Company registration number 8331581 (England and Wales)
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Mitchells Limited
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
COMPANY INFORMATION
Directors
Mrs N Groom
Mr S Groom
Mr A P Lister
Mr A Dawson
Mrs C Lister
Company number
8331581
Registered office
6 Merchant Court
Monkton Business Park South
Hebburn
Tyne and Wear
NE31 2EX
Auditor
Mitchells Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Accountants
Debere Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Bankers
National Westminster Bank Plc
The Galleries
Washington
Tyne and Wear
NE38 7SG
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
CONTENTS
Page
Strategic report
1 - 9
Directors' report
10
Directors' responsibilities statement
11
Independent auditor's report
12 - 17
Profit and loss account
18
Statement of comprehensive income
19
Balance sheet
20
Statement of changes in equity
21
Statement of cash flows
22
Notes to the financial statements
23 - 36
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Andrew Dawson, Managing Director

It has given me great pride to review this year’s Annual Report and to see how far we are continuing to advance as a specialist, multidisciplined, regional and national business.

We continue to place great emphasis on investment in people and technology, with all our colleagues being encouraged to innovate and be solutions driven.

I would like to thank all of my team across the business for the unbelievable drive and commitment they have shown throughout the year.

My thanks also to my fellow Board of Directors and the senior leadership team for the vision, energy and clarity they have all shown during a year of real success for the business.

We would be nothing without our customers and strategic partners, all of whom continue to place their trust in us to deliver outstanding work, often in very challenging circumstances. A huge thank you to them.

I hope you find the Annual Report informative and that it provides real evidence that Castle is a great business to work for and to do business with.

Principal activities

The Castle Building Services Organisation Limited provides design, supply, installation, commissioning, setting to work and maintenance of construction services as specialist multidisciplined, regional and national business throughout the United Kingdom.

Our Head Office is based in Hebburn, Tyne and Wear, where we have been for 23 years. All our central support staff and department are based here, and we also have regional delivery offices strategically positioned to support projects at various locations across the UK.

Review of the business

2025 marks another of record of achievements for the company as we announce our financial reporting for the year ended 31 December 2025.

Included within the 2024 annual report we announced secured turnover for 2025 of approximately £73 million and can confirm we have achieved marginally over £66 million, which although doesn’t quite reach our assessment 12 months ago, it galvanises our growth strategy indicating we are on course to reach our goal of £100 million turnover by 2027.

In doing so, we have decided to restructure our business to allow even more adaptability to the different market sectors we are operating in and have included a full update on this later in the report.

As well as turnover, gross profit remains immensely strong at 23.88% and with an exceptional pre-tax margin at 14.21%.

We understand these results are vastly different to industry norms, however, are achieved from our unique and balance approach to work winnings and project cost controls.

Yearend cash balance remained strong more than 10% of group revenue the forecasted order book has now surpassed £200M for revenue into 2029.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Forward Outlook

Group restructure and investment

In line with our strategic plans, we can reveal our intention to proceed with the restructuring of the business and increased investment.

As an established Principal Contractor, this reflects our desire to build on the very strong momentum we have achieved in recent years and to ensure we are in the very best position to meet our highly ambitious plans for the business.

The restructure will be the catalyst for a significant increase in investment across the company in critical areas such as people development, technology and processes.

The new structure is headed by Castle Group which will provide leadership, direction and investment for five dedicated divisions - Castle Build, Castle Design, Castle Building Services, Castle Facilities Management and Castle Sustainability.

Looking to the future, there is also the potential to add additional divisions, including Castle Homes.

Sitting above the divisions will be a raft of central support services including procurement, finance, commercial, HSEQ compliance, pre-contract technical MEP, business development and pre-contract and technical build.

Strategic direction and leadership will be driven via a Group Board consisting of Andrew Dawson, Tony Lister and Simon Groom. A Delivery Board, with Craig Muldoon as Chair and including Richard Farrel, Andrew Heron, Leanne Robinson and Ben Fawcett will provide management, guidance and support to the divisional companies.

In addition to the new operational structure, we will also introduce Castle Foundation, which will focus on the positive social and economic impact we have on the local communities in which we operate and through which we will provide financial and other support to charities and worthy causes.

While this is a very important development for the business, it will, as they say, be business as usual, but with five separate divisions united by the Castle ethos and values.

Productivity soars as colleagues embrace transformational office space

Investing heavily in our people is not just about training and personal development, it’s about creating a transformational working environment and culture.

That was the vision we had when we imagined what our new office refurbishment should look like at our headquarters.

In line with our growing team, we have created a space colleagues look forward to each day and which stimulates good communication and collaboration. From the perspective of the business, we also have an environment that enables greater productivity.

Many thanks to our senior design lead/ architect, Sarah Sabin, for the great work that she has done in delivering our vision for this project.

From a staff wellbeing viewpoint, we have received constant positive feedback that colleagues appreciate the highly flexible and interactive layout, open plan areas to work, with collaboration zones and booths to break off to take virtual meetings or calls.

In terms of productivity, our teams are working more closely together and that day-to day operational items such as reports, documents and project updates are moving more freely and at a faster pace across the business. This has a had a positive impact on decision making.

There is also clear evidence the new environment is stimulating colleagues to be more innovative, creative and solutions driven. Confidence to think and act in such a way is, we believe, directly linked to the investment we have made and the message this sends to staff that they are, indeed, our greatest assets.

The office combines the Castle corporate brand with softer finishes and high-quality design and furnishings. The kitchen is a real highlight, occupying a central space on the ground floor, providing a friendly, welcoming area for colleagues to converse.

The upper level also offers lots of open space and with a large modern boardroom, it is ideal for client and team meetings. Sustainability and environmental considerations were a key driver for this project, seamlessly incorporated within a truly outstanding working environment.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Sustained growth, underpinned by exceptional project performance.
Craig Muldoon, divisional director, Build
During the year, Castle Build continued to strengthen its position within the main contractor market, delivering some fantastic projects and further cementing its reputation for quality, reliability and collaborative working. The division experienced sustained growth, underpinned by exceptional project performance, team development and a strong forward workload.
The most significant project was the £95m South Tyneside College development, a landmark, multi project scheme comprising a new build college facility, student accommodation, a listed building refurbishment and an automotive refurbishment. The project is performing strongly, ending the year on programme and within budget, with a positive and collaborative relationship maintained with the client and wider stakeholder group. As the project moves into its critical stages, the completion of the building envelope and commencement of internal fit out works in the coming year positions the scheme well for continued success.
In addition, Castle Build successfully completed Wynyard Retail Park for Northumberland Estates, a Sainsbury's supermarket, trade counter industrial units and two drive throughs, and the Legrand manufacturing facility for UK Land, a new build industrial development delivered on programme and with high client satisfaction. Building on this success, the division negotiated and delivered the refurbishment and fit out of an industrial unit in Boldon, further strengthening the client relationship and creating opportunities for ongoing and future schemes.
The year also saw continued investment in people. Strategic senior and mid level appointments were made to strengthen operational resilience and provide a stable platform for sustained growth. This was complemented by the ongoing success of the Plan B trainee and apprenticeship programme, which continues to bring high calibre emerging talent into the business and is increasingly delivering long term value.
From a compliance and governance perspective, Castle maintained its ISO 9001, ISO 14001, and ISO 45001 accreditations and made significant progress in strengthening quality assurance processes to minimise post completion risk and legacy issues.
Pre construction services continued to evolve and remain a clear differentiator for the business, particularly in support of Castle's integrated turnkey offering, providing clients with early-stage certainty and value-driven solutions.
Overall, Castle Build delivered a strong performance during the year, supported by a healthy workload, consistently performing projects, and a growing pipeline extending into 2026 and 2027. The division has identified a clear and defensible market position and enters the next period well placed to continue its growth trajectory with confidence.
Projects deliver vital regional economic growth and renewal
We are working on numerous high-profile projects, each at various stages across the UK.
Many are the result of trusted, long-term relationships with clients, delivering repeat and new business.
It is always extremely satisfying to deliver contracts that support regional economic growth, while limiting the impact the development has on the environment and the local community.
South Tyneside College
The £95m redevelopment of South Tyneside College and South Shields Marine School is a transformational project to build a new campus in the heart of South Shields town centre.
In 2025, works for the multi-million-pound regeneration project commenced on-site. The Golden Bolt marked a recent milestone with the construction of the steel frame now complete. The steel frame forms the structural backbone of the new campus, which will span 15,000sqm. The frame comprises 610 tonnes of steel, made up of around 27,000 individual components. The steel sections were hoisted and precisely positioned using a 90-tonne mobile crane. The milestone was marked with the symbolic tightening of a ‘golden' bolt.
Work will soon begin on the student residence, with the project on programme and the new campus ready to welcome students in the September 2027 intake.
It is anticipated the college will bring an additional 9,000 people into the town centre, helping to sustain new and existing businesses and acting as a catalyst for further investment and jobs.
The project is a partnership between Tyne Coast College and South Tyneside Council; delivered by Castle. It is being funded by Tyne Coast College, the North East Combined Authority, Department for Education and UK Government, South Tyneside College and Levelling Up Fund.
Set to open in September 2027, the new 15,000 sqm campus marks a major investment in education and regeneration on South Tyneside.
Legrand
We have completed the build of an advanced manufacturing facility for global brand, Legrand. A 43,000 sq ft facility associated with the clean energy sector.
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
The project was a Cat A new build and included a complex Cat B fit out to the production areas. Multiple teams were involved in a full construction programme, including architectural service through to statutory services, earthworks, groundworks, frame and envelop, MEP services and external services including associated roads and car parks. All of which maximised the benefit of using Castle for our end-to-end services.
The project included significant sustainable initiatives including EV charging points, the installation of a 161kWp Photo Voltaic array, a sustainable drainage system to include a swales and drainage retention pond, backed up with underground attenuation tanks and permeable paving to avoid flooding. All heating and lighting systems are energy efficient and there was significant recognition of ecology and wildlife in and around the site.
This is a project that will boost the local economy and has strong sustainable credentials. The decision to locate this fantastic facility in Cramlington is a real confidence booster for Northumberland and the region as a whole.
Unit 5, Didcot Way
Following the successful completion of Legrand for UK Land Estates, we were awarded a further contract to refurbish the 50,000sq. ft. Unit 5 Didcot Way, Boldon Business Park. This project was completed in December 2025.
Sustainability was a key focus, with measures such as energy-efficient lighting and building systems, improved thermal performance and responsible material sourcing and waste management practices.
Trusted client relationships deliver high quality repeat contracts
Richard Farrel, Divisional Director, Castle Building Services
Our position within the new Castle Group structure can be viewed on Page 2 of this annual report.
While we will be positioned within the group of companies, our focus as Castle Building Services will be supporting our key and long-standing tier 1 clients as an established tier 1 subcontractor.
Our success is thanks to our highly regarded pre-construction, BIM and technical expertise and our exceptional operations teams. This has enabled us to record growth across the UK and trusted relationships with key clients, has further reinforced our position as a leading MEP contractor.
We have, over the past year, completed on several high-profile projects. They include our role as building services and internal fit out contractor at the Sofia Onshore converter station, at Wilton, Teesside and the exciting Culture House project in Sunderland with Kier Construction.
We also successfully completed phase 3 expansion of the North East Technology Park (NETPark) in Sedgefield.
Our teams are gaining an excellent reputation on Passivhaus-certified educational projects for schools, thanks to our established and strong working relationship with Morrison Construction.
We undertook the full mechanical, electrical, public health and renewable services for the new Passivhaus-certified, Paisley Grammar School in Renfrewshire and for the new Dumfries High School. Over the last 12 months, working on behalf of Morrison Construction, we also completed the full building services installation at Galashiels Academy.
We have secured a contract with Morgan Sindall Construction - a £20+million MEP project for the new Ardrossan Community Campus, North Ayrshire, which I talk about on page 7.
Current projects include our appointment by Sir Robert McAlpine to supply full mechanical, electrical, public health and renewable services for the game-changing North East Space Skills Technology Centre (NESST).
We are also working on a residential development at the New Town Quarter in the heart of Edinburgh. Appointed by Morrison Construction, our teams will be installing a high efficiency energy centre at podium deck level and distributing all services to the residential buildings.
Through this project, we have developed a relationship with The Yard, a charity which supports disabled children, young people and their families by creating opportunities for inclusive playtime. We will be supporting the charity with the provision of MEP services. Making a positive difference in the communities we work is a vital part of our work. Where we can we embed ourselves in the local areas to help leverage resources to enable communities to thrive.
Castle Building Services continues to deliver subcontract work in the Tier 1 principal contractor market for existing and repeat clients including key partnerships with Morgan Sindall Construction and Morrison Construction.
Some of the many services include the design, supply, install and commissioning of mechanical systems consisting of above ground drainage, domestic services, low temperature hot water heating, underfloor heating, ventilation and air conditioning, incoming mains, thermal insulation, commissioning and building management systems to monitor and control energy use and the installation of air source heat pumps and Photo Voltaic array.
Electrical works include LV installations, fire and intruder alarms, security systems, lighting, including controls, earthing and bonding, lightning protection, data, induction loops and EV charging.
North East Space Skills Technology Centre, (NESST).
We were appointed by main contractor, Sir Robert McAlpine and the project is led by Northumbria University, for Northumbria University's North East Space Skills Technology Centre.
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
A new world leading £50 million space skills, research and development centre, we are currently mid-way through the construction phase.
The centre will directly support the creation of over 350 jobs and inject over £260 million into the North East economy over the next 30 years, immediately becoming a catalyst for the wider development of the UK space sector in the North East region.
Located in the heart of Northumbria University's Newcastle city campus, it will bring together industry and academia to collaborate on internationally significant space research and technological developments.
Ardrossan Community Campus
We have built a stellar reputation in delivering full MEP services for a range of school projects which is why Morgan Sindall Construction appointed us onto the multi-million-pound contract for Ardrossan Community Campus.
A £114 million flagship project by North Ayrshire Council it is set to open in Autumn 2027. Replacing Ardrossan Academy and Winton Primary School, this intergenerational hub will offer education for ages 2–18 alongside community facilities, including a swimming pool, library and sports amenities.
The construction of the new campus will provide state-of-the-art educational facilities for over 1400 pupils, as well as community facilities.
The campus forms part of the wider Ardrossan coastal plans, which will see the regeneration of a brownfield site north of the town's harbour.
Paisley Grammar School
Morrison Construction appointed Castle to complete the full mechanical, electrical, public health and renewable services for the new Passivhaus-certified, Paisley Grammar School in Renfrewshire.
Boasting a 300-seat theatre, the development is progressing at pace and replaces the school formerly on the site. It will become the first Passivhaus school in the Renfrewshire Council local authority area and will open in the summer of 2026.
From a Castle perspective, this project allowed us to demonstrate our full range of skills and expertise which came to a conclusion, ahead of its scheduled completion. We were delighted to be a key part of the team delivering an exceptional teaching facility for the residents of Paisley. The fact that it is the first Passivhaus school in Renfrewshire is something that we are very proud of and we are sure the campus will inspire staff and pupils to excel in all they do.
Our future generation win industry acclaim
Continued investment in training, wellbeing and professional development has strengthened our culture and raised standards across the organisation.
It has played a key part in assisting us to attract and retain top talent.
No greater examples of this are our rising stars Megan Groom and Fraser Adamson. Both were shortlisted in the Professional of the Year category in the Generation For Change North East annual awards.
In what the judges said was a very tough category, Megan won the award.
An incredible result for Megan and testament to Castle's commitment to people development.
Megan is a 24-year-old Project Engineer at Castle, where she has led technically complex M&E projects, including at Main Gate, Culture House and Cobalt9. She manages mechanical and electrical supervisors, subcontractors and operatives, taking full responsibility for design coordination, procurement, financial management, quality, health and safety, handover and client liaison.
Over the past 24 months, Megan has completed a Master of Science in Building Engineering at Leeds Beckett University, achieving a distinction in 2025. She also undertook a Level 6 Bachelor's top-up degree which she completed in 2023. Megan pursued both degrees voluntarily to enhance her day-to-day project work.
At just 26, Fraser is a project manager leading several high-profile contracts. His relationship-building skills have directly supported repeat business and to winning work. He led Castle's delivery of a 43,000 sq. ft. manufacturing facility for Legrand in Cramlington, completed in 2025, incorporating advanced sustainability features aligned with the clean energy sector.
Fraser has maximised Castle's mentoring culture, working closely with operations director, Shaun Powell while undertaking internal and external CPD and completing his Level 6 NVQ in Construction Management, following the completion of his Construction Engineering and Project Management BSc (Hons) Degree in 2023.
Meanwhile, Luke Smith, has been awarded the CIBSE North East Apprenticeship Award. Luke completed his HNC in Building Services Engineering in July 2025 at Gateshead College and won his award following an outstanding set of assignments. He was also Student of the Year.
We continue to support regional and national initiatives to heighten the profile of the sector to school pupils and college students and we are keen and active advocates of the PlanBEE higher apprenticeship programme, for which we have a dedicated team in place to offer guidance and support.
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Castle Sustainability galvanises Group's technical capabilities
Castle Sustainability is a specialist division within the Castle Group, established to support public and private sector clients in delivering effective and practical decarbonisation solutions. The division brings together the Group's in house expertise across design, engineering, principal contracting and specialist MEP delivery, enabling an integrated, end to end approach tailored to each client's requirements.
Throughout the year, Castle Sustainability continued to develop its offering, responding to increasing demand for compliant, cost effective decarbonisation strategies driven by legislative change, funding requirements and long term energy efficiency objectives. By adopting a holistic delivery model, the division supports clients from early feasibility and design development through to construction, installation and ongoing performance improvement.
A key strength of the division is its ability to bring together the wider Castle Group's technical capability, ensuring that decarbonisation measures are fully coordinated, buildable and aligned with programme and budget constraints. This joined up approach provides clients with confidence and clarity, particularly on complex, multi disciplinary schemes.
Looking ahead, Castle Sustainability is well positioned to support the Group's growth strategy, with a growing pipeline of opportunities across both the public and private sectors. The division will continue to evolve its service offering, supporting clients on their journey toward net zero while reinforcing Castle's position as a trusted, integrated delivery partner.
Design service unlocks the door to turnkey offer
Castle Design is proving to be a fantastic addition to our portfolio of specialist services we have available to clients who desire an end-to-end solution.
An increasingly important element of Castle's turnkey offer, Castle Design provides high-quality architectural, technical and design-management support to the Castle Group and select external clients.
In the last 12 months the skills and expertise of the team, has enabled Castle Design to assist and support on a range of projects.
These include a turnkey solution for South Tyneside College student accommodation, South Tyneside College Readhead campus and Tyne View, Prudhoe. In addition to this, we have undertaken various turnkey projects for UK Land Estates.
Projects for select, external clients, include Ashall station suites and Ravenswick Hall catering unit.
Some of the many services Castle Design provides as part of a turnkey solution, include concept design and feasibility, planning drawings and submissions, technical detailing, quality checking and coordination (Build), early-stage programme and sequencing support.
Celebrating the very Best of South Tyneside
In line with our growing community engagement programme, we were proud to be headline sponsor at the Best of South Tyneside Awards.
Celebrating local heroes, businesses and community groups, the awards captured everything we want to support and celebrate within the borough.
Craig Muldoon, divisional director, Build at Castle, gave the welcome speech and made two awards presentations, including the Lifetime Achievement Award to Dame Margaret Barbour.
Craig, said: “Dame Margaret represents all that is great about the people of South Tyneside. An exceptional businessperson, she has built an international brand from within the borough and cares passionately about the people who live within it. Through the Barbour Trust the company has supported a vast range of worthy causes and charities over many decades and Dame Margaret thoroughly deserves the Lifetime Achievement award.”
Castle, which is set to launch its own charitable Foundation in 2026, is extremely proud to have its roots firmly embedded in South Tyneside, it is where our business started and from where we have spread our footprint across the north of England and Scotland.
We employ many people from the borough and, along with all our staff, they have made us the highly successful company we are today. It has given us enormous pride to watch them flourish within their roles by offering career development programmes and upskilling.
Through our wider community engagement programme, we have also come into contact with a range of organisations and individuals making a huge contribution to the borough, the great place that it is to live and work.
That is why we had no hesitation taking on the main sponsor role for the 2026 awards.
Community focus is key to college new build
Community and stakeholder engagement activities around the build of the new South Tyneside College and South Shields Marine School is growing in momentum.
Castle has a strong focus on relationship building with schools, young people and students studying at the college and this is set to grow during 2026.
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
In line with this, we have a dedicated stakeholder and community engagement website in place, with information on the college project, our suppliers, stakeholders, news items and videos as well as various procurement packages. As far as we can, we want to ensure companies in the borough have the opportunity to be involved in this project.
We have engaged with many organisations across the borough including South Shields community centre, Ocean Road Centre, inviting its youth group to meet members of the build team and take part in a presentation about the new college, which is currently at the early stage of construction.
Through our relationship with Ocean Road Centre, we have reached out to South Tyneside-based community choir, Choirmaster, who sang carols at the site of the new college in the run up to Christmas.
Members of South Tyneside Pledge, largely from the borough's private sector community, visited the site to learn about progress to date from the project delivery team at Castle and Head of STEM and Green Initiatives at South Tyneside College, Neil Bowen.
Castle and the college are also supporters of the South Tyneside Pledge, coordinated by the council, and based on a commitment by organisations in the borough to boost the local economy by working together and providing opportunities for local people.
Constructing Excellence North East (CENE), whose members, all operate within the region's construction and built environments, also visited the site, eager to learn of the operational issues and technical challenges the Castle team has so far faced and overcome.
Chris Meadowcroft, operations director at Castle, said: “We are engaging with a wide spectrum of community and business bodies as they are key stakeholders in this project. We want them to build connections with the college and to understand the profound impact it will have on the future career opportunities of the residents of South Tyneside and beyond.
“As a construction company it was particularly pleasing to welcome the members of CENE, as it is always interesting to get feedback from our peers, especially on a project of such significance.”
Progress on this project can be viewed at the Castle Stakeholder and Community Engagement website. www.castlecommunity.co.uk
Students help build their new college
Students studying T Level Building Services Engineering for Construction, are gaining valuable work experience at the site for the new South Tyneside College and South Shields Marine School.
Among them are final year students Ryan Ford, 18, from Cramlington and Oliver Fowler, 19, from Boldon, who undertook various tasks, including participation in planning sessions with the project design team and assessing the role of Building Information Modelling.
Ryan and Oliver were the first of several T Level students who undertook four-week block training, under the guidance of college tutors and the Castle on-site operations team.
It was a wonderful opportunity for Ryan, Oliver and other T Level students to get a real feel for the construction sector and the day-to-day activity that takes place on a project such as this. We are liaising closely with the college to ensure that as many students as possible can benefit from the build stage. The Castle teams working on site have, in conjunction with college tutors, developed a programme of activity that will ensure maximum benefit to the students.
In addition to providing work experience for college students, Castle, through our trusted supply chain, will create five new apprenticeships at various stages of the college build project. We have also committed, wherever possible, to ensure that as high as 80% of subcontractors and service providers are based in the North East, so achieving strong social value and positive, local economic impact.
To date, by measuring the impact of its social value initiatives, generated via the college build, we have delivered more than £8 million in local economic benefit.
Principal risks and uncertainties

Whilst there is always some level of risk and uncertainty within the apparent volatile world we are now living in, thankfully, we are seeing the risk and uncertainties subside within our industry. With inflation stabilising, material and sub-contracting prices are far easier to predict, and entering longer term fixed price contracts with our supply chain is becoming easier and standard market conditions. Material shortages and longer deliveries are also on the decline, and we are benefiting from receiving materials more swiftly. Clients are learning, and we are now engaging with more flexible terms further de-risking our projects.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Key performance indicators

Gross profit percentage: 202 5: 23.88%; 202 4: 19.39%

Net profit before tax percentage: 202 5: 14.21%; 202 4: 7.99%

Current ratio: 202 5: 1.28; 202 4: 1.12

Other information and explanations

Energy and Carbon report

Sustainability is fundamental to our business operations, from our office to the projects we build. We monitor our sustainability in all aspects of the work we do from sourcing Low carbon materials, the reduction and reuse of waste, the carbon monitoring of our vehicle fleet, to the utilisation of alternative forms of energy on projects by obtaining Client buy in at design stage where practical. This allows us to look at how we can influence and increase a projects sustainability and carbon footprint.

Castle records their waste recycling performance as part of the Quality Environmental Management System (QEMS). These measures also form part of our executive dashboard and are monitored monthly. We set a target for <2% of our waste going to landfill, which we have achieved consistently since September 2019. Currently we are achieving a level of recycling at 99% (by weight) and are noticing increasing levels of our waste being used for ‘refuse derived fuel’ (diverting 4% of waste produced away from landfill) or ‘energy from waste’ (diverting another 5% of waste). This helps to keep our waste to landfill at significantly low levels.

Each construction site is governed by a Site Waste Management Plan (SWMP) and the Aspects and Impacts Register. Both documents are tailored for its site and are working documents for the life of the project. Before a project commences on site the SWMP is drawn up by our management team along with the Aspects and Impacts Register, as both documents feed into each other to ensure a unified approach to our waste management and material reuse goals. Targets for waste reduction and recycling are defined during this planning and design stage of the project and we work closely with our list of approved waste contractors to ensure that all parties involved, work to reduce the environmental and carbon impacts that our business has. Supporting this activity are the checks carried out by our Health, Safety and Environmental Managers.

In line with our QEMS, Castle considers the whole lifecycle of a potential project before establishing best practice. We consider the lifecycle of components that make up the whole project, from buying low carbon materials through to anticipated maintenance which will eventually lead to replacement and final disposal. For example, all timber products within the build will only be purchased from sustainable & validated sources and concrete products will be used with constituent recycled stone etc. The anticipated energy use of the completed project is also considered when deciding upon preferred insulation products, alternative energy sources and boiler types etc.

When evaluating the information provided, it can be proven that Castle places a significant amount of time and effort into reducing the company’s overall carbon footprint and general environmental impact. In fact, our Plant & Transport Department are currently underway with the longer-term replacement of traditional diesel vehicles with an electric fleet, the first of which arrived last year. With initiatives on our sites, without fleet of vehicles and the office environment, we are improving and will continue to improve upon our own carbon footprint as well as the on sites and within buildings we deliver for clients.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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On behalf of the board

Mr A Dawson
Director
3 July 2026
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Dividends

Ordinary dividends were paid amounting to £4,477,475. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

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

Mrs N Groom
Mr S Groom
Mr A P Lister
Mr A Dawson
Mrs C Lister
Energy and carbon report

Please see the strategic report.

Statement of disclosure to auditor

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

On behalf of the board
Mr A Dawson
Director
3 July 2026
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
- 12 -
Opinion

We have audited the financial statements of The Castle Building Services Organisation Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED (CONTINUED)
- 13 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED (CONTINUED)
- 14 -

Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- Enquiring of Directors, the Audit and Risk Committee, internal audit, compliance officers and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud.

- Reading Board and all relevant Committee minutes.

- Considering remuneration incentive schemes (primarily the annual incentive plan) and performance targets for management and Directors, including underlying profit from operations targets for management remuneration.

- Using analytical procedures to identify any unusual or unexpected relationships.

- Using our own forensic specialists to assist us in identifying fraud risks based on discussions of the circumstances of the Company.

We communicated identified fraud risk factors throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Company component audit teams of relevant fraud risks identified at the Company level and request to component audit teams to report to the Company audit team any instances of fraud that could give rise to a material misstatement at the Company.

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue earned from construction and support services is recorded in the wrong period and the risk that Company and component management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as the estimation of forecast costs and the recognition of variable consideration.

On this audit we do not believe there is a fraud risk related to revenue recognition in the Infrastructure Investments segment based on the contractual nature of the segment's revenue with no significant judgement or estimation required in recognising revenue.

We also performed procedures including:

- Identifying journal entries and other adjustments to test for all full scope components based on specific risk-based criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts, those posted by users who post journals infrequently and those with missing user identification; and

- Assessing significant accounting estimates for bias.

We discussed with the Audit and Risk Committee matters related to actual or suspected fraud, for which disclosure is not necessary, and considered any implications for our audit.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED (CONTINUED)
- 15 -

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations.

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. This included communication to audit teams of relevant laws and regulations identified at the Company level, and a request to report any instances of non-compliance with laws and regulations that could give rise to a material misstatement at the Company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation), distributable profits legislation, and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law and environmental law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

We discussed with the Audit and Risk Committee matters related to actual or suspected breaches of laws or regulations, for which disclosure is not necessary, and considered any implications for our audit.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED (CONTINUED)
- 16 -

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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 Consolidated 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 group's 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 group's or the parent 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 Consolidated 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 group or the parent company to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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.

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

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CASTLE BUILDING SERVICES ORGANISATION LIMITED (CONTINUED)
- 17 -

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.

Mr David Gair ACA (Senior Statutory Auditor)
For and on behalf of Mitchells Limited, Statutory Auditor
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
3 July 2026
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
2025
2024
Notes
£
£
Turnover
3
66,294,923
52,792,185
Cost of sales
(50,464,685)
(42,558,174)
Gross profit
15,830,238
10,234,011
Administrative expenses
(6,392,361)
(5,988,445)
Other operating income
15,426
37,620
Operating profit
4
9,453,303
4,283,186
Interest receivable and similar income
8
2,591
-
0
Interest payable and similar expenses
9
(34,878)
(65,491)
Amounts written off investments
10
-
(95)
Profit before taxation
9,421,016
4,217,600
Tax on profit
11
(1,537,917)
(242,350)
Profit for the financial year
7,883,099
3,975,250

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 23 to 36 form part of these financial statements.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2025
2024
£
£
Profit for the year
7,883,099
3,975,250
Other comprehensive income
-
-
Total comprehensive income for the year
7,883,099
3,975,250

The notes on pages 23 to 36 form part of these financial statements.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 20 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
675,789
239,832
Investments
14
260
260
676,049
240,092
Current assets
Debtors
17
15,747,230
11,408,160
Cash at bank and in hand
6,732,754
8,559,463
22,479,984
19,967,623
Creditors: amounts falling due within one year
18
(17,558,696)
(17,902,268)
Net current assets
4,921,288
2,065,355
Total assets less current liabilities
5,597,337
2,305,447
Creditors: amounts falling due after more than one year
19
-
0
(166,667)
Provisions for liabilities
Deferred tax liability
20
92,527
39,594
(92,527)
(39,594)
Net assets
5,504,810
2,099,186
Capital and reserves
Called up share capital
22
503,907
503,907
Profit and loss reserves
5,000,903
1,595,279
Total equity
5,504,810
2,099,186

The notes on pages 23 to 36 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Mr A Dawson
Director
Company registration number 8331581 (England and Wales)
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
503,907
1,499,827
2,003,734
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,975,250
3,975,250
Dividends
12
-
(3,879,798)
(3,879,798)
Balance at 31 December 2024
503,907
1,595,279
2,099,186
Year ended 31 December 2025:
Profit and total comprehensive income
-
7,883,099
7,883,099
Dividends
12
-
(4,477,475)
(4,477,475)
Balance at 31 December 2025
503,907
5,000,903
5,504,810

The notes on pages 23 to 36 form part of these financial statements.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
4,555,359
11,113,201
Interest paid
(34,878)
(65,491)
Income taxes paid
(853,678)
(245,764)
Net cash inflow from operating activities
3,666,803
10,801,946
Investing activities
Purchase of tangible fixed assets
(603,628)
(27,071)
Proceeds from disposal of tangible fixed assets
-
0
61,619
Proceeds from disposal of subsidiaries
-
0
(100)
Proceeds from disposal of investments
-
0
(95)
Repayment of loans
(15,000)
-
0
Interest received
2,591
-
0
Net cash (used in)/generated from investing activities
(616,037)
34,353
Financing activities
Repayment of bank loans
(400,000)
(400,000)
Payment of finance leases obligations
-
0
(73,895)
Dividends paid
(4,477,475)
(3,879,798)
Net cash used in financing activities
(4,877,475)
(4,353,693)
Net (decrease)/increase in cash and cash equivalents
(1,826,709)
6,482,606
Cash and cash equivalents at beginning of year
8,559,463
2,076,857
Cash and cash equivalents at end of year
6,732,754
8,559,463

The notes on pages 23 to 36 form part of these financial statements.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
1
Accounting policies
Company information

The Castle Building Services Organisation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Merchant Court, Monkton Business Park South, Hebburn, Tyne and Wear, NE31 2EX.

1.1
Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the entity.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Revenue

The turnover shown in the statement of income represents amounts applied for during the year in respect of mechanical and electrical services provided, based upon the value of work completed to date, exclusive of Value Added Tax.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvments
20% straight line
Plant and machinery
Nil
Fixtures and fittings
6% straight line
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset 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.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 24 -
1.6
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 25 -
1.9
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.

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

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.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 26 -
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 paymen ts 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. A m ounts 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.

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 27 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

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.

2
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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction contracts
66,294,923
52,792,185
2025
2024
£
£
Other revenue
Interest income
2,591
-
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 28 -

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
52,700
55,594
Loss/(profit) on disposal of tangible fixed assets
114,971
(2,134)
Impairment of stocks recognised or reversed
54,425
93,799
Operating lease charges
359,021
355,145
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,700
8,475
6
Employees

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

2025
2024
Number
Number
Production staff
38
41
Administrative staff
54
46
Management staff
28
28
Total
120
115

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,217,402
5,125,114
Social security costs
788,749
560,264
Pension costs
484,100
1,546,600
7,490,251
7,231,978
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
88,020
89,380
Company pension contributions to defined contribution schemes
360,000
1,440,000
448,020
1,529,380

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 5).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
2,591
-
0
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
22,339
54,191
Other interest on financial liabilities
-
0
8,515
22,339
62,706
Other finance costs
Interest on finance leases and hire purchase contracts
-
2,785
Other interest
12,539
-
0
34,878
65,491
10
Amounts written off investments
2025
2024
£
£
Gain/(loss) on disposal of investments held at fair value
-
(95)
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,485,099
248,850
Adjustments in respect of prior periods
(115)
-
0
Total current tax
1,484,984
248,850
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Taxation
2025
2024
£
£
Current tax
(Continued)
- 30 -
Deferred tax
Origination and reversal of timing differences
52,933
(6,500)
Total tax charge
1,537,917
242,350

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

2025
2024
£
£
Profit before taxation
9,421,016
4,217,600
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
2,355,254
1,054,400
Effects of:
Expenses that are not deductible in determining taxable profit
31,131
1,826
Group relief
(1,229)
(950)
Research and development tax credit
(863,626)
(812,926)
Tax under/(over) provided in prior years
(115)
-
0
Fixed asset differences
16,523
-
0
Income not taxable for tax purposes
(21)
-
0
Taxation charge in the financial statements
1,537,917
242,350
12
Dividends
2025
2024
£
£
Final paid
4,477,475
3,879,798
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
13
Tangible fixed assets
Leasehold improvments
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
93,923
1
-
0
261,870
53,800
409,594
Additions
393,141
-
0
177,807
32,680
-
0
603,628
Disposals
(83,923)
-
0
-
0
(174,406)
-
0
(258,329)
At 31 December 2025
403,141
1
177,807
120,144
53,800
754,893
Depreciation and impairment
At 1 January 2025
18,785
-
0
-
0
131,642
19,335
169,762
Depreciation charged in the year
21,686
-
0
5,652
16,746
8,616
52,700
Eliminated in respect of disposals
(25,177)
-
0
-
0
(118,181)
-
0
(143,358)
At 31 December 2025
15,294
-
0
5,652
30,207
27,951
79,104
Carrying amount
At 31 December 2025
387,847
1
172,155
89,937
25,849
675,789
At 31 December 2024
75,138
1
-
0
130,228
34,465
239,832
14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
260
260
15
Subsidiaries

Details of the company's subsidiary at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Castle Building Services (South) Limited
6 Merchant Court Monkton Business Park South, Hebburn, Tyne And Wear, NE31 2EX
Ordinary
80.00
-
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,283,290
824,741
Gross amounts owed by contract customers
7,081,659
9,947,354
Amounts owed by group undertakings
-
0
112,158
Other debtors
133,409
32,292
Prepayments and accrued income
230,637
318,978
14,728,995
11,235,523
2025
2024
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
737,422
172,637
Amounts owed by group undertakings
280,813
-
0
1,018,235
172,637
Total debtors
15,747,230
11,408,160
18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
166,667
400,000
Trade creditors
4,587,423
3,377,141
Amounts owed to undertakings in which the company has a participating interest
411,151
749,850
Corporation tax
880,156
248,850
Other taxation and social security
257,635
1,072,022
Other creditors
232,487
267,211
Accruals and deferred income
11,023,177
11,787,194
17,558,696
17,902,268

Short term creditors are measured at the transaction price.

Included in creditors is a bank loan of £166,667 (2024: £400,000) which is secured by fixed and floating charges on the assets of the company.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
-
0
166,667

Long term creditors are measured at the transaction price.

Included in creditors is a bank loan of £Nil (2024: £166,667) which is secured by fixed and floating charges on the assets of the company.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
92,666
39,733
Short term timing differences
(139)
(139)
92,527
39,594
2025
Movements in the year:
£
Liability at 1 January 2025
39,594
Charge to profit or loss
52,933
Liability at 31 December 2025
92,527

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
484,100
1,546,600

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 1p each
24,993
24,993
250
250
B ordinary shares of 1p each
19,994
19,994
200
200
C ordinary shares of 1p each
4,999
4,999
50
50
D ordinary shares of 1p each
24,993
24,993
250
250
E ordinary shares of 1p each
24,993
24,993
250
250
G ordinary shares of 1p each
2
2
-
-
H ordinary shares of 1p each
2
2
-
-
I - P ordinary shares of 1p each
20
20
-
-
99,996
99,996
1,000
1,000
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
502,907
502,907
502,907
502,907
Preference shares classified as equity
502,907
502,907
Total equity share capital
503,907
503,907
23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
388,827
418,920
Years 2-5
322,843
600,936
711,670
1,019,856
24
Related party transactions

During the year management charges of £1,839,044 (202 4: £1,155,300) to Castle Building Services (South) Limited. Both companies are included within the consolidated accounts.

25
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Directors' transactions
(Continued)
- 35 -
Advances
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 1
-
-
(15,000)
(15,000)
-
(15,000)
(15,000)
26
Ultimate controlling party

The company's ultimate controlling party is CBSO Holdings Limited, whose registered office address is 6 Merchant Court, Merchant Court, Monkton Business Park South, Hebburn, Tyne and Wear, NE31 2EX.

The company is exempt from the requirement to prepare consolidated accounts by virtue of section 400 of the Companies Act 2006. The results of the company and its subsidiaries are included in the consolidated accounts of CBSO Holdings Limited, a company registered in England, whose consolidated accounts are publicly available from Companies House.

Largest group
CBSO Holdings Limited
Smallest group
The Castle Building Services Organisation Limited
27
Cash generated from operations
2025
2024
£
£
Profit after taxation
7,883,099
3,975,250
Adjustments for:
Taxation charged
1,537,917
242,350
Finance costs
34,878
65,491
Investment income
(2,591)
-
0
Loss/(gain) on disposal of tangible fixed assets
114,971
(2,134)
Depreciation and impairment of tangible fixed assets
52,700
55,594
Other gains and losses
-
95
Movements in working capital:
Increase in debtors
(4,324,070)
(3,735,575)
(Decrease)/increase in creditors
(741,545)
10,512,130
Cash generated from operations
4,555,359
11,113,201
THE CASTLE BUILDING SERVICES ORGANISATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
28
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
8,559,463
(1,826,709)
6,732,754
Borrowings excluding overdrafts
(566,667)
400,000
(166,667)
7,992,796
(1,426,709)
6,566,087
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