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COMPANY REGISTRATION NUMBER: 05728557

Watts Group Limited

Financial Statements

31 October 2025

Watts Group Limited

Financial Statements

Year ended 31 October 2025

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 5

Independent auditor's report to the members | 7

Statement of income and retained earnings | 12

Statement of financial position | 13

Statement of cash flows | 14

Notes to the financial statements | 15

Watts Group Limited

Officers and Professional Advisers

The board of directors | Miss C M Ralph
| Mr T G Rushton

Company secretary | Miss C Ralph

Registered office | 1st Floor, 42 Trinity Square
| London
| England
| EC3N 4TH

Auditor | Edmund Carr LLP
| Chartered Accountants & Statutory Auditor
| 146 New London Road
| Chelmsford
| Essex
| CM2 0AW

Bankers | HSBC
| Level 6, 71 Queen Victoria Street
| London
| EC4V 4AY

Watts Group Limited

Strategic Report

Year ended 31 October 2025
The directors present their strategic report for the year ended 31 October 2025 for Watts Group Limited (registered number 05728557 ). PRINCIPAL ACTIVITY Watts is a leading independent consultancy delivering world-class technical services to the property and construction industries in the UK. We are strongly focused on three specific service offerings: building surveying, cost management and project management, offering advice at every stage of the property lifecycle. The scope of our services covers the complete spectrum of building and cost consultancy, commercial building surveying, building pathology and statutory compliance. We pride ourselves on understanding and responding to the individual needs of owners, investors, occupiers, developers and building managers. Our staff have extensive experience of working across the whole range of commercial, industrial, retail, residential, public and historic building types. For nearly six decades, we have developed our service offering to meet the constantly changing needs of our clients.
FINANCIAL REVIEW Turnover increased by 8 per cent during the year, largely as a result of a slight increase in confidence in the commercial real estate market. Gross Profit increased similarly by 9 per cent and whilst we saw an increase in administrative costs reflecting our continued investment in growing and developing our team profit before tax increased by over 9 per cent. For the period under review, we saw a return of confidence and a need for more technical due diligence and development monitoring services for the commercial property market with an associated increase in transactions, new building and refurbishment projects.
LOOKING AHEAD Since the year end external world events have led to uncertainty over interest rates and wider economic outlooks and a more subdued commercial real estate market. This uncertainty resulted in a difficult start to the year but we are seeing encouraging signs of increased activity in recent months. RISKS AND UNCERTAINTIES The board are responsible for identifying and mitigating the risk facing the business. Market Risk Overall market conditions appear to be improving for most of the business and in particular in public / government funded projects. To mitigate any particular market risk the focus continues to be on increasing the number of bids on procurement frameworks and growing established service lines to reduce dependence on any one area of the business. Economy The volatile economic environment, inflation and relatively high interest rates could have an impact on all parts of the business. The Board review the performance of each part of the business and will move quickly to pivot towards service lines least affected by economic pressures. Recruitment and retention of high calibre staff We understand that the future of the business relies on attracting and retaining people of the highest quality. We invest in the development of our people through training and continuous review. One of our key goals is to be the employer of choice, and our low turnover rate compared to some of our competitors is speaks to the value of this investment. KEY PERFORMANCE INDICATORS Cash A key KPI is to be cashflow positive. The cashflow is reviewed daily and debtor days are reported to board and all staff on a regular basis. Profit Each service line is expected to be profitable or in the case of new service lines have a plan to achieve profit within given timeframes. Budgets are produced annually and reviewed by the senior management team monthly against actual performance. There are profit targets for each service line and the business as a whole. Staff retention The aim is to maintain staff retention levels significantly above the market standard. These are monitored and reported upon monthly.
This report was approved by the board of directors on 23 June 2026 and signed on behalf of the board by:

Mr T G Rushton
Director

Registered office:
1st Floor, 42 Trinity Square
London
England
EC3N 4TH

Watts Group Limited

Directors' Report

Year ended 31 October 2025
The directors present their report and the financial statements of the company for the year ended 31 October 2025 .
Directors
The directors who served the company during the year were as follows:

Miss C M Ralph |
Mr T G Rushton |

Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 23 June 2026 and signed on behalf of the board by:

Mr T G Rushton
Director

Registered office:
1st Floor, 42 Trinity Square
London
England
EC3N 4TH

Watts Group Limited

Independent Auditor's Report to the Members of Watts Group Limited

Year ended 31 October 2025
Opinion
We have audited the financial statements of Watts Group Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 31 October 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 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.
Responsibilities of directors
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.
Auditor's 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 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the parent company and the group, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. - Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. We assessed the susceptibility of the parent company and the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships - Tested journal entries to identify unusual transactions - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. - Investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Enquiring of management as to actual and potential litigation and claims Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Edmund Carr LLP
(Senior Statutory Auditor)

For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW

23 June 2026

Watts Group Limited

Statement of Income and Retained Earnings

Year ended 31 October 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,152,371 | 10,309,588

Cost of sales | 1,558,750 | 1,516,596
| ------------- | -------------
Gross profit | 9,593,621 | 8,792,992

Administrative expenses | 9,171,085 | 8,403,443
|  | ------------ | ------------
Operating profit | 5 | 422,536 | 389,549

Other interest receivable and similar income | 9 | 26,266 | 23,870
Interest payable and similar expenses | 10 | 22,305 | 32,262
| ------------ | ------------
Profit before taxation | 426,497 | 381,157

Tax on profit | 11 | 119,257 | 99,684
| --------- | ---------
Profit for the financial year and total comprehensive income | 307,240 | 281,473
| --------- | ---------

Dividends paid and payable | 12 | ( 77,379) | –

Retained earnings at the start of the year | 2,734,078 | 2,452,605
| ------------ | ------------
Retained earnings at the end of the year | 2,963,939 | 2,734,078
| ------------ | ------------

All the activities of the company are from continuing operations.

Watts Group Limited

Statement of Financial Position

31 October 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Intangible assets | 13 |  | 58,911 |  | 84,829
Tangible assets | 14 |  | 170,961 |  | 167,308
Investments | 15 |  | 1,001 |  | 1,001
|  | --------- |  | ---------
|  | 230,873 |  | 253,138

Current assets

Debtors | 16 | 2,969,072 |  | 3,033,974 |
Cash at bank and in hand | 1,732,551 |  | 1,366,286 |
| ------------ |  | ------------ |
| 4,701,623 |  | 4,400,260 |

Creditors: amounts falling due within one year | 17 | 1,949,475 |  | 1,888,807 |
| ------------ |  | ------------ |
Net current assets |  | 2,752,148 |  | 2,511,453
|  | ------------ |  | ------------
Total assets less current liabilities |  | 2,983,021 |  | 2,764,591

Creditors: amounts falling due after more than one year | 18 |  | 18,082 |  | 29,513
|  | ------------ |  | ------------
Net assets |  | 2,964,939 |  | 2,735,078
|  | ------------ |  | ------------

Capital and reserves

Called up share capital | 20 |  | 1,000 |  | 1,000
Profit and loss account | 21 |  | 2,963,939 |  | 2,734,078
|  | ------------ |  | ------------
Shareholders funds |  | 2,964,939 |  | 2,735,078
|  | ------------ |  | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 June 2026 , and are signed on behalf of the board by:

Mr T G Rushton
Director

Company registration number: 05728557

Watts Group Limited

Statement of Cash Flows

Year ended 31 October 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 307,240 | 281,473

Adjustments for: |  |
Depreciation of tangible assets | 52,824 | 50,264
Amortisation of intangible assets | 26,938 | 25,288
Other interest receivable and similar income | ( 26,266) | ( 23,870)
Interest payable and similar expenses | 22,305 | 32,262
Tax on profit | 119,257 | 99,684
Accrued expenses | 13,474 | 105,992

Changes in: |  |
Trade and other debtors | 64,902 | 50,783
Trade and other creditors | 20,140 | ( 121,622)
| --------- | ---------
Cash generated from operations | 600,814 | 500,254

Interest paid | ( 22,305) | ( 32,262)
Interest received | 26,266 | 23,870
Tax paid | ( 99,884) | ( 59,986)
| --------- | ---------
Net cash from operating activities | 504,891 | 431,876
| --------- | ---------

Cash flows from investing activities

Purchase of tangible assets | ( 56,477) | ( 40,187)
Purchase of intangible assets | ( 1,020) | ( 28,688)
| --------- | ---------
Net cash used in investing activities | ( 57,497) | ( 68,875)
| --------- | ---------

Cash flows from financing activities

Proceeds from loans from group undertakings | ( 3,750) | ( 23,220)
Dividends paid | ( 77,379) | –
| --------- | ---------
Net cash used in financing activities | ( 81,129) | ( 23,220)
| --------- | ---------

Net increase in cash and cash equivalents | 366,265 | 339,781
Cash and cash equivalents at beginning of year | 1,366,286 | 1,026,505
| ------------ | ------------
Cash and cash equivalents at end of year | 1,732,551 | 1,366,286
| ------------ | ------------

Watts Group Limited

Notes to the Financial Statements

Year ended 31 October 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 42 Trinity Square, London, EC3N 4TH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Going concern
Having considered the projected financial situation of the company for the next twelve months the Directors are confident that there are no material uncertainties that cast any significant doubt on the company's ability to continue as a going concern and accordingly the financial statements have been prepared on the going concern basis.
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. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Trade debtors impairment Trade debtors are stated at transaction price less provisions for any debts that are not deemed to be recoverable. Calculation of the provisions is based on an assessment of the situation and likelihood of receiving the monies owed and any other external factors which may affect the ability to pay.
Revenue recognition
Turnover represents the value of services provided net of VAT. Services provided are a mixture of fees charged on a billable hours basis and those charged based on fees specified in contracts. Turnover is recognised in the financial statements for each of these as follows: Billable hours Fees charged on a billable hours basis are recognised based on hours worked by members of staff on certain projects and recoverable time charged is recognised in the period during which the time is recorded. Contracts for services Amounts recoverable in contracts for services are stated at the expected selling price attributable at the year-end and represent the work in progress that has not been billed at the year-end. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.
Intangible assets
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated . Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Software development costs | - | 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | Capital fitting-out costs are amortised over the term of the lease.
| Fixtures and fittings | - | 10-20% per annum on straight line basis

Investments
Interests in subsidiaries 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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Rendering of services | 11,152,371 | 10,309,588
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 26,938 | 25,288
Depreciation of tangible assets | 52,824 | 50,264
Impairment of trade debtors | (4,961) | 30,925
Foreign exchange differences | 1,318 | 6,171
| -------- | --------

6. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 30,000 | 30,000
| -------- | --------

7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Management staff | 83 | 79
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 5,980,491 | 5,484,497
Other pension costs | 410,560 | 302,081
| ------------ | ------------
| 6,391,051 | 5,786,578
| ------------ | ------------

8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 316,150 | 334,667
| --------- | ---------

Remuneration of the highest paid director in respect of qualifying services:

| 2025 | 2024
| £ | £
Aggregate remuneration | 181,284 | 177,907
Company contributions to defined contribution pension plans | 9,368 | 4,828
| --------- | ---------
| 190,652 | 182,735
| --------- | ---------

9. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 26,266 | 23,870
| -------- | --------

10. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on banks loans and overdrafts | 22,305 | 32,262
| -------- | --------

11. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 119,257 | 99,684
| --------- | --------
Tax on profit | 119,257 | 99,684
| --------- | --------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 426,497 | 381,157
| --------- | ---------
Profit on ordinary activities by rate of tax | 106,624 | 95,289
Adjustment to tax charge in respect of prior periods | ( 4,970) | –
Effect of expenses not deductible for tax purposes | 15,067 | ( 1,250)
Effect of capital allowances and depreciation | 2,536 | 5,645
| --------- | ---------
Tax on profit | 119,257 | 99,684
| --------- | ---------

12. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 77,379 | –
| -------- | ----

13. Intangible assets

| Development costs
| £
Cost |
At 1 November 2024 | 246,318
Additions | 1,020
| ---------
At 31 October 2025 | 247,338
| ---------
Amortisation |
At 1 November 2024 | 161,489
Charge for the year | 26,938
| ---------
At 31 October 2025 | 188,427
| ---------
Carrying amount |
At 31 October 2025 | 58,911
| ---------
At 31 October 2024 | 84,829
| ---------

14. Tangible assets

| Long leasehold property | Fixtures and fittings | Total
| £ | £ | £
Cost |  |  |
At 1 November 2024 | 177,410 | 331,473 | 508,883
Additions | – | 56,477 | 56,477
| --------- | --------- | ---------
At 31 October 2025 | 177,410 | 387,950 | 565,360
| --------- | --------- | ---------
Depreciation |  |  |
At 1 November 2024 | 177,410 | 164,165 | 341,575
Charge for the year | – | 52,824 | 52,824
| --------- | --------- | ---------
At 31 October 2025 | 177,410 | 216,989 | 394,399
| --------- | --------- | ---------
Carrying amount |  |  |
At 31 October 2025 | – | 170,961 | 170,961
| --------- | --------- | ---------
At 31 October 2024 | – | 167,308 | 167,308
| --------- | --------- | ---------

15. Investments

| Shares in group undertakings
| £
Cost |
At 1 November 2024 and 31 October 2025 | 1,001
| -------
Impairment |
At 1 November 2024 and 31 October 2025 | –
| -------

Carrying amount |
At 31 October 2025 | 1,001
| -------
At 31 October 2024 | 1,001
| -------

16. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 2,142,948 | 2,258,036
Prepayments and accrued income | 360,432 | 371,164
Amounts due from contract customers | 343,822 | 319,572
Other debtors | 121,870 | 85,202
| ------------ | ------------
| 2,969,072 | 3,033,974
| ------------ | ------------

17. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 431,191 | 523,498
Amounts owed to group undertakings | 23,869 | 27,619
Accruals and deferred income | 492,378 | 478,904
Corporation tax | 124,078 | 104,705
Social security and other taxes | 544,745 | 589,557
Other creditors due within 1 year | 333,214 | 164,524
| ------------ | ------------
| 1,949,475 | 1,888,807
| ------------ | ------------

The company holds invoice financing facility which is secured by fixed and floating charges over all assets of the company.
18. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Other creditors | 18,082 | 29,513
| -------- | --------

19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 391,414 (2024: £ 290,006 ).
20. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 1,000 | 1,000 | 1,000 | 1,000
| ------- | ------- | ------- | -------

21. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses .
22. Analysis of changes in net debt

| At 1 Nov 2024 | Cash flows | At 31 Oct 2025
| £ | £ | £
Cash at bank and in hand | 1,366,286 | 366,265 | 1,732,551
Debt due within one year | (27,619) | 3,750 | (23,869)
| ------------ | --------- | ------------
| 1,338,667 | 370,015 | 1,708,682
| ------------ | --------- | ------------

23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 228,347 | 172,459
Later than 1 year and not later than 5 years | 377,571 | 417,818
| --------- | ---------
| 605,918 | 590,277
| --------- | ---------

24. Controlling party
The ultimate parent undertaking is Watts Group Holdings Limited. It has included the company in its group accounts. The registered office address of the parent undertaking is 1st Floor, 42 Trinity Square, London, EC3N 4TH.