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Registration number: 06740881 (England & Wales)

Speller Metcalfe Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 March 2026

Speller Metcalfe Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5 to 7
Statement of Directors' Responsibilities | 8
Independent Auditor's Report | 9 to 11
Consolidated Profit and Loss Account | 12
Consolidated Balance Sheet | 13
Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Financial Statements | 18 to 34

Speller Metcalfe Limited

Company Information

Directors | S R Speller J A Lewis C D Short J A Speller A E Speller M Castle

Company secretary | M E Clarke

Registered office | Maple Road Enigma Business Park Malvern Worcestershire WR14 1GQ

Solicitors | Harrison Clark Rickerbys 5 Deansway Worcester Worcestershire WR1 2JG

Bankers | Santander 4 Broad Street Worcester WR1 3LH

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Speller Metcalfe Limited

Strategic Report for the Year Ended 31 March 2026

The directors present their strategic report for the year ended 31 March 2026.

Principal activity

The principal activity of the Group is that of building contractors, undertaking construction projects across a variety of sectors including education, healthcare, commercial, sports, leisure, retail and housing. The principal activity of the Company is that of an intermediate holding Company.

Fair review of the business

The results for the year show turnover of £158,941,194 (2025: £162,066,220) and a profit before taxation of £5,008,858 (2025: £3,386,988). At 31 March 2026, the Group had net assets of £9,113,430 (2025: £5,318,447).
The Directors consider the performance of the Group during the year and its financial position at the year-end to be excellent, with the Group increasing its profitability in the period covered by these financial statements.
The Group continues to focus on frameworks and identifying clients with longevity of project pipeline to support its growth. While uncertainties still exist in the macro economy, the outlook for the Group in the current financial year (to 31 March 2027) remains extremely positive. Entering the next twelve months the Group has secured 98% of its budgeted workload for the forthcoming financial year through a combination of contracted projects and formal pre-construction agreements, providing strong visibility of future revenues. The pipeline remains healthy with plenty of suitable opportunities to provide the remaining turnover.
The Group also continued to develop its approach to environmental performance and carbon management in line with SECR requirements.
The Directors’ assessment of the Group’s ability to continue as a going concern is set out in the Directors’ Report.

Key Performance Indicators (KPIs)

Non-financial KPIs

KPI | Unit | 2026 | 2025
Considerate Constructors Scheme – average | /50 | 42.39 | 42.90
Construction waste recycled | % | 98.00 | 96.00
Accident frequency rate (AIR) | per 100,000 hours | 0.47 | 0.44
Client satisfaction | /10 | 9.10 | 8.96
Carbon intensity | tCO2e/£m turnover | 9.40 | 11.76
Social value return (completed projects only) | £ | 62,827,327 | 40,973,390
Fair payment performance | % paid within agreed terms | 99.00 | 98.00
Local spend (within 30 mile radius) | £ | 73,143,642 | 41,974,747
Employee turnover | % | 10.30 | 7.50

Environmental KPIs are aligned to those reported under the Group’s SECR disclosures.

Financial KPIs

KPI | Unit | 2026 | 2025
Gross profit margin | % | 10.99 | 9.5
Profit before taxation margin | % | 3.15 | 2.1
Average cash held during the year | £m | 32.2 | 23.6

Principle risks and uncertainties

The Group operates within the construction sector and is exposed to several risks and uncertainties. The principal risks facing the business and the measures in place to mitigate them are summarised below.

Health and Safety
The Group undertakes activities that carry inherent health and safety risks. These are managed through established policies, procedures, training and monitoring systems designed to ensure compliance with relevant legislation and minimise the risk of harm.

Speller Metcalfe Limited

Strategic Report for the Year Ended 31 March 2026 (continued)

Market conditions and supply chain
The Group is exposed to fluctuations in material costs and availability, as well as broader economic conditions. These risks are managed through procurement strategies, supplier relationships and ongoing monitoring of market conditions.

Financial risk
The Group manages liquidity risk through cash flow forecasting, working capital management and maintaining appropriate funding arrangements.

Workforce availability
The industry is at risk of an ageing workforce and a lack of skilled workers. The Group seeks to mitigate this risk through training, development, apprenticeships and recruitment strategies, both internally and externally, which includes fully supporting a diverse workforce.

Cyber security and data protection
The Group is exposed to risks associated with cyber security and data protection. These risks are managed through appropriate IT systems, audit compliance, controls and staff training. Most recently, these include ISO 27001 and BS 99001.

Credit
Credit risk is managed through regular review of counterparties and exposure levels. Approximately 85% of revenue is derived from public sector clients, which reduces our exposure to bad debt and business failures.

Section 172(1) statement

The Directors act in a manner they consider, in good faith, most likely to promote the success of the Group for the benefit of its members, having regard to the matters set out in section 172(1) of the Companies Act 2006.
In doing so, the Directors consider the long-term consequences of decisions, the interests of employees, the need to foster relationships with customers and suppliers, the impact of operations on the community and environment, and the desirability of maintaining a reputation for high standards of business conduct.
The Group’s core values underpin decision-making and promote a consistent and collaborative approach to business.

Employee engagement

The Group recognises the importance of employee engagement to its ongoing success. Employees are kept informed of the performance and development of the business through regular communication and engagement initiatives.
Training and development opportunities are provided to support employees in their roles and career progression. The Group also promotes employee wellbeing and maintains policies and practices aimed at supporting an inclusive working environment.
Employee turnover during the financial year was 10.3% (2025: 7.5%).

Engagement with suppliers, customers and other relationships
The Group maintains relationships with a range of stakeholders, including customers, suppliers and local communities. The Group seeks to build long-term relationships with its clients, with a significant proportion of work arising from repeat business and negotiated contracts.
Procedures are in place to assess and monitor suppliers to ensure they meet required standards, including those relating to health and safety, financial stability and regulatory compliance.
The Group supports local supply chains where practicable and seeks to ensure that its operations have a positive impact on the communities in which it operates.

Environmental, social and governance matters

The Group recognises the environmental impact of its activities and is committed to reducing emissions and improving resource efficiency across its operations.
The Group reports its energy use and carbon emissions in accordance with the Streamlined Energy and Carbon Reporting (SECR) framework, as set out in the Directors’ Report. This includes disclosures on energy consumption, greenhouse gas emissions and carbon intensity metrics.
During the year, the Group continued to monitor and manage its environmental performance through established systems and procedures, including ISO 14001 accreditation.

Speller Metcalfe Limited

Strategic Report for the Year Ended 31 March 2026 (continued)

Key areas of focus include:
• Reducing carbon emissions associated with construction activities
• Improving energy efficiency across sites and offices
• Minimising waste and increasing recycling rates

The Group uses carbon intensity metrics to assess environmental performance over time.
Carbon intensity for the year was 9.40 tCO2e / £m turnover (2025: 11.76).
The Directors consider environmental performance as part of the Group’s wider strategy and decision-making processes, including procurement, project delivery and supply chain engagement.
The Group also contributes to social value through its operations, including engagement with local communities, education providers and supply chains. Total social value added during the year was £62,827,327 (2025: £40,973,390).

Future outlook
The Directors consider that the Group is well positioned to manage the risks and uncertainties it faces. While external economic and geopolitical factors continue to present uncertainty, the Group’s secured workload and pipeline provide an excellent basis for future activity.

Approved by the Board on 10 July 2026 and signed on its behalf by:

J A Lewis
Director

Speller Metcalfe Limited

Directors' Report for the Year Ended 31 March 2026

The directors present their report and the for the year ended 31 March 2026.

Directors of the Group

The directors who held office during the year were as follows:

S R Speller

J A Lewis

C D Short

J A Speller

A E Speller

M Castle (appointed 21 January 2026)

Financial instruments

The Group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors, trade creditors etc that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Group. The main risk arising from the Group's financial instruments are set out below.

Credit risk
The Group’s principal financial assets are bank balances, cash, trade and other receivables. The Group’s credit risk is primarily attributable to its trade receivables. The Group’s policy is aimed at minimising such losses through satisfactory credit worthiness procedures. The amounts presented in the balance sheet are, where appropriate, net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counter parties are banks with high credit ratings assigned by international credit rating agencies.

Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets throughout the Group and constantly monitors the Group’s trading results to ensure that the Group can meet its future obligations as they fall due.

Cash flow risk
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on variable rate loans.
The Group is exposed to interest rate risk and the risk that increases in interest rates could impact the financial results and cash flow for the Group. The board monitor interest rates regularly to mitigate the impact on the Group's results. The Group have no external borrowings and therefore have no exposure to interest rate variability on external borrowings. The directors aim to ensure that the Group has sufficient liquid resources to meet its operational requirements. This is closely monitored by the directors.

Streamlined energy and carbon report

Speller Metcalfe Limited is an intermediate holding company of a Group of entities where Speller Metcalfe Malvern Limited is the only Company within the Group that meets the qualifying requirements for Streamlined Energy & Carbon reporting, as such the energy consumption for this Company is recorded within the overall parent entity’s figures detailed in this report. Speller Metcalfe Limited itself is exempt from the reporting requirements as its annual energy consumption does not exceed 40,000 kWh.

Speller Metcalfe Limited

Directors' Report for the Year Ended 31 March 2026 (continued)

| Unit | 2026 | 2025
Energy Consumption used to calculate emissions | kWh | 4,242,181 | 4,404,309
Emissions from combustion of gas | tCO2e | 14.22 | 10.29
Emissions from combustion of fuel for transport purposes | tCO2e | 159.62 | 116.21
Emissions from combustion of fuel for transport purposes in employee-owned vehicles | tCO2e | 261.14 | 257.65
Emission from combustion of fuel - project activities | tCO2e | 310.13 | 376.93
Emission from purchased electricity | tCO2e | 351.26 | 349.79
Total Gross | tCO2e | 1,096 | 1,110.87
Intensity Ratio | tCO2e/£m | 6.90 | 6.83

Methodologies
GHG emissions have been calculated through the application of the Government Greenhouse Gas conversions factors for company reporting (June 2023) using the reporting standard ’The Greenhouse Gas Protocol - A Corporate Accounting and Reporting Standard Revised Edition’
Data across the reporting fields are gathered from the wider carbon reduction plans, which are split to reflect both Malvern including aspects of Holding, and Living.
Data is collected by the SHEQ Team, administration team and Project delivery teams on site.

Progress against our carbon reduction measures are detailed below:
• UKAS ISO14001 Environmental Management System - the Group has maintained accreditation since 2006 and intend to do so annually, this was passed in Q1 2025 with a re validation in December 2025.
• Utilisation, where possible, of Hydrotreated Vegetable Oil (HVO) in place of standard diesel for site use.
• The Group continues to utilise the Green Guide to Specification when involved in co-ordination building design - analysis is further by project specific cradle to cradle life cycle assessments to inform material selection taking account of embodied carbon.
• We seek to source materials from ISO14001 or BES6001 accredited sources where possible. We source timber from FSC or PEFC sustainable sourcing certification. We limit the number of materials we purchase with high Volatile Organic Compounds (VOCs). We source insulation with a Global Warming Potential of less than 5.
• A commitment to being Net Zero Carbon for our Scope 1 & 2 carbon emissions by 2032.
• We aim to source 70% of subcontract & material trade packages by value, within 30 miles of a site.
• Maintain all site won waste material, where possible to reduce off-site disposal and associated transportation emissions.
• We have ensured the hire of eco-cabins since 2014, for site offices, sub-contractor offices and welfare facilities.
• Reducing our business travel, and associated emissions, through improved virtual communication and implementation of flexible working policies.
• Additional electrical vehicle charging infrastructure has been installed at our fixed location offices to support the transition to an electric fleet.
• Electric Vehicle salary sacrifice scheme encourages our employees to drive EV’s to reduce employee commuting emissions, both business and personal.
• Commit to operating a Carbon Reduction Action Group to seek and trial new ideas for reduce our footprint.

Speller Metcalfe Limited

Directors' Report for the Year Ended 31 March 2026 (continued)

Future developments

Future developments are covered within the Strategic Report for the year.

Engagement with employees, suppliers, customers and other relationships
Engagement with employees, suppliers, customers and other relationships are covered within the Strategic Report for the year.

Going concern

The Directors have assessed the Group’s ability to continue as a going concern for a period of twelve months from the date of approval of these financial statements. After reviewing the Group's forecasts and order book, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Disclosure of information to the auditor

Each Director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 10 July 2026 and signed on its behalf by:

J A Lewis
Director

Speller Metcalfe Limited

Statement of Directors' Responsibilities

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

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

• | select suitable accounting policies and apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Speller Metcalfe Limited

Independent Auditor's Report to the Members of Speller Metcalfe Limited

Opinion

We have audited the financial statements of Speller Metcalfe Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Group's and the parent Company's affairs as at 31 March 2026 and of the Group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's and Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

Speller Metcalfe Limited

Independent Auditor's Report to the Members of Speller Metcalfe Limited (continued)

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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent Company 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 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group’s and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the Group's and Company's industry and its control environment and reviewed the Group's and Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group and company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's and Company's ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

Speller Metcalfe Limited

Independent Auditor's Report to the Members of Speller Metcalfe Limited (continued)

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of our report

This report is made solely to the parent 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 parent Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent Company and the parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Fussell (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 0UX

10 July 2026

Speller Metcalfe Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 158,941,194 | 162,066,220
Cost of sales |  | (141,476,952) | (146,747,675)
Gross profit |  | 17,464,242 | 15,318,545
Administrative expenses |  | (13,559,955) | (12,795,150)
Other operating income | 4 | 70,342 | 60,687
Operating profit | 5 | 3,974,629 | 2,584,082
Other interest receivable and similar expenses | 6 | 1,034,229 | 802,906
Profit before tax |  | 5,008,858 | 3,386,988
Taxation | 10 | (1,213,875) | (809,509)
Profit for the financial year |  | 3,794,983 | 2,577,479
Profit attributable to: |  |  |
Owners of the company |  | 3,794,983 | 2,577,479

The above results were derived from continuing operations.

The Group has no other comprehensive income for the year.

Speller Metcalfe Limited

(Registration number: 06740881)
Consolidated Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Intangible assets | 11 | 3,937 | 972
Tangible assets | 12 | 1,263,110 | 1,086,150
Investments | 13 | 192,850 | 167,495
|  | 1,459,897 | 1,254,617
Current assets |  |  |
Debtors | 14 | 29,835,219 | 37,686,467
Current asset investments | 15 | 5,259,616 | 5,000,000
Cash at bank and in hand | 16 | 24,783,927 | 23,586,094
|  | 59,878,762 | 66,272,561
Creditors: Amounts falling due within one year | 17 | (50,485,957) | (60,325,585)
Net current assets |  | 9,392,805 | 5,946,976
Total assets less current liabilities |  | 10,852,702 | 7,201,593
Provisions for liabilities | 18 | (1,739,272) | (1,883,146)
Net assets |  | 9,113,430 | 5,318,447
Capital and reserves |  |  |
Called up share capital | 20 | 100,000 | 100,000
Profit and loss account | 21 | 9,013,430 | 5,218,447
Shareholder funds |  | 9,113,430 | 5,318,447

Approved and authorised by the Board on 10 July 2026 and signed on its behalf by:

J A Speller
Director

Speller Metcalfe Limited

(Registration number: 06740881)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Intangible assets | 11 | 3,381 | -
Tangible assets | 12 | 869,417 | 693,825
Investments | 13 | 147,501 | 147,501
|  | 1,020,299 | 841,326
Current assets |  |  |
Debtors | 14 | 5,477,385 | 4,168,035
Cash at bank and in hand | 16 | 26,301 | 77,087
|  | 5,503,686 | 4,245,122
Creditors: Amounts falling due within one year | 17 | (5,833,961) | (4,461,882)
Net current liabilities |  | (330,275) | (216,760)
Total assets less current liabilities |  | 690,024 | 624,566
Provisions for liabilities | 18 | (32,678) | (40,726)
Net assets |  | 657,346 | 583,840
Capital and reserves |  |  |
Called up share capital | 20 | 100,000 | 100,000
Profit and loss account |  | 557,346 | 483,840
Shareholders' funds |  | 657,346 | 583,840

The Company made a profit after tax for the financial year of £73,506 (2025 - profit of £266).

Approved and authorised by the Board on 10 July 2026 and signed on its behalf by:

J A Speller
Director

Speller Metcalfe Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
Equity attributable to the parent company

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2025 | 100,000 | 5,218,447 | 5,318,447
Profit for the year | - | 3,794,983 | 3,794,983
At 31 March 2026 | 100,000 | 9,013,430 | 9,113,430

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2024 | 100,000 | 2,640,968 | 2,740,968
Profit for the year | - | 2,577,479 | 2,577,479
At 31 March 2025 | 100,000 | 5,218,447 | 5,318,447

Speller Metcalfe Limited

Statement of Changes in Equity for the Year Ended 31 March 2026

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2025 | 100,000 | 483,840 | 583,840
Profit for the year | - | 73,506 | 73,506
At 31 March 2026 | 100,000 | 557,346 | 657,346

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2024 | 100,000 | 483,574 | 583,574
Profit for the year | - | 266 | 266
At 31 March 2025 | 100,000 | 483,840 | 583,840

Speller Metcalfe Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Cash flows from operating activities
Profit for the year |  | 3,794,983 | 2,577,479
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 309,147 | 193,583
(Profit)/loss on disposal of tangible assets |  | (4,249) | 2,226
Finance income | 6 | (1,034,229) | (802,906)
Income tax expense | 10 | 1,213,875 | 809,509
|  | 4,279,527 | 2,779,891
Working capital adjustments |  |  |
Decrease/(increase) in trade debtors |  | 7,851,248 | (12,766,715)
(Decrease)/increase in trade creditors |  | (10,579,253) | 19,296,006
(Decrease)/increase in provisions |  | (143,874) | 378,158
Cash generated from operations |  | 1,407,648 | 9,687,340
Income taxes (paid)/received |  | (474,250) | 5,903
Net cash flow from operating activities |  | 933,398 | 9,693,243
Cash flows from investing activities |  |  |
Interest received |  | 1,034,229 | 802,906
Acquisitions of tangible assets |  | (485,874) | (559,045)
Proceeds from sale of tangible assets |  | 4,432 | 60,026
Acquisition of intangible assets |  | (3,381) | -
Acquisition of investments |  | (25,355) | (73,187)
Acquisition of current asset investment |  | (259,616) | (5,000,000)
Net cash flows from investing activities |  | 264,435 | (4,769,300)
Net increase in cash and cash equivalents |  | 1,197,833 | 4,923,943
Cash and cash equivalents at 1 April | 16 | 23,586,094 | 18,662,151
Cash and cash equivalents at 31 March | 16 | 24,783,927 | 23,586,094

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Maple Road
Enigma Business Park
Malvern
Worcestershire
WR14 1GQ

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the Group and Company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Speller Metcalfe Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in relation to financial instruments and presentation of a statement of cashflows.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March 2026.
No profit or loss account is presented for the Company as permitted by section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 2 | Accounting policies (continued)

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Name of parent of group

These financial statements are consolidated in the financial statements of Speller Metcalfe Group Limited.

The financial statements of Speller Metcalfe Group Limited may be obtained from the company's registered office.

Going concern

The directors have assessed the group’s ability to continue as a going concern for a period of twelve months from the date of approval of these financial statements. After reviewing the group's forecasts and order book, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

Other than set out in these accounting policies, the following key sources of estimation uncertainty have been identified by management in preparing these financial statements.

Contract revenue
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the costs incurred to date compared to the total costs required to complete the contract. Estimates of the total costs to complete are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

Recoverability of trade debtors and retentions
The Group makes an estimation of the recoverable value of trade debtors including historic retention balances. When assessing impairment of the trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtor and historical experience.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 2 | Accounting policies (continued)

Long term contracts
Internal and third party surveyors' valuations of individual contracts are used as the basis for establishing turnover and the attributable profit and foreseeable loss recognised at the balance sheet date. Amounts recoverable on contracts, which are included in debtors, arise where internal surveyor valuations are in excess of third party valuations. Third party valuations in excess of internal valuations are deducted from turnover and included within creditors as payments on account. Costs to complete are consistently monitored and updated to ensure correct profitability is recognised.
Each contract is monitored against the specific terms and conditions and where additional liabilities or penalties become due these are provided for based on management assessment of end situation taking in independent opinion as and when required.
A specific provision for maintenance costs is allocated to each contract based on an internal surveyor's judgement and experience.

Revenue recognition

Turnover comprises both the invoiced value of goods and services supplied, exclusive of value added tax and trade discounts, driven by third party surveyor valuations, adjusted for unbilled amounts recoverable on contracts calculated by internal surveyor valuations.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.
When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is measured by the proportion that costs incurred to date bare to the anticipated final contract costs. 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. 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 it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than freehold land over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings | 2% straight line
Plant, fixtures and fittings | 20% - 25% straight line
Motor vehicles | 20% - 25% straight line

Intangible assets

Intangible assets are recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software | 5 years straight line

Investments

Investments in equity shares or commodities which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares or commodities which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Investments in subsidiaries are measured at cost less accumulated impairment.

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 from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 2 | Accounting policies (continued)

Provisions

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the Group is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 2 | Accounting policies (continued)

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The analysis of the Group's revenue for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Construction contracts | 158,941,194 | 162,066,220

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

| 4 | Other operating income

The analysis of the Group's other operating income for the year is as follows:

| 2026 £ | 2025 £
Grants and subsidies | 70,342 | 60,687

The Group received grants of £58,341 (2025 - £51,703) from the Construction Industry Training Board which are accounted for as revenue grants and was credited to the profit and loss account.

| 5 | Operating profit

Arrived at after charging

| 2026 £ | 2025 £
Depreciation expense | 308,731 | 193,166
Amortisation expense (included in administrative expenses) | 416 | 417
Operating lease expense | 181,005 | 175,127

| 6 | Other interest receivable and similar income

| 2026 £ | 2025 £
Interest income on bank deposits | 1,034,229 | 802,906

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 7 | Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 17,087,280 | 15,636,005
Social security costs | 2,298,478 | 1,815,561
Pension costs, defined contribution scheme | 1,600,709 | 1,541,677
| 20,986,467 | 18,993,243

The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Production | 111 | 93
Administration and support | 151 | 153
| 262 | 246

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 3,044,110 | 2,891,485
Social security costs | 424,467 | 345,479
Pension costs, defined contribution scheme | 397,573 | 594,912
| 3,866,150 | 3,831,876

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Administration and support | 43 | 41

| 8 | Directors' remuneration

The directors' remuneration (including those from the group) for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 709,763 | 795,382
Contributions paid to money purchase schemes | 293,260 | 306,768
| 1,003,023 | 1,102,150

During the year the number of directors who were receiving benefits was as follows:

| 2026 No. | 2025 No.
Accruing benefits under defined contribution pension scheme | 3 | 3

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 8 | Directors' remuneration (continued)

In respect of the highest paid director:

| 2026 £ | 2025 £
Remuneration | 212,023 | 253,019
Company contributions to money purchase pension schemes | 86,065 | 88,792

| 9 | Auditors' remuneration

| 2026 £ | 2025 £
Audit of these financial statements | 5,800 | 7,400
Audit of subsidiary financial statements | 45,100 | 42,950
| 50,900 | 50,350
Other fees to auditors |  |
Taxation compliance services | 10,650 | 9,400
All other non-audit services | 14,250 | 10,400
| 24,900 | 19,800

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 10 | Taxation

Tax charged in the profit and loss account

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 1,168,146 | 141,369
UK corporation tax adjustment to prior periods | 35,506 | -
| 1,203,652 | 141,369
Deferred taxation |  |
Arising from origination and reversal of timing differences | 99,810 | 722,457
Adjustment in respect of prior periods | (89,587) | (54,317)
Total deferred taxation | 10,223 | 668,140
Tax expense in the profit and loss account | 1,213,875 | 809,509

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Profit before tax | 5,008,858 | 3,386,988
Corporation tax at standard rate | 1,252,240 | 846,772
Effect of expense not deductible in determining taxable profit (tax loss) | 4,918 | 12,258
Deferred tax adjustment in respect of prior periods | (89,587) | (54,317)
Adjustment in respect of prior periods | 35,506 | -
Fixed asset timing differences | 10,798 | 4,796
Total tax charge | 1,213,875 | 809,509

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 10 | Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2026 | Liability £
Fixed asset timing differences | 175,659
Short term timing differences | (93,689)
| 81,970

2025 | Liability £
Fixed asset timing differences | 159,944
Short term timing differences | (88,197)
| 71,747

Company

Deferred tax assets and liabilities

2026 | Liability £
Fixed asset timing difference | 86,822
Short term timing differences | (54,144)
| 32,678

2025 | Liability £
Fixed asset timing difference | 75,607
Short term timing differences | (34,881)
| 40,726

Deferred taxes at the balance sheet date have been measured using the enacted tax rates of 25% (2025 - 25%) and reflected in these financial statements.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 11 | Intangible assets

Group

| Software £
Cost
At 1 April 2025 | 4,489
Additions | 3,381
At 31 March 2026 | 7,870
Amortisation
At 1 April 2025 | 3,517
Amortisation charge | 416
At 31 March 2026 | 3,933
Carrying amount
At 31 March 2026 | 3,937
At 31 March 2025 | 972

Company

| Software £
Cost or valuation
Additions | 3,381
At 1 April 2025 | 3,381
Carrying amount
At 31 March 2026 | 3,381
At 31 March 2025 | -

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 12 | Tangible assets

Group

| Freehold property £ | Plant, fixtures and fittings £ | Motor vehicles £ | Total £
Cost
At 1 April 2025 | 337,221 | 2,882,446 | 737,489 | 3,957,156
Additions | - | 132,283 | 353,591 | 485,874
Disposals | - | (10,791) | (58,665) | (69,456)
At 31 March 2026 | 337,221 | 3,003,938 | 1,032,415 | 4,373,574
Depreciation
At 1 April 2025 | 52,188 | 2,315,429 | 503,389 | 2,871,006
Charge for the year | 4,744 | 179,188 | 124,799 | 308,731
Eliminated on disposal | - | (10,791) | (58,482) | (69,273)
At 31 March 2026 | 56,932 | 2,483,826 | 569,706 | 3,110,464
Carrying amount
At 31 March 2026 | 280,289 | 520,112 | 462,709 | 1,263,110
At 31 March 2025 | 285,033 | 567,017 | 234,100 | 1,086,150

Included within the net book value of freehold property above is £100,000 (2025 - £100,000) in respect of freehold land which is not depreciated.

Company

| Freehold property £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost
At 1 April 2025 | 337,221 | 758,738 | - | 1,095,959
Additions | - | 88,811 | 234,034 | 322,845
At 31 March 2026 | 337,221 | 847,549 | 234,034 | 1,418,804
Depreciation
At 1 April 2025 | 52,188 | 349,946 | - | 402,134
Charge for the year | 4,744 | 106,862 | 35,647 | 147,253
At 31 March 2026 | 56,932 | 456,808 | 35,647 | 549,387
Carrying amount
At 31 March 2026 | 280,289 | 390,741 | 198,387 | 869,417
At 31 March 2025 | 285,033 | 408,792 | - | 693,825

Included within the net book value of freehold property above is £100,000 (2025 - £100,000) in respect of freehold land which is not depreciated.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 13 | Investments

Group

| 2026 £ | 2025 £
At 1 April 2025 | 167,495 | 81,308
Additions | 25,355 | 86,187
At 31 March 2026 | 192,850 | 167,495

Company

| 31 March 2026 £ | 31 March 2025 £
Investments in subsidiaries | 100,001 | 100,001
Other investments | 47,500 | 47,500
| 147,501 | 147,501

Other investments are stated at cost less impairment.

Subsidiaries | £
Cost or valuation
At 1 April 2025 and 31 March 2026 | 130,001
Provision
At 1 April 2025 and 31 March 2026 | 30,000
Carrying amount
At 31 March 2026 | 100,001
At 31 March 2025 | 100,001

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2026 | 2025
Subsidiary undertakings
Speller Metcalfe Malvern Limited | Maple Road, Enigma Business Park, Malvern, Worcestershire, England & Wales, WR14 1GQ |
Ordinary
100%
100%
Speller Metcalfe Gloucester Limited | Maple Road, Enigma Business Park, Malvern, Worcestershire, England & Wales, WR14 1GQ |
Ordinary
100%
100%
Speller Metcalfe Living Limited | Maple Road, Enigma Business Park, Malvern, Worcestershire, England & Wales, WR14 1GQ |
Ordinary
100%
100%

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 14 | Debtors

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Trade debtors | 18,615,946 | 28,984,031 | 720 | 1,260
Amounts owed by related parties | 2,878,500 | 2,878,500 | 4,332,072 | 3,220,987
Other debtors | 689,446 | 540,236 | 355,998 | 196,154
Prepayments | 892,305 | 871,658 | 788,595 | 749,634
Gross amount due from customers for contract work | 6,759,022 | 4,412,042 | - | -
Total current trade and other debtors | 29,835,219 | 37,686,467 | 5,477,385 | 4,168,035

Amounts due from related parties are interest free, unsecured and repayable on demand.

| 15 | Current asset investments

Current asset investments of £5,259,616 (2025 - £5,000,000) relates to time cash deposits held with Santander Bank.

| 16 | Cash and cash equivalents

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Cash at bank | 24,783,927 | 23,586,094 | 26,301 | 77,087

| 17 | Creditors

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Due within one year |  |  |  |
Trade creditors | 13,101,434 | 16,267,939 | 594,175 | 456,487
Amounts due to related parties | - | - | 3,332,983 | 1,751,956
Social security and other taxes | 1,022,200 | 6,721,743 | 1,156,938 | 1,016,721
Contract accruals | 21,365,785 | 19,460,587 | - | -
Other creditors | 81,315 | 376,156 | 79,721 | 309,038
Accrued expenses | 1,859,338 | 1,347,000 | 635,028 | 927,680
Corporation tax liability | 888,866 | 147,272 | 35,116 | -
Gross amount due to customers for contract work | 12,167,019 | 16,004,888 | - | -
| 50,485,957 | 60,325,585 | 5,833,961 | 4,461,882

Amounts due to related parties are interest free, unsecured and repayable on demand.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 18 | Provisions for liabilities

Group

| Deferred tax £ | Maintenance provision £ | Latent defect provision £ | Total £
At 1 April 2025 | 71,747 | 1,711,399 | 100,000 | 1,883,146
Increase/(decrease) in existing provisions | 10,223 | (154,097) | - | (143,874)
At 31 March 2026 | 81,970 | 1,557,302 | 100,000 | 1,739,272

The maintenance provision is recognised when it is probable that costs will be incurred during the defect liability period.
The latent defect provision is recognised when it is probable that costs will be incurred outside of the defect liability period.

Company

| Deferred tax £
At 1 April 2025 | 40,726
Decrease in existing provisions | (8,048)
At 31 March 2026 | 32,678

| 19 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £1,600,709 (2025 - £1,541,677).

| 20 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1 each | 100,000 | 100,000 | 100,000 | 100,000

| 21 | Reserves

Called up share capital
This represents the nominal value of the issued equity share capital of the Company.

Profit and loss account
This represents the cumulative profits and losses, net of dividends paid and other adjustments.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 22 | Obligations under leases

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 133,412 | 97,545
Later than one year and not later than five years | 170,131 | 112,522
| 303,543 | 210,067

The amount of non-cancellable operating lease payments recognised as an expense during the year was £181,005 (2025 - £175,127).

Company

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 62,412 | 72,545
Later than one year and not later than five years | 43,860 | 106,272
| 106,272 | 178,817

The amount of non-cancellable operating lease payments recognised as an expense during the year was £78,755 (2025 - £90,068).

| 23 | Contingent liabilities

Group

At the year end surety guarantees issued to Speller Metcalfe Malvern Limited amounted to £4,919,455 (2025: £4,919,455).
The Group's maximum exposure under cross-guarantee arrangements at the reporting date was £102,191 (2025: £23,240).

| 24 | Related party transactions

Group

At 31 March 2026, there were overdrawn loan accounts in respect of certain Directors included in other debtors amounting to £333,416 (2025 - £85,952). There is no interest charged or conditions attached to these loans.
During the year the Group leased a property from Speller Metcalfe Retirement Trust at a cost of £67,875 (2025 - £67,875). S R Speller and A J Metcalfe are trustees of the scheme.

Transactions with ultimate parent company
At the year end £2,878,500 (2025 - £2,878,500) is due from the parent Company, which arose from funds advanced in the prior year which are unsecured, repayable on demand and interest free.

Speller Metcalfe Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

| 25 | Parent and ultimate parent undertaking

The immediate and ultimate parent company is Speller Metcalfe Group Limited, incorporated in the United Kingdom.
The parent of the smallest and largest group in which these financial statements are consolidated is Speller Metcalfe Group Limited, incorporated in the United Kingdom.
The financial statements of Speller Metcalfe Group Limited are available from Maple Road, Enigma Business Park, Malvern, Worcestershire, WR14 1GQ.