REGISTERED NUMBER: 09202605 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2025

for

Carpenter Build Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

A J Beer

E J Booth

J J Fitzgerald

REGISTERED OFFICE:

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

REGISTERED NUMBER:

09202605 (England and Wales)

AUDITORS:

Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

Carpenter Build Ltd is a client-focused construction business specialising in the construction of purpose build to rent, new build student accomodation, educational, and leisure sector properties.

Carpenter Build Ltd has undergone rapid expansion since it's incorporation in 2014 and, due to this expansion, the company is a medium sized company as defined by the Companies Act 2006.

REVIEW OF BUSINESS

The year to 31/08/25 has been another challenging environments for the construction industry. The construction industry has been grappling with high cost inflation, escalating interest rates, and material and labour shortages. Despite this, we are extremely proud of how Carpenter Build Ltd has performed over the last 12 months. This is down to the commitment and expertise of our workforce and our extremely close client relationships.

In the year to 31/08/25, the business has been mainly driven by the continued £45million redevelopment of a residential complex of 202 apartments, together with 6 floor multistory car park, in Stockport. This has been a complex and challenging site and we are very pleased to report that the contract remains on program,. Brinksway Mill, the larger of the two blocks successfully completed before year end and the second block will complete in the first half of our next financial year.

The level of construction activity on this development, alongside our continued maintenance contracts, has resulted in revenue streams of £16.51 million in 2025 - turnover in 2024 was £16.89 million. This represents an 2.25% year on year decrease, which is a provides us with consistent & steady turnover which we are pleased with given the difficulties faced across the construction industry over the past few years.

Gross and net profit margins remain our key performance indicators and drive the way that we operate. Gross profit margins for 2025 have come in at 9.88%, compared with 8.22% achieved in 2024, which is a great achievement given the rising material costs. Our net profit margins have also increased from 0.10% in 2024 to 1.10% in 2025, largely due to the improved gross profit margin.

Our balance sheet is showing a year on year increase of £114,923 and remains in a strong position at 31/08/25, with shareholder funds standing at £2,918,695, as shown on page 8. Our cash position has decreased by £157,494 over 2024, as shown on page 10, due primarily to reducing the amounts owing to suppliers.This was expected and in line with projections and has been accompanied with a decrease in creditors as the Stockport contract draws to a close.

PRINCIPAL RISKS AND UNCERTAINTIES

The greatest risk to the business will remain the economic stability of the construction market, which is currently driven by the cost and availability of finance for developers. The continuous Bank Of England interest rate rises over the past couple of years have reduced the ability of developers to obtain finance at an affordable rate, which in turn has reduced the amount of work available for construction companies. This will remain a risk and uncertainty to our business until interest rates return to a more reasonable level.

Material and labour costs have been subject to unprecedented inflationary pressure over the past few years which can impact on our profitability, but there are signs that these pressures are now easing.

ON BEHALF OF THE BOARD:

A J Beer - Director

8 July 2026

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTORS

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

A J Beer

E J Booth

J J Fitzgerald

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Beer - Director

8 July 2026

Opinion

We have audited the financial statements of Carpenter Build Ltd (the 'company') for the year ended 31 August 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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 three, 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.

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

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.

In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings.

- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities.

- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations.

From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with

provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Mr Gregory Newton FCCA (Senior Statutory Auditor)

Douglas Fairless Partnership Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

8 July 2026

TURNOVER

3

16,509,034

16,889,039

Cost of sales

14,878,483

15,501,133

GROSS PROFIT

1,630,551

1,387,906

Administrative expenses

1,471,446

1,151,356

159,105

236,550

Other operating income

13,627

9,115

OPERATING PROFIT

6

172,732

245,665

Interest receivable and similar income

23,042

-

195,774

245,665

Interest payable and similar expenses

7

13,881

228,823

PROFIT BEFORE TAXATION

181,893

16,842

Tax on profit

8

66,970

(127,150

)

PROFIT FOR THE FINANCIAL YEAR

114,923

143,992

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

114,923

143,992

FIXED ASSETS

Tangible assets

11

1,337,806

1,590,264

CURRENT ASSETS

Stocks

12

3,798,228

3,242,698

Debtors

13

1,391,331

2,533,145

Cash at bank and in hand

31,865

189,358

5,221,424

5,965,201

CREDITORS

Amounts falling due within one year

14

3,293,445

4,459,570

NET CURRENT ASSETS

1,927,979

1,505,631

TOTAL ASSETS LESS CURRENT LIABILITIES

3,265,785

3,095,895

CREDITORS

Amounts falling due after more than one year

15

(69,616

)

(79,931

)

PROVISIONS FOR LIABILITIES

17

(277,472

)

(212,190

)

NET ASSETS

2,918,697

2,803,774

CAPITAL AND RESERVES

Called up share capital

18

2

2

Retained earnings

19

2,918,695

2,803,772

SHAREHOLDERS' FUNDS

2,918,697

2,803,774

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

A J Beer - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

2

2,665,780

2,665,782

Changes in equity

Dividends

-

(6,000

)

(6,000

)

Total comprehensive income

-

143,992

143,992

Balance at 31 August 2024

2

2,803,772

2,803,774

Changes in equity

Total comprehensive income

-

114,923

114,923

Balance at 31 August 2025

2

2,918,695

2,918,697

Cash flows from operating activities

Cash generated from operations

1

(254,070

)

(151,645

)

Interest paid

(3,503

)

(215,984

)

Interest element of hire purchase payments paid

(10,378

)

(12,839

)

Tax paid

225,219

-

Net cash from operating activities

(42,732

)

(380,468

)

Cash flows from investing activities

Purchase of tangible fixed assets

(92,409

)

(42,059

)

Sale of tangible fixed assets

5,829

269,851

Interest received

23,042

-

Net cash from investing activities

(63,538

)

227,792

Cash flows from financing activities

Capital repayments in year

(43,191

)

(142,803

)

Amount introduced by directors

-

13,155

Amount withdrawn by directors

(8,032

)

(12,628

)

Equity dividends paid

-

(6,000

)

Net cash from financing activities

(51,223

)

(148,276

)

Decrease in cash and cash equivalents

(157,493

)

(300,952

)

Cash and cash equivalents at beginning of year

2

189,358

490,310

Cash and cash equivalents at end of year

2

31,865

189,358

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

31.8.25

31.8.24

£

£

Profit before taxation

181,893

16,842

Depreciation charges

337,956

437,071

Loss/(profit) on disposal of fixed assets

1,081

(108,714

)

Finance costs

13,881

228,823

Finance income

(23,042

)

-

511,769

574,022

Increase in stocks

(555,530

)

(715,385

)

Decrease/(increase) in trade and other debtors

924,044

(888,219

)

(Decrease)/increase in trade and other creditors

(1,134,353

)

877,937

Cash generated from operations

(254,070

)

(151,645

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

31,865

189,358

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

189,358

490,310

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

189,358

(157,493

)

31,865

189,358

(157,493

)

31,865

Debt

Finance leases

(185,065

)

43,191

(141,874

)

(185,065

)

43,191

(141,874

)

Total

4,293

(114,302

)

(110,009

)

1.	STATUTORY INFORMATION

Carpenter Build Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next 12 months, having reviewed cashflow forecasts for the next 12 months and a day and the availability of working capital, the Director's are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director's 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where revision affects both current and future periods.

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.

Turnover

For income derived from construction contracts, the turnover in the profit and loss account represents revenue recognised as per valuations of the stage completion of contracts, exclusive of value added tax

With Income earned from maintenance contracts, the turnover in the profit and loss account represents revenue recognised on maintenance services provided on a monthly cost basis which is invoiced at a set date each month based on the agreed maintenance contract, exclusive of value added tax.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress represents costs incurred on construction and maintenance contracts after the final valuations and invoices recognised in turnover in the year.

Financial instruments

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

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

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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 useful economic lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions to the company's pension scheme are charged to the Statements of Comprehensive Income in the period to which they relate.

3.

TURNOVER

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

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

31.8.25

31.8.24

£

£

Construction contracts

16,253,765

15,970,397

Maintenance

255,269

918,642

16,509,034

16,889,039

4.	EMPLOYEES AND DIRECTORS

31.8.25

31.8.24

£

£

Wages and salaries

1,541,175

1,713,821

Social security costs

178,813

189,597

Other pension costs

30,293

34,590

1,750,281

1,938,008

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

31.8.25

31.8.24

Management

2

2

Administration

6

4

Other

28

37

36

43

5.	DIRECTORS' EMOLUMENTS

31.8.25

31.8.24

£

£

Directors' remuneration

168,810

167,356

6.	OPERATING PROFIT

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

31.8.25

31.8.24

£

£

Hire of plant and machinery

21,988

105,825

Depreciation - owned assets

311,712

369,691

Depreciation - assets on hire purchase contracts

26,242

67,381

Loss/(profit) on disposal of fixed assets

1,081

(108,714

)

Auditors' remuneration

7,000

7,000

Auditors' remuneration for non audit work

-

2,000

Other non- audit services

2,000

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.8.25

31.8.24

£

£

Loan interest

3,503

215,984

Hire purchase

10,378

12,839

13,881

228,823

8.

TAXATION

Analysis of the tax charge/(credit)

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

31.8.25

31.8.24

£

£

Current tax:

UK corporation tax

1,689

(77,008

)

Deferred tax

65,281

(50,142

)

Tax on profit

66,970

(127,150

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

31.8.25

31.8.24

£

£

Profit before tax

181,893

16,842

Profit multiplied by the standard rate of corporation tax in the UK of 24.415% (2024 - 25%)

44,409

4,211

Effects of:

Expenses not deductible for tax purposes

429

647

Depreciation in excess of capital allowances

47,840

83,312

Utilisation of tax losses

(91,253

)

(60,991

)

Research & Development Adjustment

-

(77,008

)

Deferred tax on Capital Allowances timing differences

65,281

(44,099

)

Deferred tax on Losses C/fwd

-

(6,043

)

Profit/Loss on disposal of assets

264

(27,179

)

Total tax charge/(credit)

66,970

(127,150

)

9.

DIVIDENDS

31.8.25

31.8.24

£

£

Ordinary shares of £1 each

Interim

-

6,000

10.	CONSTRUCTION CONTRACTS

£16,253,765 of construction contract revenue has been recognised in turnover during the year (2024 - £15,970,397).

Revenue on construction contracts is recognised in turnover based on valuations performed by quantity surveyors assessing the percentage stage completion of the works performed.

At 31/08/25, £693,728 (2024 - £708,715) was due from customers for contract work.

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2024

2,736,588

9,484

187,592

89,019

3,022,683

Additions

7,501

2,310

64,808

17,790

92,409

Disposals

(57,237

)

-

-

-

(57,237

)

Transfer to ownership

1

-

-

-

1

At 31 August 2025

2,686,853

11,794

252,400

106,809

3,057,856

DEPRECIATION

At 1 September 2024

1,255,779

4,393

105,841

66,406

1,432,419

Charge for year

295,393

1,110

23,137

18,314

337,954

Eliminated on disposal

(50,323

)

-

-

-

(50,323

)

At 31 August 2025

1,500,849

5,503

128,978

84,720

1,720,050

NET BOOK VALUE

At 31 August 2025

1,186,004

6,291

123,422

22,089

1,337,806

At 31 August 2024

1,480,809

5,091

81,751

22,613

1,590,264

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 September 2024

447,749

54,284

502,033

Additions

-

64,808

64,808

Transfer to ownership

(256,856

)

(54,284

)

(311,140

)

At 31 August 2025

190,893

64,808

255,701

DEPRECIATION

At 1 September 2024

219,350

25,658

245,008

Charge for year

23,542

2,700

26,242

Transfer to ownership

(146,169

)

(25,658

)

(171,827

)

At 31 August 2025

96,723

2,700

99,423

NET BOOK VALUE

At 31 August 2025

94,170

62,108

156,278

At 31 August 2024

228,399

28,626

257,025