IRIS Accounts Production v26.1.10.61 02739418 Board of Directors Board of Directors 1.4.25 31.3.26 31.3.26 Medium entities true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02739418 2025-03-31 02739418 2026-03-31 02739418 2025-04-01 2026-03-31 02739418 2024-03-31 02739418 2024-04-01 2025-03-31 02739418 2025-03-31 02739418 ns15:EnglandWales 2025-04-01 2026-03-31 02739418 ns14:PoundSterling 2025-04-01 2026-03-31 02739418 ns10:Director1 2025-04-01 2026-03-31 02739418 ns10:Director2 2025-04-01 2026-03-31 02739418 ns10:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 02739418 ns10:MediumEntities 2025-04-01 2026-03-31 02739418 ns10:Audited 2025-04-01 2026-03-31 02739418 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-04-01 2026-03-31 02739418 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-04-01 2026-03-31 02739418 ns10:FullAccounts 2025-04-01 2026-03-31 02739418 1 2025-04-01 2026-03-31 02739418 ns10:OrdinaryShareClass1 2025-04-01 2026-03-31 02739418 ns10:Director3 2025-04-01 2026-03-31 02739418 ns10:Director4 2025-04-01 2026-03-31 02739418 ns10:CompanySecretary1 2025-04-01 2026-03-31 02739418 ns10:RegisteredOffice 2025-04-01 2026-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2026-03-31 02739418 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 02739418 ns5:CurrentFinancialInstruments 2026-03-31 02739418 ns5:CurrentFinancialInstruments 2025-03-31 02739418 ns5:ShareCapital 2026-03-31 02739418 ns5:ShareCapital 2025-03-31 02739418 ns5:NetGoodwill 2025-04-01 2026-03-31 02739418 ns5:IntangibleAssetsOtherThanGoodwill 2025-04-01 2026-03-31 02739418 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-04-01 2026-03-31 02739418 ns5:PlantMachinery 2025-04-01 2026-03-31 02739418 ns5:FurnitureFittings 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment1 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment1 2024-04-01 2025-03-31 02739418 ns5:ReportableOperatingSegment2 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment2 2024-04-01 2025-03-31 02739418 ns5:ReportableOperatingSegment3 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment3 2024-04-01 2025-03-31 02739418 ns5:ReportableOperatingSegment4 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment4 2024-04-01 2025-03-31 02739418 ns5:ReportableOperatingSegment5 2025-04-01 2026-03-31 02739418 ns5:ReportableOperatingSegment5 2024-04-01 2025-03-31 02739418 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2025-04-01 2026-03-31 02739418 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-04-01 2025-03-31 02739418 ns15:UnitedKingdom 2025-04-01 2026-03-31 02739418 ns15:UnitedKingdom 2024-04-01 2025-03-31 02739418 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2025-04-01 2026-03-31 02739418 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-04-01 2025-03-31 02739418 ns10:HighestPaidDirector 2025-04-01 2026-03-31 02739418 ns10:HighestPaidDirector 2024-04-01 2025-03-31 02739418 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2025-04-01 2026-03-31 02739418 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-04-01 2025-03-31 02739418 ns5:OwnedAssets 2025-04-01 2026-03-31 02739418 ns5:OwnedAssets 2024-04-01 2025-03-31 02739418 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 02739418 ns5:NetGoodwill 2025-03-31 02739418 ns5:ComputerSoftware 2025-03-31 02739418 ns5:NetGoodwill 2026-03-31 02739418 ns5:ComputerSoftware 2026-03-31 02739418 ns5:NetGoodwill 2025-03-31 02739418 ns5:ComputerSoftware 2025-03-31 02739418 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-03-31 02739418 ns5:PlantMachinery 2025-03-31 02739418 ns5:FurnitureFittings 2025-03-31 02739418 ns5:ShortLeaseholdAssets ns5:LandBuildings 2026-03-31 02739418 ns5:PlantMachinery 2026-03-31 02739418 ns5:FurnitureFittings 2026-03-31 02739418 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-03-31 02739418 ns5:PlantMachinery 2025-03-31 02739418 ns5:FurnitureFittings 2025-03-31 02739418 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2026-03-31 02739418 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 02739418 ns5:WithinOneYear 2026-03-31 02739418 ns5:WithinOneYear 2025-03-31 02739418 ns5:BetweenOneFiveYears 2026-03-31 02739418 ns5:BetweenOneFiveYears 2025-03-31 02739418 ns5:MoreThanFiveYears 2026-03-31 02739418 ns5:MoreThanFiveYears 2025-03-31 02739418 ns5:AllPeriods 2026-03-31 02739418 ns5:AllPeriods 2025-03-31 02739418 ns5:DeferredTaxation 2025-03-31 02739418 ns5:DeferredTaxation 2025-04-01 2026-03-31 02739418 ns5:DeferredTaxation 2026-03-31 02739418 ns10:OrdinaryShareClass1 2026-03-31

REGISTERED NUMBER: 02739418 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

PAINE MANWARING LIMITED

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Income and Retained Earnings | 9 |

| Balance Sheet | 10 |

| Notes to the Financial Statements | 11 |

| PAINE MANWARING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTORS: | A D Prager

| J M Preston

| A J Doick

| C J Linford

| SECRETARY: | C J Linford

| REGISTERED OFFICE: | Unit D Easting Close

| Dominion Way

| Worthing

| West Sussex

| BN14 8HQ

| REGISTERED NUMBER: | 02739418 (England and Wales)

| INDEPENDENT AUDITORS: | Lewis Brownlee (Chichester) Limited

| Statutory Auditors

| Appledram Barns

| Birdham Road

| Chichester

| West Sussex

| PO20 7EQ

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

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

FAIR REVIEW OF THE BUSINESS

The company reports revenue of £21.2m for the financial year 2025/26, a decrease of £4.5m compared with £25.7m in 2024/25. As anticipated in last year's report, the year reflected the forecast reduction in activity arising from contract delays and project cancellations amid continued economic turbulence affecting the UK construction industry.

Reflecting the continued softening of the wider UK economy, the Directors now forecast revenue of £21/23m for 2026/27 but on a reduced margin, with the anticipated return to growth to build through the 2027/28 financial year. More positively, the company's continued strong delivery for key clients during 2024/25 and 2025/26, including external recognition of its delivery performance by a major main contractor client, has strengthened its standing in the market, with a number of projects now being tendered at increased contract values.

To date, the company has secured projects totalling £13.6m, of which £11.9m is expected to be delivered in the 2026/27 financial year. This figure excludes repeat service work and a further £17.2m in pipeline tenders currently in final contract negotiations.

During 2025/26 the company continued the roll-out of its contract document management software, streamlining document handling and improving internal efficiency. This has supported service delivery to main contractors and compliance with the latest regulatory requirements. The company is also adopting artificial intelligence tools to complement its existing systems, further improving efficiency and the quality of service delivered to clients.

The Directors remain confident in the company's prospects for 2026/27 and beyond. This outlook aligns with the company's long-term strategic plans and reflects its resilience in navigating one of the most competitive environments the industry has faced.

Once again, the Directors wish to thank the company's employees for another year of hard work and dedication in achieving these levels of activity.

The core activities of the business continue to be working closely with repeat business clients and contractors and providing the highest level of service in maintaining the company's position as a well-respected and reputable mechanical and electrical contractor. The core focus of specialities in the healthcare, education, leisure, and industrial sectors as well as in high end and residential projects continues.

The company also has significant involvement in the domestic market where it continues to provide first-class services, including 24-hour emergency call outs in Sussex, Surrey and Hampshire.

Gross profit margins remain one of the company's key challenges. The gross profit margin moved to 20.9%, compared with 19.6% in the previous year. This improvement reflects continued investment in the workforce, management, management structure, systems, and processes.

Despite these pressures, the Directors are satisfied with a profit before taxation of £1.22m (2024/25: £1.97m). They believe that ongoing investment in people and infrastructure will position the company strongly as industry standards and requirements continue to evolve.

The statement of financial position continues to demonstrate the Directors' prudent reserve plans needed in this industry and further cements the company's substantial footing with £2.75m (2024/25: £2.2m) in total equity, healthy cash at bank and in hand balance of £2.3m (2024/25: £3.3m).

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

PRINCIPAL RISKS AND UNCERTAINTIES

The fortunes of the company's heating, plumbing and electrical trade are closely tied to those of the construction industry which continues to report difficulties for similar sized companies and is likely to remain fiercely competitive whilst we operate in the current economic climate of high interest rates, geopolitical uncertainties and client budget restraints. The current wage inflation will keep margins under pressure for the foreseeable future.

There is also a workforce skill set shortage within the plumbing and electrical trade which is putting continued pressure on direct labour costs and the gross margin achieved. The Directors have maintained the number and continue to invest in apprentices within the company over the last 12 months to help mitigate this impact.

Wider economic uncertainties also pose a risk, particularly regarding demand for new projects and the potential for business failures within the industry. Additionally, increasing regulation and health and safety requirements remain ongoing challenges.

The company actively monitors industry developments through its trade associations, ECA and BESA, ensuring it remains informed and compliant with evolving standards.

With a strong asset base, robust business plan, ongoing staff training, and investment in systems and compliance, the company is well-positioned to mitigate these risks and maintain operational resilience.

ON BEHALF OF THE BOARD:

C J Linford - Director

15 July 2026

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of contracting for the installation and maintenance of heating and electrical systems.

DIVIDENDS

Ordinary dividends were paid amounting to £342,000 (2025 - £1,100,000). The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The directors' consideration of future events, including the principal risks and uncertainties related to these, are included within the Strategic Report.

DIRECTORS

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

A D Prager

J M Preston

A J Doick

C J Linford

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity risks associated with the company’s activities.

The company’s principal financial instruments do not include derivative financial instruments. The company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The company manages its cash and any borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

THIRD PARTY INDEMNITY PROVISION

There is a third party indemnity provision in place for the benefit of all directors of the company.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

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

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

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

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

DIRECTORS' RESPONSIBILITIES STATEMENT - continued

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Linford - Director

15 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAINE MANWARING LIMITED

Opinion

We have audited the financial statements of Paine Manwaring Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAINE MANWARING LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, the Health and Safety at Work Act, and relevant building and electrical associations; |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and |

- |  | 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 assessed the susceptibility of the company’s financial statements to material misstatement, 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; and |

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAINE MANWARING LIMITED

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

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

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and |

- |  | investigated the rationale behind 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, where applicable; |

- |  | enquiring of management as to actual and potential litigation and claims; and |

- |  | reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable. |

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

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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

15 July 2026

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2026

2026 | 2025 |

| Notes | £ | £

TURNOVER | 3 | 21,199,736 |  | 25,732,191 |  |

Cost of sales | 16,772,804 |  | 20,694,111 |  |

GROSS PROFIT | 4,426,932 |  | 5,038,080 |  |

Administrative expenses | 3,271,023 |  | 3,139,269 |  |

OPERATING PROFIT | 6 | 1,155,909 |  | 1,898,811 |  |

Interest receivable and similar income | 68,871 |  | 68,046 |  |

PROFIT BEFORE TAXATION | 1,224,780 |  | 1,966,857 |  |

Tax on profit | 7 | 306,724 |  | 491,932 |  |

PROFIT FOR THE FINANCIAL YEAR | 918,056 |  | 1,474,925 |  |

Retained earnings at beginning of year | 2,123,261 |  | 1,748,336 |  |

Dividends | 8 | (342,000 | ) | (1,100,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 2,699,317 |  | 2,123,261 |  |

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

BALANCE SHEET

31 MARCH 2026

2026 | 2025 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 89,751 |  | 96,824 |  |

89,751 |  | 96,824 |  |

CURRENT ASSETS

Stocks | 11 | 26,683 |  | 26,823 |  |

Debtors | 12 | 4,079,689 |  | 3,383,868 |  |

Cash at bank | 2,337,399 |  | 3,288,899 |  |

6,443,771 |  | 6,699,590 |  |

CREDITORS

Amounts falling due within one year | 13 | 3,772,837 |  | 4,609,565 |  |

NET CURRENT ASSETS | 2,670,934 |  | 2,090,025 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,760,685 |  | 2,186,849 |  |

PROVISIONS FOR LIABILITIES | 15 | 11,368 |  | 13,588 |  |

NET ASSETS | 2,749,317 |  | 2,173,261 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 50,000 |  | 50,000 |  |

Retained earnings | 2,699,317 |  | 2,123,261 |  |

SHAREHOLDERS' FUNDS | 2,749,317 |  | 2,173,261 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

J M Preston - Director

C J Linford - Director

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

| Going concern

| The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the monthly orderbook projections and the impact of subsequent events in making their assessment.

| The directors have performed a robust analysis of the ongoing material price increases and wage inflation and their impact on the secured orderbook projections and future cashflows. Whilst at this stage it is difficult to predict all the further material price increases and wage inflation and their impacts with certainty the company has adequate resource to continue in operation existence for the foreseeable future.

| Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| • | the requirement of paragraph 33.7.

| Related party exemption

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

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and other discounts.

| Sale of goods

| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch or collection of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services and construction contracts

| Turnover from rendering of services and construction contracts is recognised when the outcome of a service or contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the service or contract.

| The methods used to determine the stage of completion are:

| - the proportion that costs incurred for work performed to date bear to the estimated total costs; and

| - surveys of work performed.

| If the outcome cannot be reliably measured, all costs are expensed and turnover is only recognised to the extent that it is probable that costs are recoverable. When it is probable that a loss will occur on a service or contract, this is recognised in full immediately as an onerous contract provision.

| Goodwill

| Acquired goodwill has been written off in equal annual instalments over its estimated useful economic life.

| Intangible assets

| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

| Software 20% per annum straight line

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Short leasehold | - | Over the expected life of the lease

| Plant and machinery | - | 10-20% on cost

| Fixtures and fittings | - | 10-20% on cost

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

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

| Stocks

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

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments are classified by the director as basic or advanced following the conditions in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Leasing commitments

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

| Pension costs and other post-retirement benefits

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

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense.

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

| Significant judgements and estimates

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Construction contracts

| In respect to construction contracts, the management undertake regular progress reviews. Profits (or losses) are recognised within the statement of comprehensive income as part of a contract's revenue and cost where management consider that the outcome of a construction contract can be estimated reliably. Reliable estimates are determined with reference to each contract’s stage of completion, future costs to complete and collectability of billings.

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

2026 | 2025 |

| £ | £

| Sale of goods | 36,145 |  | 41,970 |  |

| Rendering of services | 2,920,301 |  | 2,679,656 |  |

| Construction contracts | 18,219,820 |  | 22,985,415 |  |

| Management charges | 23,470 |  | 22,000 |  |

| Room rental | - |  | 3,150 |  |

21,199,736 |  | 25,732,191 |  |

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

2026 | 2025 |

| £ | £

| United Kingdom | 21,199,736 |  | 25,732,191 |  |

21,199,736 |  | 25,732,191 |  |

4. | EMPLOYEES AND DIRECTORS

2026 | 2025 |

| £ | £

| Wages and salaries | 4,481,438 |  | 4,379,337 |  |

| Social security costs | 463,406 |  | 364,266 |  |

| Other pension costs | 184,892 |  | 178,197 |  |

5,129,736 |  | 4,921,800 |  |

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

2026 | 2025 |

| Mechanical | 35 |  | 36 |  |

| Servicing | 30 |  | 31 |  |

| Electrical | 31 |  | 30 |  |

| Stores | 1 |  | 1 |  |

| Administrative | 8 |  | 8 |  |

105 |  | 106 |  |

5. | DIRECTORS' EMOLUMENTS

2026 | 2025 |

| £ | £

| Directors' remuneration | 369,254 |  | 336,293 |  |

| Directors' pension contributions to money purchase schemes | 45,263 |  | 46,940 |  |

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

5. | DIRECTORS' EMOLUMENTS - continued

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

2026 | 2025 |

| £ | £

| Emoluments etc | 148,370 |  | 141,535 |  |

| Pension contributions to money purchase schemes | 15,008 |  | 19,500 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

2026 | 2025 |

| £ | £

| Hire of plant and machinery | 238,342 |  | 247,169 |  |

| Other operating leases | 61,662 |  | 59,246 |  |

| Depreciation - owned assets | 28,214 |  | 20,744 |  |

| Loss on disposal of fixed assets | - |  | 2,428 |  |

| Auditors' remuneration | 14,850 |  | 5,425 |  |

| The company has taken advantage of the exemption to disclose amounts paid for non-audit services as these are disclosed in the group financial statements of the ultimate parent company.

7. | TAXATION

| Analysis of the tax charge

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

2026 | 2025 |

| £ | £

| Current tax:

| UK corporation tax | 308,944 |  | 485,020 |  |

| Deferred tax | (2,220 | ) | 6,912 |  |

| Tax on profit | 306,724 |  | 491,932 |  |

| UK corporation tax has been charged at 25% (2025 - 25%).

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026 | 2025 |

| £ | £

| Profit before tax | 1,224,780 |  | 1,966,857 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 306,195 |  | 491,714 |  |

| Effects of:

| Expenses not deductible for tax purposes | 529 |  | 218 |  |

| Total tax charge | 306,724 |  | 491,932 |  |

8. | DIVIDENDS

2026 | 2025 |

| £ | £

| Ordinary shares of £1.00 each

| Final | 342,000 |  | 1,100,000 |  |

9. | INTANGIBLE FIXED ASSETS

Computer |

Goodwill | software | Totals |

| £ | £ | £

| COST

| At 1 April 2025

| and 31 March 2026 | 37,450 |  | 11,150 |  | 48,600 |  |

| AMORTISATION

| At 1 April 2025

| and 31 March 2026 | 37,450 |  | 11,150 |  | 48,600 |  |

| NET BOOK VALUE

| At 31 March 2026 | - |  | - |  | - |  |

| At 31 March 2025 | - |  | - |  | - |  |

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

10. | TANGIBLE FIXED ASSETS

Fixtures |

Short | Plant and | and |

leasehold | machinery | fittings | Totals |

| £ | £ | £ | £

| COST

| At 1 April 2025 | 7,811 |  | 28,860 |  | 176,953 |  | 213,624 |  |

| Additions | - |  | - |  | 21,141 |  | 21,141 |  |

| At 31 March 2026 | 7,811 |  | 28,860 |  | 198,094 |  | 234,765 |  |

| DEPRECIATION

| At 1 April 2025 | 312 |  | 27,399 |  | 89,089 |  | 116,800 |  |

| Charge for year | 937 |  | 408 |  | 26,869 |  | 28,214 |  |

| At 31 March 2026 | 1,249 |  | 27,807 |  | 115,958 |  | 145,014 |  |

| NET BOOK VALUE

| At 31 March 2026 | 6,562 |  | 1,053 |  | 82,136 |  | 89,751 |  |

| At 31 March 2025 | 7,499 |  | 1,461 |  | 87,864 |  | 96,824 |  |

11. | STOCKS

2026 | 2025 |

| £ | £

| Stocks | 26,683 |  | 26,823 |  |

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

2026 | 2025 |

| £ | £

| Trade debtors | 1,473,670 |  | 846,411 |  |

| Amounts owed by group undertakings | 3,447 |  | - |  |

| Amounts recoverable on

| contracts | 2,226,227 |  | 2,115,607 |  |

| Other debtors | 103,102 |  | 73,923 |  |

| VAT | 33,530 |  | 127,246 |  |

| Prepayments | 239,713 |  | 220,681 |  |

4,079,689 |  | 3,383,868 |  |

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

2026 | 2025 |

| £ | £

| Trade creditors | 2,616,270 |  | 3,548,826 |  |

| Corporation Tax | 148,944 |  | 271,020 |  |

| Social security and other taxes | 101,724 |  | 91,300 |  |

| Other creditors | 621,471 |  | 428,969 |  |

| Accruals and deferred income | 284,428 |  | 269,450 |  |

3,772,837 |  | 4,609,565 |  |

| PAINE MANWARING LIMITED (REGISTERED NUMBER: 02739418) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2026 | 2025 |

| £ | £

| Within one year | 127,882 |  | 113,186 |  |

| Between one and five years | 338,177 |  | 279,148 |  |

| In more than five years | 122,300 |  | 183,450 |  |

588,359 |  | 575,784 |  |

15. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

| £ | £

| Deferred tax | 11,368 |  | 13,588 |  |

Deferred tax |

| £

| Balance at 1 April 2025 | 13,588 |  |

| Credit to Statement of Comprehensive Income during year | (2,220 | ) |

| Balance at 31 March 2026 | 11,368 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

value: |  | £ | £

| 50,000 | Ordinary | £1.00 | 50,000 |  | 50,000 |  |

17. | ULTIMATE PARENT COMPANY

| The immediate parent company is Paine Manwaring Heating Limited and the ultimate parent company is Paine Manwaring Group Limited, both companies are incorporated in England and Wales.

| The largest and smallest group for which consolidated accounts including the company are drawn up is Paine Manwaring Group Limited. The registered office of Paine Manwaring Group Limited is Unit D Easting Close, Dominion Way, Worthing, West Sussex, United Kingdom, BN14 8HQ where consolidated financial statements can be obtained.