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REGISTERED NUMBER: 12344189 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Mypad 2020 Limited

| Mypad 2020 Limited (Registered number: 12344189) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 6 |

| Report of the Independent Auditors | 8 |

| Statement of Income and Retained Earnings | 12 |

| Balance Sheet | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| Mypad 2020 Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | I Jowett

| D Holland

| T P C Spink

| J G Turner

| REGISTERED OFFICE: | 18 St Christopher's Way

| Pride Park

| Derby

| Derbyshire

| DE24 8JY

| REGISTERED NUMBER: | 12344189 (England and Wales)

| AUDITORS: | Franklins Accountancy Audit & Tax Limited

| 18 St Christopher's Way

| Pride Park

| Derby

| Derbyshire

| DE24 8JY

| Mypad 2020 Limited (Registered number: 12344189) |

Strategic Report

for the Year Ended 31 December 2025

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

| Mypad 2020 Limited (Registered number: 12344189) |

Strategic Report

for the Year Ended 31 December 2025

REVIEW OF BUSINESS

The principal activity of Mypad 2020 Limited ('the Company') during the year continued to be the design and build of residential housing developments for affordable housing providers across the Midlands, delivering homes to Registered Providers and Local Authority partners under construction contracts.

Turnover for the year increased to £38.66m (2024: £37.45m), with gross profit rising to £4.11m (2024: £3.22m). This improvement in gross margin, to 10.6% (2024: 8.6%), reflects the increasing maturity of the Company's operating platform, greater stability in the underlying build cost base, and the benefit of contracts procured and tendered against the prevailing cost environment. The average number of employees grew to 52 (2024: 45) as the Company continued to invest in its internal land, design, commercial and construction capabilities.

The Company maintained a strong operational footprint throughout the year, sustaining an active site programme broadly in line with the prior year while commencing a number of new developments and completing several schemes handed over to Registered Provider partners. The Company continues to work with the majority of Registered Providers and Local Authorities operating across its region, and has continued to broaden its partnership base during the year.

The Company's land and partnerships functions have continued to develop a pipeline of future opportunities, with visibility and control of a substantial land bank of over 2,000 plots across the East Midlands and wider Midlands region. This pipeline, together with the Company's established relationships with affordable housing partners, provides a sound platform for future delivery and underpins the Board's confidence in the Company's continued sustainable growth.

Trading conditions in the affordable housing sector during 2025 were characterised by continued financial pressure on Registered Providers, whose development capacity remained constrained by higher costs of finance, build cost inflation and the need to invest in the safety and quality of existing stock, in some cases reducing near-term appetite for new acquisitions. These near-term pressures were, however, set against a significantly more supportive long-term policy backdrop. The Government's June 2025 Spending Review confirmed a new ten-year, £39 billion Affordable Homes Programme, representing a substantial increase in annual grant funding over the preceding programme, alongside a long-term rent settlement intended to rebuild Registered Providers' financial capacity. With a significant majority of the new programme's funding directed outside London, the Directors consider that the Company's established Midlands footprint and affordable housing partnerships leave it well positioned to benefit from the increased certainty and investment the sector is expected to see over the coming years.

The Company's results for the year include a joint venture development on which turnover and the associated costs of sale have been recognised, but on which no margin has been recognised, the associated profit being deferred until the relevant plots are sold. The accounting treatment and related disclosures in respect of this development are set out in the notes to the financial statements.

The Board considers that the Company enters 2026 with an expanded workforce, a secure pipeline of contracted and prospective work, and a strengthened balance sheet. Aligned with the Government's ongoing commitment to affordable housing delivery and the latest Affordable Homes Programme, the Directors believe the Company is well placed to continue to address the significant and sustained demand for affordable housing across its markets.

KEY PERFORMANCE INDICATORS

The Board approves an annual budget for the following year and monitors financial performance against that budget, with consideration of key variances. Management accounts, including a profit and loss account, balance sheet and cash flow statement, are reviewed monthly by the Board.

The key financial performance indicators of the Company are as follows:

Turnover |  | £38.66m |  | (2024: £37.45m) |

Gross profit |  | £4.11m |  | (2024: £3.22m) |

Gross margin |  | 10.6% |  | (2024: 8.6%) |

EBITDA |  | £2.66m |  | (2024: 1.46m) |

Profit before taxation |  | £2.09m |  | (2024: 1.08m) |

| Mypad 2020 Limited (Registered number: 12344189) |

Strategic Report

for the Year Ended 31 December 2025

Beyond financial metrics, the Company places significant importance on Health and Safety performance. Regular independent site inspections are undertaken across the Company's operational sites, and the Company maintained a strong average site inspection score during the year. The Directors consistently seek to enhance Health and Safety standards across all construction sites and offices, prioritising the wellbeing of employees, subcontractors and visitors.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management continues to be a core focus of the Board. As with many businesses in the construction sector, the Company operates in a challenging environment. Risk identification and management is built into the daily operations of the Company, from the appraisal of new sites and assessment of planning prospects through to building safely and delivering effectively. The principal risks and uncertainties considered by the Company, and the ways in which they are managed, are set out below.

Health, Safety and Environmental Incidents

Incidents have the potential to place employees, visitors and the public at risk of injury or death and could result in reputational and financial damage. Training plans, policies and procedures are in place to maintain high assurance standards across all areas of the business, supported by regular Health and Safety audits and environmental risk assessments, with appropriate insurance in place to cover the risks associated with housebuilding.

Unforeseen Economic Conditions

Sudden changes in economic conditions, including interest rate fluctuations and inflation, continue to pose a risk to businesses operating on long-term fixed price contracts. Greater stability in construction costs during the year provided increased certainty over the business's operational pipeline. The Company manages its exposure through robust appraisal and by procuring and tendering new work against the prevailing cost base.

Influence of Government on the Construction Industry and Housing Sector

The Directors closely monitor changes in Government policy and legislation. The availability of long-term funding for affordable homes, together with planning policy and building regulations, may affect the timing and profitability of developments. Recent Government announcements and the continued commitment to affordable housing delivery are generally considered positive for the sector and the Company's market positioning. Detailed policies and procedures are maintained to address prevailing regulation.

Contractual Risk

Risks from mispricing contracts, change management or contractual disputes are mitigated through robust appraisal processes, appropriate due diligence, and the use of standard forms of contract where possible.

Liquidity and Credit Risk

The Company manages liquidity using a mix of retained earnings and debt funding, alongside short- and long-term cash flow forecasts monitored against available facilities and funding headroom. Credit risk is limited as cash is received on a monthly basis from housing association partners based on works completed, and the Directors consider the credit standing of the Company's principal debtors to be good.

GOING CONCERN

The Directors have prepared the financial statements on a going concern basis, which they consider to be appropriate. Financial forecasts have been prepared which demonstrate that the Company is expected to remain profitable and cash generative, with an adequate level of funding headroom, for a period of at least twelve months from the date of approval of these financial statements. The Company's net asset position strengthened during the year, and the Board remains confident in the Company's pipeline and ability to continue to trade and meet its liabilities as they fall due.

| Mypad 2020 Limited (Registered number: 12344189) |

Strategic Report

for the Year Ended 31 December 2025

FUTURE DEVELOPMENTS

The Directors remain focused on the continued sustainable growth of the Company's turnover and operational profitability. Investment in staffing and internal capabilities has strengthened the Company's ability to secure new projects and deliver them efficiently. A stable build cost base, increased housing delivery targets and additional sector-specific funding are expected to support continued growth in 2026 and beyond.

ON BEHALF OF THE BOARD:

T P C Spink - Director

10 July 2026

| Mypad 2020 Limited (Registered number: 12344189) |

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

Dividends per share were paid during the year as follows:

Ordinary A 1p Shares |  | - £12.58741 |

Ordinary B 1p Shares |  | - £9.0909 |

Ordinary E 1p Shares |  | - £125.11818 |

Ordinary F 1p Shares |  | - £125.12727 |

Ordinary G 1p Shares |  | - £125.11818 |

Redeemable Preference £1 Shares |  | - £0.007017 |

The total distribution of dividends on ordinary shares for the year ended 31st December 2025 was £439,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

I Jowett

D Holland

T P C Spink

J G Turner

POLITICAL DONATIONS AND EXPENDITURE

Non political donations have been made to UK based charities totalling £9,717 in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

- | 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.

| Mypad 2020 Limited (Registered number: 12344189) |

Report of the Directors

for the Year Ended 31 December 2025

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.

ON BEHALF OF THE BOARD:

T P C Spink - Director

10 July 2026

Report of the Independent Auditors to the Members of

Mypad 2020 Limited

Opinion

We have audited the financial statements of Mypad 2020 Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Mypad 2020 Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Mypad 2020 Limited

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction industry.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, as well as data protection, anti-bribery, employment, environmental and health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through enquiries of management and correspondence with authorities.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Mypad 2020 Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Richardson (Senior Statutory Auditor)

for and on behalf of Franklins Accountancy Audit & Tax Limited

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

10 July 2026

| Mypad 2020 Limited (Registered number: 12344189) |

Statement of Income and

Retained Earnings

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 38,663,321 |  | 37,447,549 |  |

Cost of sales | 34,554,303 |  | 34,230,586 |  |

GROSS PROFIT | 4,109,018 |  | 3,216,963 |  |

Administrative expenses | 1,886,096 |  | 1,986,167 |  |

2,222,922 |  | 1,230,796 |  |

Other operating income | 315,360 |  | 454,889 |  |

OPERATING PROFIT | 6 | 2,538,282 |  | 1,685,685 |  |

Interest receivable and similar income | 229,434 |  | 54,528 |  |

2,767,716 |  | 1,740,213 |  |

Interest payable and similar expenses | 8 | 669,060 |  | 659,954 |  |

PROFIT BEFORE TAXATION | 2,098,656 |  | 1,080,259 |  |

Tax on profit | 9 | 598,478 |  | 279,511 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,500,178 |  | 800,748 |  |

Retained earnings at beginning of year | 1,168,362 |  | 601,614 |  |

Dividends | 10 | (439,000 | ) | (234,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 2,229,540 |  | 1,168,362 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 633,525 |  | 758,776 |  |

CURRENT ASSETS

Stocks | 12 | 4,231,535 |  | 4,513,400 |  |

Debtors | 13 | 9,182,627 |  | 9,546,418 |  |

Cash at bank and in hand | 3,331,127 |  | 465,674 |  |

16,745,289 |  | 14,525,492 |  |

CREDITORS

Amounts falling due within one year | 14 | 11,309,987 |  | 10,261,419 |  |

NET CURRENT ASSETS | 5,435,302 |  | 4,264,073 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,068,827 |  | 5,022,849 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (3,680,796 | ) | (3,664,683 | ) |

PROVISIONS FOR LIABILITIES | 18 | (158,381 | ) | (189,694 | ) |

NET ASSETS | 2,229,650 |  | 1,168,472 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 110 |  | 110 |  |

Retained earnings | 20 | 2,229,540 |  | 1,168,362 |  |

SHAREHOLDERS' FUNDS | 2,229,650 |  | 1,168,472 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2026 and were signed on its behalf by:

T P C Spink - Director

| Mypad 2020 Limited (Registered number: 12344189) |

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,527,605 |  | (3,861,522 | ) |

Interest paid | (402,927 | ) | (632,070 | ) |

Interest element of hire purchase payments paid | (13,443 | ) | (27,884 | ) |

Finance costs paid | (252,690 | ) | - |  |

Tax paid | (492,584 | ) | (17,568 | ) |

Net cash from operating activities | 3,365,961 |  | (4,539,044 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (148,740 | ) | (211,445 | ) |

Sale of tangible fixed assets | 139,850 |  | 95,000 |  |

Interest received | 229,434 |  | 54,528 |  |

Net cash from investing activities | 220,544 |  | (61,917 | ) |

Cash flows from financing activities

Loan repayments in year | (14,167 | ) | (10,000 | ) |

Redeemable preference shares | - |  | 3,600,000 |  |

Capital repayments in year | (66,121 | ) | (132,444 | ) |

Amount withdrawn by directors | (201,764 | ) | (64,231 | ) |

Equity dividends paid | (439,000 | ) | (234,000 | ) |

Net cash from financing activities | (721,052 | ) | 3,159,325 |  |

Increase/(decrease) in cash and cash equivalents | 2,865,453 |  | (1,441,636 | ) |

Cash and cash equivalents at beginning of year | 2 | 465,674 |  | 1,907,310 |  |

Cash and cash equivalents at end of year | 2 | 3,331,127 |  | 465,674 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,098,656 |  | 1,080,259 |  |

| Depreciation charges | 128,884 |  | 189,694 |  |

| Loss/(profit) on disposal of fixed assets | 5,257 |  | (13,080 | ) |

| Finance costs | 669,060 |  | 659,954 |  |

| Finance income | (229,434 | ) | (54,528 | ) |

2,672,423 |  | 1,862,299 |  |

| Decrease in stocks | 281,865 |  | 1,029,027 |  |

| Decrease/(increase) in trade and other debtors | 518,111 |  | (6,171,583 | ) |

| Increase/(decrease) in trade and other creditors | 1,055,206 |  | (581,265 | ) |

| Cash generated from operations | 4,527,605 |  | (3,861,522 | ) |

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 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 3,331,127 |  | 465,674 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 465,674 |  | 1,907,310 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 465,674 |  | 2,865,453 |  | 3,331,127 |  |

465,674 |  | 2,865,453 |  | 3,331,127 |  |

| Debt

| Finance leases | (200,323 | ) | 66,121 |  | (134,202 | ) |

| Debts falling due within 1 year | (10,135 | ) | 10,135 |  | - |  |

| Debts falling due after 1 year | (3,604,032 | ) | 4,032 |  | (3,600,000 | ) |

(3,814,490 | ) | 80,288 |  | (3,734,202 | ) |

| Total | (3,348,816 | ) | 2,945,741 |  | (403,075 | ) |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Mypad 2020 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue is recognised when performance obligations are satisfied which occurs when the control of either goods or services are transferred to the customer.

| Where revenue is recognised over time and the outcome of the contract can be estimated reliably, it is recognised based on the stage of completion of the agreement as verified by surveys performed by the relevant customer.

| For the non-land element of construction contracts, turnover and cost of sales are recognised using the percentage of completion method, measured as the proportion that costs incurred for work performed to date bear to the estimated total costs.

| Unbilled works - being the turnover recognised to date less progress billings and any impairment - are shown as work in progress. If, to date, progress billings exceed turnover then the difference is shown as deferred income.

| 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 | - | 20% on reducing balance

| Motor vehicles | - | 20% on reducing balance

| Office equipment | - | 20% on reducing balance

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Construction contracts

| Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised 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.

| Stock & Work-in-progress

| Stock and work-in-progress comprises (1) work in progress on construction contracts; (2) construction materials, and; (3) land and associated costs.

| Land purchases and associated costs, such as surveys, planning fees and legal fees, are held at the lower of cost and estimated selling price less costs to sell.

| Construction materials are held at the lower of cost and net realisable value.

| Financial instruments

| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade debtors

| Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business.

| Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

| Trade creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Trade creditors are recognised at the transaction price.

| Trade creditors are classified as current liabilities of the company. The company does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date, they are presented as non-current liabilities.

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Judgments and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimations 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 are 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 a future periods where the revision affects both current and future periods.

| Critical Judgements

| The following judgements have had the most significant effect on amounts recognised in the financial statements:

| Recognition of profit on long term contracts

| Profit recognition is the area requiring the greatest use of judgement and is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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:

| 2025 |  | 2024

£ | £ |

| Construction | 38,663,321 |  | 37,447,549 |  |

38,663,321 |  | 37,447,549 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 38,663,321 |  | 37,447,549 |  |

38,663,321 |  | 37,447,549 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,569,619 |  | 2,458,324 |  |

| Social security costs | 314,370 |  | 301,875 |  |

| Other pension costs | 201,244 |  | 170,623 |  |

3,085,233 |  | 2,930,822 |  |

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

| 2025 |  | 2024

| Directors | 4 |  | 4 |  |

| Employees | 48 |  | 41 |  |

52 |  | 45 |  |

5. | DIRECTORS' EMOLUMENTS

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Directors' salaries |  |  | 31,500 |  | 31,500 |  |

| Directors' pension contributions |  |  | 22,050 |  | 22,050 |  |

| Directors' benefits in kind |  |  | 23,549 |  | 24,492 |  |

|  | 77,099 |  | 78,042 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 75,334 |  | 118,025 |  |

| Depreciation - assets on hire purchase contracts | 53,550 |  | 71,669 |  |

| Loss/(profit) on disposal of fixed assets | 5,257 |  | (13,080 | ) |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 30,000 |  | 40,000 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 226 |  | 492 |  |

| Other interest | 402,701 |  | 631,578 |  |

| Hire purchase | 13,443 |  | 27,884 |  |

| Preference share dividends | 252,690 |  | - |  |

669,060 |  | 659,954 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 629,791 |  | 294,553 |  |

| Deferred tax | (31,313 | ) | (15,042 | ) |

| Tax on profit | 598,478 |  | 279,511 |  |

| UK corporation tax was charged at 25%) in 2024.

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TAXATION - continued

| Reconciliation of total tax charge 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,098,656 |  | 1,080,259 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 524,664 |  | 270,065 |  |

| Effects of:

| Expenses not deductible for tax purposes | 8,400 |  | 6,176 |  |

| Depreciation in excess of capital allowances | 33,124 |  | 18,312 |  |

| Deferred tax movement | (31,313 | ) | (15,042 | ) |

| Preference share dividends | 63,173 |  | - |  |

| Pension creditor movement | 430 |  | - |  |

| Total tax charge | 598,478 |  | 279,511 |  |

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary E shares of £1 each |

| Interim | - |  | 78,000 |  |

| Ordinary F shares of £1 each |

| Interim | - |  | 78,000 |  |

| Ordinary G shares of £1 each |

| Interim | - |  | 78,000 |  |

| Ordinary A 1p shares of 1p each |

| Interim | 49,091 |  | - |  |

| Ordinary B 1p shares of 1p each |

| Interim | 14,546 |  | - |  |

| Ordinary E 1p shares of 1p each |

| Interim | 125,118 |  | - |  |

| Ordinary F 1p shares of 1p each |

| Interim | 125,127 |  | - |  |

| Ordinary G 1p shares of 1p each |

| Interim | 125,118 |  | - |  |

439,000 |  | 234,000 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Office |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 1,027,446 |  | 103,706 |  | 65,418 |  | 52,764 |  | 1,249,334 |  |

| Additions | 142,231 |  | - |  | - |  | 6,509 |  | 148,740 |  |

| Disposals | (233,912 | ) | - |  | - |  | - |  | (233,912 | ) |

| At 31 December 2025 | 935,765 |  | 103,706 |  | 65,418 |  | 59,273 |  | 1,164,162 |  |

| DEPRECIATION

| At 1 January 2025 | 395,595 |  | 42,993 |  | 29,577 |  | 22,393 |  | 490,558 |  |

| Charge for year | 102,993 |  | 12,142 |  | 7,168 |  | 6,581 |  | 128,884 |  |

| Eliminated on disposal | (88,805 | ) | - |  | - |  | - |  | (88,805 | ) |

| Reclassification/transfer | 22,000 |  | - |  | (22,000 | ) | - |  | - |  |

| At 31 December 2025 | 431,783 |  | 55,135 |  | 14,745 |  | 28,974 |  | 530,637 |  |

| NET BOOK VALUE

| At 31 December 2025 | 503,982 |  | 48,571 |  | 50,673 |  | 30,299 |  | 633,525 |  |

| At 31 December 2024 | 631,851 |  | 60,713 |  | 35,841 |  | 30,371 |  | 758,776 |  |

| 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 January 2025 | 603,340 |  | 35,240 |  | 638,580 |  |

| Additions | 106,450 |  | - |  | 106,450 |  |

| Disposals | (203,000 | ) | - |  | (203,000 | ) |

| At 31 December 2025 | 506,790 |  | 35,240 |  | 542,030 |  |

| DEPRECIATION

| At 1 January 2025 | 224,706 |  | 17,197 |  | 241,903 |  |

| Charge for year | 49,942 |  | 3,608 |  | 53,550 |  |

| Eliminated on disposal | (75,704 | ) | - |  | (75,704 | ) |

| Reclassification/transfer | 22,000 |  | - |  | 22,000 |  |

| At 31 December 2025 | 220,944 |  | 20,805 |  | 241,749 |  |

| NET BOOK VALUE

| At 31 December 2025 | 285,846 |  | 14,435 |  | 300,281 |  |

| At 31 December 2024 | 378,634 |  | 18,043 |  | 396,677 |  |

12. | STOCKS

2025 | 2024 |

£ | £ |

| Stock & Work-in-progress | 4,231,535 |  | 4,513,400 |  |

| Cost of stock recognised as an expense in the year amounted to £34,554,302 (2024: £34,230,586).

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 43,042 |  | 25,617 |  |

| Amounts recoverable on contract | 1,218,589 |  | 1,017,377 |  |

| Other debtors | 7,450,888 |  | 8,072,804 |  |

| Directors' current accounts | 154,320 |  | - |  |

| VAT | 109,314 |  | 206,109 |  |

| Prepayments and accrued income | 206,474 |  | 224,511 |  |

9,182,627 |  | 9,546,418 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | - |  | 10,135 |  |

| Hire purchase contracts (see note 17) | 53,406 |  | 139,672 |  |

| Trade creditors | 2,889,168 |  | 2,244,655 |  |

| Tax | 431,761 |  | 294,554 |  |

| Social security and other taxes | 80,357 |  | 135,614 |  |

| CIS | 78,594 |  | 103,347 |  |

| Other creditors | 3,613,577 |  | 4,258,888 |  |

| Directors' current accounts | 27,057 |  | 74,501 |  |

| Accruals and deferred income | 4,136,067 |  | 3,000,053 |  |

11,309,987 |  | 10,261,419 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 16) | - |  | 4,032 |  |

| Preference shares (see note 16) | 3,600,000 |  | 3,600,000 |  |

| Hire purchase contracts (see note 17) | 80,796 |  | 60,651 |  |

3,680,796 |  | 3,664,683 |  |

16. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | - |  | 10,135 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 4,032 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Preference shares | 3,600,000 |  | 3,600,000 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. | LOANS - continued

| The above bank loan is solely in relation to a Bounce Back Loan Scheme (BBLS) entered into by the company on 22 June 2020. The loan terms include monthly payments over 6 years with an initial 12 month repayment and interest holiday, with repayments commencing August 2021 with an applicable interest rate of 2.5%.

| Details of shares shown as liabilities are as follows:

| Allotted and issued:

| Number: |  | Class: |  | Nominal |  | 2025 |  |  | 2024 |

|  | value: |  | £ |  |  | £ |

| 3,600,000 |  | Preference shares |  | £1 |  | 3,600,000 |  |  | 3,600,000 |

| The following shares were issued during the year for cash at par:

| 3,600,000 Redeemable Preference shares of £1

| The redeemable preference shares do not have attached to them any voting rights. The shares have attached to them preferential rights to a dividend at a set annual rate. The shares have the right to participate in a capital distribution of the company up to an amount equal to £1 per share and the aggregate amount of any accruals/and or unpaid dividends owed up to and including the date of such a capital distribution. All or part of the shares may be redeemed by the company at any time out of profit available for distribution by giving notice to the holders of the shares. All of the shares shall be redeemed by the company on (i) the tenth anniversary of the date of which they were issued by the company; and (ii) prior to either a sale or listing of the company by giving notice to the holders of the shares to be redeemed and the date for completion of the redemption.

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 53,406 |  | 139,672 |  |

| Between one and five years | 80,796 |  | 60,651 |  |

134,202 |  | 200,323 |  |

| Interest paid on HP/finance leases recognised as an expense in the year totalled £13,443 (2024: £27,884).

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 90,000 |  | 90,000 |  |

| Between one and five years | 75,000 |  | 165,000 |  |

165,000 |  | 255,000 |  |

| Lease payments recognised as an expense in the year totalled £90,000 (2024: £90,000).

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 158,381 |  | 189,694 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 189,694 |  |

| Credit to Income Statement during year | (31,313 | ) |

| Balance at 31 December 2025 | 158,381 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |  |

| Number: |  | Class: |  | Nominal Value: |  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| 39 |  | Ordinary A |  | £1 |  |  | 39 |  |

| 16 |  | Ordinary B |  | £1 |  |  | 16 |  |

| 15 |  | Ordinary C |  | £1 |  |  | 15 |  |

| 10 |  | Ordinary D |  | £1 |  |  | 10 |  |

| 10 |  | Ordinary E |  | £1 |  |  | 10 |  |

| 10 |  | Ordinary F |  | £1 |  |  | 10 |  |

| 10 |  | Ordinary G |  | £1 |  |  | 10 |  |

| 3900 |  | Ordinary A |  | 1p |  | 39 |  |

| 1600 |  | Ordinary B |  | 1p |  | 16 |  |

| 1500 |  | Ordinary C |  | 1p |  | 15 |  |

| 1000 |  | Ordinary D |  | 1p |  | 10 |  |

| 1000 |  | Ordinary E |  | 1p |  | 10 |  |

| 1000 |  | Ordinary F |  | 1p |  | 10 |  |

| 1000 |  | Ordinary G |  | 1p |  | 10 |  |

|  | 110 |  | 110 |  |

| The above classes of ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

| During the year a share split took place converting the ordinary shares of the company from £1 shares to 1p shares.

| Allotted and issued: |  |

| Number: |  | Class: |  | Nominal Value: |  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| 3,600,000 |  | Redeemable Preference |  | £1 |  | 3,600,000 |  | 3,600,000 |  |

| Mypad 2020 Limited (Registered number: 12344189) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

20. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 1,168,362 |  |

| Profit for the year | 1,500,178 |  |

| Dividends | (439,000 | ) |

| At 31 December 2025 | 2,229,540 |  |

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31st December 2025 and 31st December 2024:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Director 1 |  |

| Balance outstanding at the start of the year |  | (29,330 | ) |  | (47,196 | ) |

| Amounts advanced |  | 305,186 |  |  | 101,386 |  |

| Amounts repaid |  | (287,006 | ) |  | (83,520 | ) |

| Balance outstanding at the end of the year |  | (11,150 | ) |  | (29,330 | ) |

| Director 2 |  |

| Balance outstanding at the start of the year |  | (12,444 | ) |  | (28,236 | ) |

| Amounts advanced |  | 305,962 |  |  | 109,618 |  |

| Amounts repaid |  | (139,198 | ) |  | (93,826 | ) |

| Balance outstanding at the end of the year |  | 154,320 |  |  | (12,444 | ) |

| Director 3 |  |

| Balance outstanding at the start of the year |  | (32,727 | ) |  | (63,300 | ) |

| Amounts advanced |  | 146,392 |  |  | 108,573 |  |

| Amounts repaid |  | (129,573 | ) |  | (78,000 | ) |

| Balance outstanding at the end of the year |  | (15,908 | ) |  | (32,727 | ) |

| Interest was charged on any overdrawn directors loan account at the official rate of 2.25% to 5th April 2025 and 3.75% thereafter.

22. | RELATED PARTY DISCLOSURES

| The balance outstanding on interest free loans provided to companies where D Holland, T P C Spink and J G Turner are also directors and the companies are under common control amounted to £3,171,506 (2024: £5,340,292). During the year, Mypad 2020 Limited made sales of £472,123 and purchases of £Nil with such companies.

| The balance outstanding on interest free loans provided from companies where I Jowett is a director and also has significant influence amounted to £13,061 (2024: £1,485DR). During the year, Mypad 2020 Limited made sales of £Nil and purchases of £Nil with such companies.

| The balance outstanding on interest free loans provided from companies where I Jowett is a director and has significant influence amounted to £74,452 (2024: £17,410).

| Mypad 2020 Limited took out loans to finance it's operations from a company where I Jowett is also a director and has control. Interest is charged at 10% on the loans. The balance of the loans outstanding at the year end amounted to £3,324,411 (2024: £3,290,411).