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REGISTERED NUMBER: SC064492 (Scotland)

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| MULHOLLAND CONTRACTS LIMITED |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 July 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 8 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Notes to the Financial Statements | 14 |

MULHOLLAND CONTRACTS LIMITED

COMPANY INFORMATION

for the year ended 31 July 2025

| DIRECTORS: | C Hempseed

| J S Marshall

| P D Mulholland

| I Mulholland

| J Kirkpatrick

| R Glen

| SECRETARY: | K P R Breen

| REGISTERED OFFICE: | Polbeth Industrial Estate

| West Calder

| West Lothian

| EH55 8TJ

| REGISTERED NUMBER: | SC064492 (Scotland)

| INDEPENDENT AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| Q Court

| 3 Quality Street

| Edinburgh

| EH4 5BP

| BANKERS: | The Royal Bank of Scotland plc

| 4 Almondvale South

| Livingston

| EH54 6NB

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

STRATEGIC REPORT

for the year ended 31 July 2025

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

REVIEW OF BUSINESS AND FUTURE PROSPECTS

Mulholland Contracts Ltd had a promising year. Overall company Turnover increased by 15% and gross profit margins increased by 1%. Profit before taxation increased from £1.5m to £1.6m.

Pricing remained challenging in a very competitive market and costs continue to rise, but nevertheless the directors consider these results to be satisfactory in the circumstances. We continued to work on some of the largest new Housing Developments and infrastructure projects in Scotland. Profit margins remained very tight in a highly competitive market with aggressive tendering and increasing costs.

We continue to strive to enhance our reputation, to be the contractor of choice for our valued customers. We aim to continue the long-term relationships with our customers by focusing on our core activities, our long standing team and in-house resources and capabilities and by working closely with our supply chain.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk for our company is similar to most companies and industry sectors, namely the state of the economy and related global and local issues. We are dependent on the general economic environment and on the sector of the construction industry in which we operate.

The company does not have any complex financial instruments or hedging products and its only borrowings are Fixed Rate Hire Purchase liabilities. Therefore, interest rate fluctuations do not present a significant risk to the business. Its principal financial risks are trade debtors and trade creditors.

The company's credit and liquidity risks are entirely attributable to its trade debtors. As the financial statements show we maintain a strong balance sheet and we have a good mix of long standing blue chip customers and a modern and efficient financial and management reporting system that monitor our day to day operational risk.

SECTION 172(1) STATEMENT

Mulholland Contracts Ltd is part of the Mulholland Holdings Group of companies and as a family owned and managed business aims for long term success of the company for the benefit of all its stakeholders.

When considering any key business decisions, the director's balance both short and long term decisions to ensure strategies are carefully balanced.

The company values all stakeholders and understands the importance of investing in people to ensure the highest quality is delivered to external parties. During the year, the company has conducted apprentice and adult training opportunities and are carrying out a training program to provide continuous improvement throughout the workforce.

The company maintains key relationship with our clients and valued supply chain groups understanding their key requirements and continually looking to improve our business relationships.

The company promotes a customer focus and aims for continuous improvements to deliver a high-quality service, this is continually monitored through our qualifications provided by external Audit Certification.

The company and the directors have a focus on how we as a company impact both the communities and the environment we work in. The company, by investing in new plant and machinery, is committed to sustainable working practices to reduce its carbon footprint on the areas we work in.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

STRATEGIC REPORT

for the year ended 31 July 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial highlights for the company are as follows:

| 2025 |  | 2024 |

Turnover |  | £'000000 |  | 47,412 |  | 41,165 |

Profit before tax |  | £'000000 |  | 1,633 |  | 1,454 |

Profit margin before tax |  | % |  | 3.44 |  | 3.53 |

Balance sheet strength |  | £'000000 |  | 33,516 |  | 32,372 |

Other Key financial indicators include the monitoring of the management of profitability and working capital.

Health and safety remains highly important and our performance in this area is monitored on a regular basis. In addition, directors review other non-financial key performance indicators including employee absence rates.

HEALTH AND SAFETY AT WORK

The directors and senior managers aided by our dedicated in-house health and safety professionals continue to strive to embed best health and safety policies, practices and awareness throughout our operations. A similar rigorous approach is adapted with environmental issues and we strongly support the health and safety and environmental policies of our customers and the construction industry generally.

We are proud to have the following accreditations: Constructionline, SMAS and Achilles UVDB, Lloyds Verification on WIRS, GIRS, NERS AND MURS.

ENVIRONMENTAL MATTERS

The Company is committed to sustainable practices in order to minimise our impact on the environment and create a positive legacy for future generations. The Company pro-actively work with our Customers and our Supply Chain Partners to ensure our environmental targets are achieved including:

1. controlling environmental risks by implementing effective measures in a sustainable manner; encouraging and promoting best practices across our operations;

2. complying with all applicable legal requirements

3. Recording of energy data and carbon footprint

In order to comply with the EU Energy Efficiency Directive the Company has registered with the Energy Savings Opportunity Scheme (ESOS) which is independently audited and assessed by EOS. As part of the scheme the Company analyses data and energy consumption, carries out energy surveys and produces reports including energy efficiency plans.

OUR PEOPLE, TRAINING AND EMPLOYEE INVOLVEMENT

The company's success is attributable to our team of skilled, experienced and dedicated directors, management, trades and support staff. Our short chain of command keeps us close to our employees at all times. Our employees are constantly updated with regard to company activity, performance, quality control, training, health and safety, environmental issues and future prospects.

We continue to invest in the training and development of our staff so that we can retain the recognised skills, talents and experience required to deliver best service to our valued customers. We continue to employ and sponsor trainees in the various disciplines in our sector.

We remain an equal opportunity employer, we are opposed to all forms of discrimination and fair consideration is given to applications for employment without reference to age, ethnicity, gender, religion, sexual orientation, maternity or marital status. Similarly, fair consideration is given to applications for employment by disabled persons having regard to their particular aptitudes and abilities.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

STRATEGIC REPORT

for the year ended 31 July 2025

FUTURE OUTLOOK

The company continues to focus on its core business of groundworks, multi utilities, surfacing and street lighting and is achieving a steady stream of new contract awards.

ON BEHALF OF THE BOARD:

P D Mulholland - Director

10 July 2026

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

REPORT OF THE DIRECTORS

for the year ended 31 July 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of groundworks, multi utilities, surfacing and street lighting.

DIVIDENDS

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

DIRECTORS

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

C Hempseed

J S Marshall

P D Mulholland

I Mulholland

J Kirkpatrick

Other changes in directors holding office are as follows:

R Glen - appointed 7 February 2025

STREAMLINED ENERGY AND CARBON REPORTING

This is the sixth year that Mulholland Contracts Limited have reported their energy and carbon emissions and encompasses information in relation to energy and carbon usage for the period from 1 August 2024 to 31 July 2025.

The tables below shows the total energy consumption and resultant emissions for the period 1 August 2024 through to 31 July 2025 as well as details from 2023/24 for comparison purposes.

Energy consumption and emissions

1 August 2024 - 31 July 2025

| kWh/annum |  | % |  |  | tCO2e/annum |  | % |

Grid electricity |  | 156,920 |  | 0.88 |  |  | 27.8 |  | 0.58 |

Gas oil |  | 12,568,423 |  | 70.83 |  |  | 3,463.1 |  | 72.43 |

Road fuel |  | 5,019,162 |  | 28.29 |  |  | 1,290.3 |  | 26.99 |

Totals |  | 17,744,505 |  | 100 |  |  | 4,781.2 |  | 100 |

The majority of energy consumption and subsequent emissions are a result of direct activities (Scope 1 emissions) from housing developments and infrastructure projects across Scotland. These include the use of transport fuel; gas oil (for construction site heavy plant operation and fuel for the generation of temporary mains power) and road fuel (for off-site activities, such as fuel for cars and vans operating between the various sites). As the number and type of sites changes regularly, the figures presented are a snapshot of activities based on the current period operations. Energy consumption and the resultant emissions may differ significantly depending up contracts awarded and works required.

The use of transport fuel (scope 1 emissions) accounts for 99.1% of all energy consumption. As a result the energy consumption and resultant emissions for scope 2 indirect activities, electricity, as can be seen in the above chart is minimal at around 0.9%. Scope 3 activities are insignificant (such as travel in vehicles not owned by the company) and are therefore not reported here.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

REPORT OF THE DIRECTORS

for the year ended 31 July 2025

Emissions Intensity ratio:

The reporting intensity ratio used is tonnes of CO2 emission compared with total number of employees (tCO2e/total employees). It is considered that this provides the best representation of activity and enables comparison within the industry sector. The average number of employees during the period was 325 and the resultant intensity ratio is shown below:

Emissions intensity ratios (tCO2e)

1 August 2024 - 31 July 2025

| tCO2e/employee |  |

Grid electricity |  | 0.08 |  |

Gas oil |  | 8.27 |  |

Road fuel |  | 3.66 |  |

Totals |  | 12.01 |  |

As this is the sixth year of reporting, Mulholland Contracts Ltd is required to compare activity with the previous year's totals. As such we have:

Intensity ratio

Comparison with previous period

| Emissions tCO2e |  | Employee numbers |  | Intensity ratio tCO2e/employee |

2023/24 |  | 4,263 |  | 325 |  | 13.78 |

2022/23 |  | 4,263 |  | 355 |  | 13.78 |

Energy efficiency

Mulholland Holdings and its subsidiaries take the reduction of the use of fossil fuels and carbon emissions very seriously and continue in its goal of reducing energy, fuel consumption and emissions where possible. For example, minimising the use of gasoil and diesel to reduce costs and environmental emissions is achieved through the use of energy efficient vehicles, tools and construction equipment in site operations and through energy efficient LED lighting at all construction sites for offices and other associated buildings or lighting requirements. Travel using employees own vehicles are discouraged by the company and the adoption of electric or hybrid vehicles is encouraged wherever possible.

Methodology used for data collection and reporting

The report is based on observations made from energy data provided.

Measurement of total energy consumption has focussed on the supply of all electricity, gas oil, and road fuel. This includes all site consumption related to construction activities, office buildings and road vehicle transportation for the business. This methodology uses UK Government Environmental Reporting Guidelines; including Streamlined Energy and Carbon Reporting requirements (2019) and the UK Government GHG Conversion Factors for Company Reporting (2021). The Greenhouse Gas Protocol Standard was referred to where appropriate.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006 s414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the business review, principal risks and uncertainties and employee involvement.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

REPORT OF THE DIRECTORS

for the year ended 31 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, S&W Audit, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K P R Breen - Secretary

10 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MULHOLLAND CONTRACTS LIMITED

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 July 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

MULHOLLAND CONTRACTS 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 seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge;

- 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, employment and data protection;

- We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assess the susceptibility of material misstatement within the Company's financial statements, including obtaining an understanding of how fraud might occur by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MULHOLLAND CONTRACTS LIMITED

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 judgement and assumptions made in determining accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual potential litigation and claims; and

- Reviewing correspondence.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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.

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.

Craig Hunter (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

10 July 2026

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 July 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

TURNOVER | 4 | 47,412,109 |  | 41,164,942 |  |

Cost of sales | (37,361,938 | ) | (32,800,014 | ) |

GROSS PROFIT | 10,050,171 |  | 8,364,928 |  |

Administrative expenses | (8,279,413 | ) | (7,337,254 | ) |

1,770,758 |  | 1,027,674 |  |

Other operating income | 5 | 315,401 |  | 491,835 |  |

Gain/loss on revaluation of tangible assets | (364,329 | ) | - |  |

OPERATING PROFIT | 8 | 1,721,830 |  | 1,519,509 |  |

Interest receivable and similar income | 9 | 221,626 |  | 247,098 |  |

1,943,456 |  | 1,766,607 |  |

Interest payable and similar expenses | 10 | (310,687 | ) | (313,215 | ) |

PROFIT BEFORE TAXATION | 1,632,769 |  | 1,453,392 |  |

Tax on profit | 11 | (531,653 | ) | (525,419 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,101,116 |  | 927,973 |  |

OTHER COMPREHENSIVE INCOME |

Surplus on revaluation | 58,202 |  | - |  |

Income tax relating to other comprehensive income | (14,552 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 43,650 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,144,766 |  | 927,973 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

BALANCE SHEET

31 July 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 13 | 23,256,394 |  | 22,373,956 |  |

CURRENT ASSETS

Stocks | 14 | 769,216 |  | 760,911 |  |

Debtors | 15 | 9,991,007 |  | 8,293,943 |  |

Cash at bank | 11,820,767 |  | 11,666,971 |  |

22,580,990 |  | 20,721,825 |  |

CREDITORS

Amounts falling due within one year | 16 | (8,751,964 | ) | (7,210,442 | ) |

NET CURRENT ASSETS | 13,829,026 |  | 13,511,383 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 37,085,420 |  | 35,885,339 |  |

CREDITORS

Amounts falling due after more than one year | 17 | - |  | (65,042 | ) |

PROVISIONS FOR LIABILITIES | 22 | (3,568,594 | ) | (3,448,237 | ) |

NET ASSETS | 33,516,826 |  | 32,372,060 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 99,996 |  | 99,996 |  |

Revaluation reserve | 24 | 8,820,089 |  | 8,847,438 |  |

Retained earnings | 24 | 24,596,741 |  | 23,424,626 |  |

SHAREHOLDERS' FUNDS | 33,516,826 |  | 32,372,060 |  |

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:

P D Mulholland - Director

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 July 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 99,996 |  | 22,491,867 |  | 8,852,224 |  | 31,444,087 |  |

Total comprehensive income | - |  | 927,973 |  | - |  | 927,973 |  |

Transfer between reserves | - |  | 4,786 |  | (4,786 | ) | - |  |

Balance at 31 July 2024 | 99,996 |  | 23,424,626 |  | 8,847,438 |  | 32,372,060 |  |

Total comprehensive income | - |  | 1,101,116 |  | 43,650 |  | 1,144,766 |  |

Transfer between reserves | - |  | 70,999 |  | (70,999 | ) | - |  |

Balance at 31 July 2025 | 99,996 |  | 24,596,741 |  | 8,820,089 |  | 33,516,826 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget, the current cash resources available and future cash flows in making their assessment.

| The Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| TURNOVER AND PROFIT RECOGNITION ON CONTRACTING ACTIVITIES

| Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax, as adjusted for the movement on contracts in progress. Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of work done. Where turnover on a contract so calculated exceeds the amounts invoiced, the difference is included in debtors as 'Amounts recoverable on contracts'. Where payments are made on a contract in advance, these amounts are included in other creditors. Full provision is made for losses on all contracts in the year in which they are first foreseen.

| TANGIBLE FIXED ASSETS

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

| Heritable property | - | 2% or 4% on cost

| Plant and machinery | - | 15 or 25% straight line/reducing balance

| Fixtures and fittings | - | 15% or 25% on cost

| Motor vehicles | - | 15% or 25% on cost

| Land is not depreciated.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

| Revaluation of tangible fixed assets

| Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

| Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

| Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

| STOCKS

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

| FINANCIAL INSTRUMENTS

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

| - at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

| - at cost less impairment for all other investments.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

| 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 subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

| TAXATION

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

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

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

| DEFERRED TAX

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

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

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

| HIRE PURCHASE AND LEASING COMMITMENTS

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their 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.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| SHORT TERM DEBTORS AND CREDITORS

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| CASH AND CASH EQUIVALENTS

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| DIVIDENDS

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3. | CRITICAL ACCOUNTING 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.

| In preparing these financial statements the directors have made the following judgements:

| Tangible fixed assets

| The useful economic lives of the fixed assets and the depreciation rates applied.

| Whether there are indicators of impairment of tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future financial performance of that unit.

| The land and buildings are carried at market value, which is an estimate. The land and buildings were valued by FBR Limited on 4 February 2023.

| Contract accounting

| The amount of revenue to be recognised on individual contracts. Factors considered will include stage of completion and forecast outturn.

| Retention provision

| Whether any retention provision is required via review of retentions, with retentions provided for on a specific basis. Factors considered include customer payment history and age of retention.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

4. | 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

| as restated |

£ | £ |

| Groundworks | 47,412,109 |  | 41,164,942 |  |

47,412,109 |  | 41,164,942 |  |

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

| 2025 |  | 2024

| as restated |

£ | £ |

| United Kingdom | 47,412,109 |  | 41,164,942 |  |

47,412,109 |  | 41,164,942 |  |

5. | OTHER OPERATING INCOME

| 2025 |  | 2024

| as restated |

£ | £ |

| CITB grant income | 12,140 |  | 65,586 |  |

| Other operating income | 303,261 |  | 426,249 |  |

315,401 |  | 491,835 |  |

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| as restated |

£ | £ |

| Wages and salaries | 16,355,616 |  | 13,679,267 |  |

| Social security costs | 1,839,610 |  | 1,516,694 |  |

| Other pension costs | 926,532 |  | 838,862 |  |

19,121,758 |  | 16,034,823 |  |

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

| 2025 |  | 2024

| as restated |

| Site employees | 287 |  | 277 |  |

| Admin | 43 |  | 48 |  |

330 |  | 325 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

7. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

| as restated |

£ | £ |

| Directors' remuneration | 1,468,201 |  | 811,540 |  |

| Directors' pension contributions to money purchase schemes | 170,922 |  | 165,008 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Emoluments etc | 694,400 |  | 335,440 |  |

| Pension contributions to money purchase schemes | 41,400 |  | 68,801 |  |

8. | OPERATING PROFIT

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Hire of plant and machinery | 2,624,797 |  | 1,958,261 |  |

| Depreciation - owned assets | 1,196,589 |  | 1,251,066 |  |

| Depreciation - assets on hire purchase contracts | 601,460 |  | 581,208 |  |

| Profit on disposal of fixed assets | (164,109 | ) | (162,677 | ) |

| Auditors' remuneration | 17,695 |  | 16,690 |  |

| Taxation compliance services | 2,000 |  | 2,000 |  |

9. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

| as restated |

£ | £ |

| Deposit account interest | 221,626 |  | 247,098 |  |

10. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| as restated |

£ | £ |

| Interest on director's loan | 60,000 |  | 34,694 |  |

| Hire purchase | 10,687 |  | 38,521 |  |

| Preference share dividends | 240,000 |  | 240,000 |  |

310,687 |  | 313,215 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

11. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 477,878 |  | 573,878 |  |

| Prior year tax adjustment | (52,032 | ) | 17,764 |  |

| Total current tax | 425,846 |  | 591,642 |  |

| Deferred tax | 105,807 |  | (66,223 | ) |

| Tax on profit | 531,653 |  | 525,419 |  |

| 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

| as restated |

£ | £ |

| Profit before tax | 1,632,769 |  | 1,453,392 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 408,192 |  | 363,348 |  |

| Effects of:

| Expenses not deductible for tax purposes | 136,796 |  | 56,023 |  |

| Income not taxable for tax purposes | (166,631 | ) | (19,556 | ) |

| Depreciation in excess of capital allowances | 47,489 |  | 191,827 |  |

| Deferred tax movement | 105,807 |  | (66,223 | ) |

| Total tax charge | 531,653 |  | 525,419 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Surplus on revaluation | 58,202 |  | (14,552 | ) | 43,650 |  |

12. | PRIOR YEAR ADJUSTMENT

| During the year it was identified that some amounts previously categorised as 'Amounts due to group undertakings' should instead have been shown as Other Creditors, representing amount owed to the company from connected parties. The disclosure in note 27 has been updated to reflect the correct amounts.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

13. | TANGIBLE FIXED ASSETS

| Fixtures |

| Heritable |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | 16,767,338 |  | 8,089,753 |  | 647,886 |  | 3,668,949 |  | 29,173,926 |  |

| Additions | 870,653 |  | 1,425,970 |  | 65,751 |  | 1,107,154 |  | 3,469,528 |  |

| Disposals | - |  | (1,073,435 | ) | - |  | (471,548 | ) | (1,544,983 | ) |

| Revaluations | 58,201 |  | - |  | - |  | - |  | 58,201 |  |

| Impairments | (364,329 | ) | - |  | - |  | - |  | (364,329 | ) |

| At 31 July 2025 | 17,331,863 |  | 8,442,288 |  | 713,637 |  | 4,304,555 |  | 30,792,343 |  |

| DEPRECIATION

| At 1 August 2024 | 389,795 |  | 4,182,928 |  | 552,373 |  | 1,674,874 |  | 6,799,970 |  |

| Charge for year | 60,379 |  | 1,083,161 |  | 29,307 |  | 625,202 |  | 1,798,049 |  |

| Eliminated on disposal | - |  | (678,340 | ) | - |  | (383,730 | ) | (1,062,070 | ) |

| At 31 July 2025 | 450,174 |  | 4,587,749 |  | 581,680 |  | 1,916,346 |  | 7,535,949 |  |

| NET BOOK VALUE

| At 31 July 2025 | 16,881,689 |  | 3,854,539 |  | 131,957 |  | 2,388,209 |  | 23,256,394 |  |

| At 31 July 2024 | 16,377,543 |  | 3,906,825 |  | 95,513 |  | 1,994,075 |  | 22,373,956 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 10,116,085 (2024 - £ 10,116,085 ) which is not depreciated.

| Cost or valuation at 31 July 2025 is represented by:

| Fixtures |

| Heritable |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2017 | 1,438,134 |  | - |  | - |  | - |  | 1,438,134 |  |

| Valuation in 2021 | 1,030,784 |  | - |  | - |  | - |  | 1,030,784 |  |

| Valuation in 2023 | 7,255,585 |  | - |  | - |  | - |  | 7,255,585 |  |

| Cost | 7,607,360 |  | 8,442,288 |  | 713,637 |  | 4,304,555 |  | 21,067,840 |  |

17,331,863 |  | 8,442,288 |  | 713,637 |  | 4,304,555 |  | 30,792,343 |  |

| If heritable land and buildings had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

| as restated |

£ | £ |

| Cost | 7,607,360 |  | 7,042,835 |  |

| Aggregate depreciation | 2,514,692 |  | 2,514,692 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

13. | TANGIBLE FIXED ASSETS - continued

| The heritable land and buildings were revalued as follows:

| Polbeth Industrial Estate on 31 July 2021 by DM Hall, chartered surveyors, on an open market existing use basis.

| Ettrickshaws Farm on 4 February 2023 by FBR Ltd, chartered surveyors, on an open market fair value basis.

| Hyndhope Farm on 4 February 2023 by FBR Ltd, chartered surveyors, on an open market fair value basis.

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

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 August 2024 | 3,340,524 |  |

| Additions | 987,498 |  |

| Disposals | (287,665 | ) |

| Transfer to ownership | (2,610,750 | ) |

| At 31 July 2025 | 1,429,607 |  |

| DEPRECIATION

| At 1 August 2024 | 1,287,222 |  |

| Charge for year | 601,460 |  |

| Eliminated on disposal | (177,353 | ) |

| Transfer to ownership | (1,475,634 | ) |

| At 31 July 2025 | 235,695 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,193,912 |  |

| At 31 July 2024 | 2,053,302 |  |

14. | STOCKS

2025 | 2024 |

| as restated |

£ | £ |

| Raw materials | 273,691 |  | 276,206 |  |

| Farm inventory | 495,525 |  | 484,705 |  |

769,216 |  | 760,911 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

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

2025 | 2024 |

| as restated |

£ | £ |

| Trade debtors | 49,790 |  | 77,236 |  |

| Amounts owed by related party | 399,052 |  | 399,052 |  |

| Amounts recoverable on contract | 8,301,239 |  | 6,742,228 |  |

| Other debtors | 10,367 |  | - |  |

| VAT recoverable | 1,230,559 |  | 1,075,427 |  |

9,991,007 |  | 8,293,943 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Preference shares (see note 18) | 4 |  | 4 |  |

| Hire purchase contracts (see note 19) | 65,075 |  | 270,520 |  |

| Trade creditors | 4,573,450 |  | 3,987,418 |  |

| Amounts owed to group undertakings | 116,267 |  | 116,267 |  |

| Tax | 477,878 |  | 81,114 |  |

| Social security and other taxes | 474,021 |  | 304,916 |  |

| Other creditors | 420,789 |  | 642,864 |  |

| Accruals and deferred income | 2,624,480 |  | 1,807,339 |  |

8,751,964 |  | 7,210,442 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Hire purchase contracts (see note 19) | - |  | 65,042 |  |

18. | LOANS

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

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Preference shares | 4 |  | 4 |  |

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

18. | LOANS - continued

| Details of shares shown as liabilities are as follows:

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 2 | Preference Shares | 1 | 2 |  | 2 |  |

| 2 | Preference Shares Series 2 | 1 | 2 |  | 2 |  |

4 |  | 4 |  |

19. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

| as restated |

£ | £ |

| Net obligations repayable:

| Within one year | 65,075 |  | 270,520 |  |

| Between one and five years | - |  | 65,042 |  |

65,075 |  | 335,562 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| as restated |

£ | £ |

| Hire purchase contracts | 65,075 |  | 335,562 |  |

| Finance lease providers have security over the fixed assets on which they have provided finance.

21. | FINANCIAL INSTRUMENTS

| Financial assets measured at amortised cost comprise cash, trade debtors, amounts owed by related undertakings, other debtors and amounts recoverable on contracts.

| At the year end the company had financial assets measured at amortised cost totalling £11,620,616 (2024 - £9,768,422).

| Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to related undertakings, other creditors and accrued expenses.

| At the year end the company had financial liabilities measured at amortised cost totalling £8,948,290 (2024 - £7,181,954).

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

22. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 1,454,098 |  | 1,348,291 |  |

| Other timing differences | 2,114,496 |  | 2,099,946 |  |

3,568,594 |  | 3,448,237 |  |

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 3,448,237 |  |

| Provided during year | 105,807 |  |

| Other timing differences | 14,550 |  |

| Balance at 31 July 2025 | 3,568,594 |  |

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 99,996 | Ordinary shares | 1 | 99,996 |  | 99,996 |  |

24. | RESERVES

| Revaluation reserve

| The revaluation reserve represents the gains arising from the revaluation of land and buildings.

| Retained earnings

| The retained earnings represents cumulative profit or loss, net of dividends paid and other adjustments.

25. | PENSION COMMITMENTS

| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £755,611 (2024 - £673,854). Contributions totalling £61,079 (2024 - £61,730) were payable to the fund at the balance sheet date.

26. | ULTIMATE PARENT COMPANY

| Mulholland Holdings Limited is regarded by the directors as being the company's ultimate parent company.

| The parent undertaking of the largest and smallest group for which consolidated financial statements are prepared is Mulholland Holdings Limited. Consolidated financial statements are available from Companies House.

MULHOLLAND CONTRACTS LIMITED (REGISTERED NUMBER: SC064492)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

27. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included within other creditors is £241,967 (2024 - £477,967) loaned from connected parties. Interest of £60,000 (2024 - £34,694) was charged on the loan during the year.

28. | RELATED PARTY DISCLOSURES

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

| Included within debtors is £399,052 (2024 - £399,052) owed by Chartered Homes Limited, a company in which I Mulholland is a director. The loan is interest free and repayable on demand.

29. | ULTIMATE CONTROLLING PARTY

| The controlling party is Mulholland Holdings Limited.

| The ultimate controlling party is Peter David Mulholland & Tracey Ann Martin & Brodies & Co (Trustees) Limited.