REGISTERED NUMBER: SC079540 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

MULHOLLAND HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

P D Mulholland

SECRETARY:

K P R Breen

REGISTERED OFFICE:

Polbeth Industrial Estate

West Calder

West Lothian

EH55 8TJ

REGISTERED NUMBER:

SC079540 (Scotland)

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

The director presents his strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS AND FUTURE PROSPECTS

Mulholland Holdings Ltd had a promising year. Overall group Turnover increased by 15%, and gross profit margins increased by 1%. Profit before taxation increased from £1.6m to £1.8m.

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 the group 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 group 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 group'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 Holdings Limited is the parent company in 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 group 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 group has conducted apprentice and adult training opportunities and are carrying out a training program to provide continuous improvement throughout the workforce.

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

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

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial highlights for the group are as follows:

2025

2024

Turnover

£'000

47,412

41,165

Profit before tax

£'000

1,753

1,454

Profit margin before tax

%

3.70

3.53

Balance sheet strength

£'000

33,505

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 group is committed to sustainable practices in order to minimise our impact on the environment and create a positive legacy for future generations. The group 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 group analyses data and energy consumption, carries out energy surveys and produces reports including energy efficiency plans.

OUR PEOPLE, TRAINING AND EMPLOYEE INVOLVEMENT

The group'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.

FUTURE OUTLOOK

The group 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:

Director

10 July 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITY

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

DIVIDENDS

An interim dividend of £2,222 per share was paid on 31 July 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 July 2025 will be £ 120,000 .

DIRECTOR

P D Mulholland held office during the whole of the period from 1 August 2024 to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING

This is the fourth year that Mulholland Contracts Ltd 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.

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 fourth 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

12.01

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 group has chosen in accordance with Companies Act 2006 s414C(11) to set out in the group'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.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2025 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 Auditors' 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 director's 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 the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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/Group 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/Group, 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/Group'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.

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

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

)

(7,337,253

)

1,770,758

1,027,675

Other operating income

5

315,401

491,835

Gain/loss on revaluation of tangible assets

(364,329

)

-

OPERATING PROFIT

7

1,721,830

1,519,510

Interest receivable and similar income

8

221,626

247,098

1,943,456

1,766,608

Interest payable and similar expenses

9

(190,687

)

(193,215

)

PROFIT BEFORE TAXATION

1,752,769

1,573,393

Tax on profit

10

(531,653

)

(525,419

)

PROFIT FOR THE FINANCIAL YEAR

1,221,116

1,047,974

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

1,264,766

1,047,974

Profit attributable to:

Owners of the parent

670,578

583,987

Non-controlling interests

550,538

463,987

1,221,116

1,047,974

Total comprehensive income attributable to:

Owners of the parent

692,403

583,988

Non-controlling interests

572,363

463,986

1,264,766

1,047,974

FIXED ASSETS

Tangible assets

14

23,129,070

22,246,632

Investments

15

-

-

23,129,070

22,246,632

CURRENT ASSETS

Stocks

16

769,216

760,911

Debtors

17

9,990,597

8,293,533

Cash at bank and in hand

11,820,769

11,666,973

22,580,582

20,721,417

CREDITORS

Amounts falling due within one year

18

(8,636,756

)

(7,095,234

)

NET CURRENT ASSETS

13,943,826

13,626,183

TOTAL ASSETS LESS CURRENT LIABILITIES

37,072,896

35,872,815

CREDITORS

Amounts falling due after more than one year

19

-

(65,042

)

PROVISIONS FOR LIABILITIES

23

(3,568,594

)

(3,448,237

)

NET ASSETS

33,504,302

32,359,536

CAPITAL AND RESERVES

Called up share capital

24

54

54

Revaluation reserve

25

5,476,959

5,526,133

Capital redemption reserve

25

54

54

Retained earnings

25

11,253,755

10,632,178

SHAREHOLDERS' FUNDS

16,730,822

16,158,419

NON-CONTROLLING INTERESTS

16,773,480

16,201,117

TOTAL EQUITY

33,504,302

32,359,536

The financial statements were approved by the director and authorised for issue on 10 July 2026 and were signed by:

P D Mulholland - Director

FIXED ASSETS

Tangible assets

14

-

-

Investments

15

50,104

50,104

50,104

50,104

CURRENT ASSETS

Debtors

17

112,089

112,089

Cash in hand

2

2

112,091

112,091

CREDITORS

Amounts falling due within one year

18

(1,064

)

(1,064

)

NET CURRENT ASSETS

111,027

111,027

TOTAL ASSETS LESS CURRENT LIABILITIES

161,131

161,131

CAPITAL AND RESERVES

Called up share capital

24

54

54

Capital redemption reserve

25

54

54

Retained earnings

25

161,023

161,023

SHAREHOLDERS' FUNDS

161,131

161,131

Company's profit for the financial year

120,000

120,000

The financial statements were approved by the director and authorised for issue on 10 July 2026 and were signed by:

P D Mulholland - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 August 2023

54

10,163,405

5,530,919

Changes in equity

Dividends

-

(120,000

)

-

Total comprehensive income

-

583,987

-

Transfer between reserves

-

4,786

(4,786

)

Balance at 31 July 2024

54

10,632,178

5,526,133

Changes in equity

Dividends

-

(120,000

)

-

Total comprehensive income

-

670,578

21,825

Transfer between reserves

-

70,999

(70,999

)

Balance at 31 July 2025

54

11,253,755

5,476,959

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 August 2023

54

15,694,432

15,737,131

31,431,563

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

583,987

463,986

1,047,973

Balance at 31 July 2024

54

16,158,419

16,201,117

32,359,536

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

692,403

572,363

1,264,766

Balance at 31 July 2025

54

16,730,822

16,773,480

33,504,302

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2023

54

161,023

54

161,131

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

120,000

-

120,000

Balance at 31 July 2024

54

161,023

54

161,131

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

120,000

-

120,000

Balance at 31 July 2025

54

161,023

54

161,131

Cash flows from operating activities

Cash generated from operations

1

3,520,064

2,188,569

Interest paid

(60,000

)

(34,694

)

Interest element of hire purchase payments paid

(10,687

)

(38,521

)

Finance costs paid

(120,000

)

(120,000

)

Tax paid

(184,214

)

(512,414

)

Net cash from operating activities

3,145,163

1,482,940

Cash flows from investing activities

Purchase of tangible fixed assets

(3,469,528

)

(1,940,757

)

Sale of tangible fixed assets

647,022

739,724

Interest received

221,626

247,098

Net cash from investing activities

(2,600,880

)

(953,935

)

Cash flows from financing activities

Capital repayments in year

(270,487

)

(1,154,207

)

Equity dividends paid

(120,000

)

(120,000

)

Net cash from financing activities

(390,487

)

(1,274,207

)

Increase/(decrease) in cash and cash equivalents

153,796

(745,202

)

Cash and cash equivalents at beginning of year

2

11,666,973

12,412,175

Cash and cash equivalents at end of year

2

11,820,769

11,666,973

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

2025

2024

as restated

£

£

Profit before taxation

1,752,769

1,573,393

Depreciation charges

1,798,049

1,832,273

Profit on disposal of fixed assets

(164,109

)

(162,677

)

Loss on revaluation of fixed assets

364,329

-

Finance costs

190,687

193,215

Finance income

(221,626

)

(247,098

)

3,720,099

3,189,106

(Increase)/decrease in stocks

(8,305

)

65,465

Decrease in trade and other debtors

17,079

1,152,175

Decrease in trade and other creditors

(208,809

)

(2,218,177

)

Cash generated from operations

3,520,064

2,188,569

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

11,820,769

11,666,973

Year ended 31 July 2024

31.7.24

1.8.23

as restated

£

£

Cash and cash equivalents

11,666,973

12,412,175