training and are especially keen to develop and promote talent internally.

Employee welfare is under continual review and staff retention a priority.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors use a number of key measures to monitor and manage performance within the business. The key performance indicators used are turnover and operating profit and these are disclosed in the financial statements. The directors monitor these key performance indicators on a regular basis throughout the year to ensure the company's strategy is achieved.

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

GOING CONCERN

The directors continue to adopt the going concern basis of accounting in preparing the annual financial statements knowing that the company is well placed to manage business risks and has adequate financial resources for operation.

ON BEHALF OF THE BOARD:

J M Handley - Director

1 July 2026

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of civil engineering and groundworks.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The company's business activities, together with factors that may impact its future development and performance, are set out in the Review of Business. The financial position of the company, including cashflows, are detailed in the financial statements. The company has sufficient financial resources and a number of contracts in place to allow the business to navigate its operational existence for the foreseeable.

DIRECTORS

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

L J Galvin

D L Green

J M Handley

T L Rayer

CHARITY DONATIONS AND EXPENDITURE

The company made charitable donations totalling £4,670 to various causes advancing healthcare and medical research.

MATTERS COVERED IN STRATEGIC REPORT

Under s414c(11), the Strategic Report contains a fair review of the business; the principal risks and uncertainties faced by the business; future business developments; and the key financial and non-financial performance indicators as considered by the board of directors. This information is therefore excluded from the Director's Report.

EMPLOYMENT OF DISABLED PERSONS

Disability will not of itself justify the non-recruitment of an applicant for a position within the company. Such reasonable adjustments to application procedures shall be made as are required to ensure that applicants are not disadvantaged because of their disability.

Staff members who are, or become disabled, are encourage to tell the company about their condition so that they can be supported as appropriate at work with every reasonable and practical consideration given to ensure they can remain at work.

The company also supports and encourages the right to work in an environment that is free from harassment of any description, or any other form of unwanted behaviour. This includes harassment in the form of unwanted conduct related to a relevant Protected Characteristic.

EMPLOYEE INVOLVEMENT

It is company policy to to ensure the Galtec team receive the support of the company to enable an individual to perform at their full potential. The company has procedures in place to monitor and reward performance, but to also help identify the most appropriate forms of support to assist employees in performance of their duties. Key to this is the managing and developing of individual and team performance which the company encourages as an ongoing activity. This includes assessing relevant training and development needs.

STREAMLINED ENERGY AND CARBON REPORTING

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

STREAMLINED ENERGY AND CARBON REPORTING - continued

1. Energy consumption |  |

Scope |  | Activity |  | Energy Usage |  | Energy Usage |  | Measure |  |  | GHG Emissions |

| Litres |  | kWh |  | kWh |  |  | tC02e |

S1 |  | Site Diesel |  | 1,086,609 |  |  | 10,866,090 |  | 2,250 |

S1 |  | Vehicle Fleet Diesel |  | 138,368 |  |  | 1,383,680 |  | 286 |

S1 |  | Vehicle Fleet Unleaded |  | 31,259 |  |  | 278,205 |  | 58 |

S2 |  | Purchase of Grid Electricity |  |  | 81,484 |  | 81,484 |  | 17 |

S3 |  | Vehicle Fleet EV charging |  |  | 107 |  | 107 |  | - |

2. Greenhouse Gas Emissions |  |

Scope |  | Description |  |  | Measure |  |  | GHG Emissions |

| kWh |  |  | tC02e |

S1 |  | Direct Emissions |  |  | 12,527,975 |  | 2,594 |

S2 |  | Indirect Emissions |  |  | 81,484 |  | 17 |

S3 |  | Business Travel Employees Owned Vehicles |  | 107 |  | - |

| 12,609,566 |  |  | 2,611 |

3. Intensity Ratio

Year |  | Turnover |  | Emissions |  | Intensity |

| £m |  | tC02e |  | tC02e per £m |

2025 |  | 37 |  | 2,611 |  | 70.56 |

4. Methodology

We used the 2024 Government GHG Conversion Factors for Company Reporting to calculate CO2e emissions. Data was gathered from utility bills, fleet fuel cards, and internal procurement system. Information was extracted and extrapolated on a sample basis.

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;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

AUDITORS

The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Handley - Director

1 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GALTEC LIMITED

Opinion

We have audited the financial statements of Galtec Limited (the 'company') for the year ended 30 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 30 September 2025 and of its loss 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

GALTEC 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 six, 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.

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.

We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. This includes assessing the risk of non-compliance of laws and regulations, evaluating management's incentives and opportunities for fraudulent manipulation of the financial statements (including override of control) and management bias in accounting estimates.

Based on our understanding of the entity and its environment, we identified principal risks of non-compliance and fraud related to: timing of income recognition, areas of estimation uncertainty and management override of controls. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

Audit procedures performed by the engagement team included, but were not limited to:

- |  | enquiries with management, including consideration of known or suspected instances of fraud, and non-compliance with laws and regulations. |

- |  | reviewing the design and implementation of controls. |

- |  | reviewing journal entries and any potential unusual transactions. |

- |  | testing and tracing revenue income. |

In conducting the work above, we apply due care and professional scepticism throughout. However, there are limitations within procedures outlined above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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

GALTEC 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.

Paul Freeman BA FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

2 July 2026

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 37,046,655 |  | 41,886,968 |  |

Raw materials and consumables | 35,185,907 |  | 37,092,279 |  |

Other external expenses | 466,624 |  | 1,224,899 |  |

|  |  | 35,652,531 |  |  |  |  | 38,317,178 |  |

1,394,124 |  | 3,569,790 |  |

Depreciation | 1,174,207 |  | 803,712 |  |

Other operating expenses | 1,685,845 |  | 2,367,374 |  |

|  |  | 2,860,052 |  |  |  |  | 3,171,086 |  |

OPERATING (LOSS)/PROFIT | 6 | (1,465,928 | ) | 398,704 |  |

Interest receivable and similar income | 98,565 |  | 189,316 |  |

(1,367,363 | ) | 588,020 |  |

Interest payable and similar expenses | 7 | 236,969 |  | 146,651 |  |

(LOSS)/PROFIT BEFORE TAXATION | (1,604,332 | ) | 441,369 |  |

Tax on (loss)/profit | 8 | (1,537,056 | ) | 344,865 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (67,276 | ) | 96,504 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (67,276 | ) | 96,504 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (67,276 | ) | 96,504 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

BALANCE SHEET

30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 4,987,385 |  | 4,427,830 |  |

CURRENT ASSETS

Stocks | 10 | 487,089 |  | 495,456 |  |

Debtors | 11 | 11,722,279 |  | 11,739,171 |  |

Cash at bank and in hand | 3,080,256 |  | 4,464,062 |  |

15,289,624 |  | 16,698,689 |  |

CREDITORS

Amounts falling due within one year | 12 | 9,750,072 |  | 10,283,478 |  |

NET CURRENT ASSETS | 5,539,552 |  | 6,415,211 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,526,937 |  | 10,843,041 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (2,431,746 | ) | (2,201,868 | ) |

PROVISIONS FOR LIABILITIES | 17 | (360,186 | ) | (838,892 | ) |

NET ASSETS | 7,735,005 |  | 7,802,281 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 10,000 |  | 10,000 |  |

Retained earnings | 7,725,005 |  | 7,792,281 |  |

SHAREHOLDERS' FUNDS | 7,735,005 |  | 7,802,281 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

J M Handley - Director

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 10,000 |  | 7,695,777 |  | 7,705,777 |  |

Changes in equity

Total comprehensive income | - |  | 96,504 |  | 96,504 |  |

Balance at 30 September 2024 | 10,000 |  | 7,792,281 |  | 7,802,281 |  |

Changes in equity

Total comprehensive income | - |  | (67,276 | ) | (67,276 | ) |

Balance at 30 September 2025 | 10,000 |  | 7,725,005 |  | 7,735,005 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Galtec 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.

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.

| The company's functional and presentation currency is the pound sterling and these financial statements are rounded to the nearest £.

| 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 requirement of paragraph 33.7.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is recognised through the monthly valuations undertaken in accordance with the agreed contract on all active sites. Each valuation reflects all work done to that date.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost

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

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 33% on cost

| Stocks

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

| 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.

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 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 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. Due to the inherent uncertainty of these estimates, actual results may differ from those anticipated.

| The following judgement had a significant effect on the amounts recognised in the financial statements:

| Revenue recognition

| In applying the company’s revenue recognition policy, management must exercise judgement in determining the extent of work performed at each month end and in ensuring that valuations accurately reflect the value of all work completed to date in accordance with the relevant contract terms. This involves evaluating the progress and quality of work, interpreting contract specifications, and considering any variations or potential disputes with clients. The outcome of these judgements directly affects the timing and amount of turnover recognised in the financial statements, and any changes in estimates or assessment of work completed could have a material impact on reported revenue and profit.

4. | TURNOVER

| All of the company's turnover for the year arose from a single business activity conducted entirely within the United Kingdom. As the company operates solely in one business segment and geographic region, no further disaggregation of revenue is considered necessary.

5. | EMPLOYEES AND DIRECTORS

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

|  | 30.9.25 |  |  | 30.9.24 |  |

| Directors |  | 4 |  |  | 4 |  |

|  | 30.9.25 |  |  | 30.9.24 |  |

|  | £ |  |  | £ |  |

| Directors' remuneration |  | - |  |  | - |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 30.9.25 |  | 30.9.24

£ | £ |

| Depreciation - owned assets | 320,135 |  | 171,698 |  |

| Depreciation - assets on hire purchase contracts | 854,640 |  | 631,975 |  |

| Auditors' remuneration | 25,000 |  | 20,400 |  |

| Auditors' remuneration for non audit work | 3,500 |  | 3,500 |  |

| Profit on disposal of fixed assets | (626,393 | ) | (112,528 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.9.25 |  | 30.9.24

£ | £ |

| Debenture interest | 50,000 |  | 50,000 |  |

| Hire purchase | 186,969 |  | 96,651 |  |

236,969 |  | 146,651 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Current tax:

| UK corporation tax | (1,058,351 | ) | - |  |

| Deferred tax | (478,705 | ) | 344,865 |  |

| Tax on (loss)/profit | (1,537,056 | ) | 344,865 |  |

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

| Reconciliation of total tax (credit)/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:

| 30.9.25 |  | 30.9.24

£ | £ |

| (Loss)/profit before tax | (1,604,332 | ) | 441,369 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (401,083 | ) | 110,342 |  |

| Effects of:

| Expenses not deductible for tax purposes | 26,302 |  | 42,546 |  |

| Capital allowances in excess of depreciation | (255,753 | ) | (392,021 | ) |

| Adjustments to tax charge in respect of previous periods | (1,058,350 | ) | - |  |

| Deferred tax | (478,706 | ) | 344,865 |  |

| Tax losses carried forward | 576,576 |  | 156,696 |  |

| Losses surrendered to group | 53,958 |  | 82,437 |  |

| Total tax (credit)/charge | (1,537,056 | ) | 344,865 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. | TAXATION - continued

| The deferred taxation balances have been measured using 25% (2024 - 25%), which is expected to be the enacted rate applicable in the reporting periods when the timing differences reverse.

| The company has unused tax losses carried forward totalling £2,931,290 (2024 - £626,782), which do not have an expiry date.

9. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 677,625 |  | 7,520,713 |  | 38,241 |  |

| Additions | - |  | 1,539,534 |  | 672 |  |

| Disposals | - |  | (1,472,903 | ) | - |  |

| At 30 September 2025 | 677,625 |  | 7,587,344 |  | 38,913 |  |

| DEPRECIATION

| At 1 October 2024 | 216,838 |  | 4,324,691 |  | 32,714 |  |

| Charge for year | 13,553 |  | 802,119 |  | 2,868 |  |

| Eliminated on disposal | - |  | (1,442,586 | ) | - |  |

| At 30 September 2025 | 230,391 |  | 3,684,224 |  | 35,582 |  |

| NET BOOK VALUE

| At 30 September 2025 | 447,234 |  | 3,903,120 |  | 3,331 |  |

| At 30 September 2024 | 460,787 |  | 3,196,022 |  | 5,527 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 2,079,934 |  | 169,285 |  | 10,485,798 |  |

| Additions | 217,434 |  | 16,632 |  | 1,774,272 |  |

| Disposals | (108,960 | ) | - |  | (1,581,863 | ) |

| At 30 September 2025 | 2,188,408 |  | 185,917 |  | 10,678,207 |  |

| DEPRECIATION

| At 1 October 2024 | 1,349,490 |  | 134,235 |  | 6,057,968 |  |

| Charge for year | 333,386 |  | 22,849 |  | 1,174,775 |  |

| Eliminated on disposal | (99,335 | ) | - |  | (1,541,921 | ) |

| At 30 September 2025 | 1,583,541 |  | 157,084 |  | 5,690,822 |  |

| NET BOOK VALUE

| At 30 September 2025 | 604,867 |  | 28,833 |  | 4,987,385 |  |

| At 30 September 2024 | 730,444 |  | 35,050 |  | 4,427,830 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. | TANGIBLE FIXED ASSETS - continued

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

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 2,668,438 |  | 1,023,907 |  | 3,692,345 |  |

| Additions | 1,513,880 |  | 217,434 |  | 1,731,314 |  |

| Transfer to ownership | (276,050 | ) | (128,894 | ) | (404,944 | ) |

| At 30 September 2025 | 3,906,268 |  | 1,112,447 |  | 5,018,715 |  |

| DEPRECIATION

| At 1 October 2024 | 572,271 |  | 401,091 |  | 973,362 |  |

| Charge for year | 579,401 |  | 275,239 |  | 854,640 |  |

| Transfer to ownership | (162,944 | ) | (111,011 | ) | (273,955 | ) |

| At 30 September 2025 | 988,728 |  | 565,319 |  | 1,554,047 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,917,540 |  | 547,128 |  | 3,464,668 |  |

| At 30 September 2024 | 2,096,167 |  | 622,816 |  | 2,718,983 |  |

10. | STOCKS

| 30.9.25 |  | 30.9.24

£ | £ |

| Stocks | 487,089 |  | 495,456 |  |

11. | DEBTORS

| 30.9.25 |  | 30.9.24

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 106,884 |  | 506,571 |  |

| Amounts owed by group undertakings | 1,956,805 |  | 1,990,384 |  |

| Amounts recoverable on contract | 6,293,061 |  | 6,816,453 |  |

| Other debtors | - |  | 5,651 |  |

| Amounts owed from other related entities | 949 |  | 110,915 |  |

| Tax | 708,836 |  | - |  |

| VAT | 752,429 |  | 823,378 |  |

9,818,964 |  | 10,253,352 |  |

| Amounts falling due after more than one year:

| Trade debtors | 1,793,315 |  | 1,485,819 |  |

| Amounts owed from other related entities | 110,000 |  | - |  |

1,903,315 |  | 1,485,819 |  |

| Aggregate amounts | 11,722,279 |  | 11,739,171 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 66,381 |  | 12,177 |  |

| Hire purchase contracts (see note 15) | 851,898 |  | 929,403 |  |

| Trade creditors | 4,661,213 |  | 4,863,492 |  |

| Amounts owed to group undertakings | 3,790,936 |  | 3,542,180 |  |

| Tax | - |  | 298,803 |  |

| Other creditors | 2,041 |  | 18,266 |  |

| Accrued expenses | 377,603 |  | 619,157 |  |

9,750,072 |  | 10,283,478 |  |

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Debentures (see note 14) | 500,000 |  | 500,000 |  |

| Hire purchase contracts (see note 15) | 1,931,746 |  | 1,701,868 |  |

2,431,746 |  | 2,201,868 |  |

14. | LOANS

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 66,381 |  | 12,177 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Debentures more 5yr non-instal | 500,000 |  | 500,000 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 30.9.25 |  | 30.9.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 851,898 |  | 929,403 |  |

| Between one and five years | 1,931,746 |  | 1,701,868 |  |

2,783,644 |  | 2,631,271 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

| 30.9.25 |  | 30.9.24

£ | £ |

| Within one year | 198,717 |  | 76,600 |  |

| Between one and five years | 191,195 |  | 80,247 |  |

389,912 |  | 156,847 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.9.25 |  | 30.9.24

£ | £ |

| Debentures | 500,000 |  | 500,000 |  |

| Hire purchase contracts | 2,783,644 |  | 2,631,271 |  |

3,283,644 |  | 3,131,271 |  |

17. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 30.9.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 1,093,009 |  | 838,892 |  |

| Tax losses carried forward | (732,823 | ) | - |  |

360,186 |  | 838,892 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 838,892 |  |

| Accelerated capital allowances | 254,117 |  |

| Tax on losses | (732,823 | ) |

| Balance at 30 September 2025 | 360,186 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 9,900 | Ordinary | £1.00 | 9,900 |  | 9,900 |  |

| 100 | Ordinary B | £1.00 | 100 |  | 100 |  |

10,000 |  | 10,000 |  |

| GALTEC LIMITED (REGISTERED NUMBER: 02254217) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

19. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Galtec Holdings Limited, a company registered in England and Wales. The registered office of the parent company is Boyce's Building, 40-42 Regent Street, Clifton, Bristol, United Kingdom, BS8 4HU. A copy of the company's financial statements can be obtained from the Registrar of Companies. Consolidated group financial statements are prepared by Galtec Holdings Limited.

20. | RELATED PARTY DISCLOSURES

| Rayvin Developments (H) Limited is an entity wholly controlled by two of the company's directors. At the balance sheet date, the company was owed £110,000 (2024 - £110,000) from Rayvin Developments (H) Limited. No repayments were made during the year. The loan is interest free.

| Rosemont Homes Limited is an entity controlled by the company's directors. At the balance sheet date, the company was owed £949 (2024 - £915) from Rosemont Homes Limited. No repayments were made during the year. The loan is interest free.

21. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is considered to be A Galvin by virtue of their shareholdings.