Company registration number 06824088 (England and Wales)
CIVIC ENGINEERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Tree Accountancy Limited
Chartered Certified Accountants & Registered Auditors
3rd Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ
CIVIC ENGINEERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
CIVIC ENGINEERS LIMITED
COMPANY INFORMATION
Directors
Mr S O'Malley
Mr J Broster
Mr J Bruce
Mr G Atkinson
Mr P Morris
Mrs L Stuart
Mr R Wescott
Ms I Jackson
Secretary
Mr J Broster
Company number
06824088
Registered office
Carver's Warehouse
77 Dale Street
Manchester
Greater Manchester
M1 2HG
Auditor
Tree Accountancy Limited
Chartered Certified Accountants & Registered Auditors
3rd Floor, Eastgate
Castle Street
Castlefield
M3 4LZ
CIVIC ENGINEERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 1 -

The directors present the strategic report for the year ended 28 February 2026.

Fair review of the business

The Group provides consultancy services in structural, civil, transport, building services and geo-environmental engineering, alongside archaeology and built heritage consultancy, across the UK, Ireland and Europe. Civic is a values-led group of companies with a strong identity, collaborative culture and integrated multidisciplinary approach.

Business Performance

In the year ended 28 February 2026, the Group, under the parent company Civic Plus Limited, acquired Quattro Consulting Limited in Scotland.

The acquisition strengthened the Group's presence in the Scottish market and further diversified its geographic footprint, service capability and client base. Three years ago, Civic launched a strategic plan to grow the Group into a business generating EBITDA in excess of £5 million. The investments made over recent years have established a scalable operating platform to support the Group's next phase of organic growth and selective acquisitions, and this strategy remains on track, with the Group forecasting delivery within the next 18 months. Following a strong final quarter in FY26, YoY growth in fee revenue reached 35%, increasing to £20.6 million.

Civic Engineers Limited, the Group’s largest company, continued to account for the majority of total revenue and continued to perform strongly throughout the year. This represents a lower proportion of overall Group revenue than in the previous year, reflecting the continued diversification of the Group’s service offering and improving resilience across the wider business portfolio. Despite significant investment in FY26 to build capability, strengthen the Group's operating platform and establish new service lines ahead of future revenue generation. This demonstrates the resilience of the underlying business and its ability to fund future growth while maintaining strong financial performance.

Civic Earth Limited and Civic Heritage Limited, now in their third and second years of trading respectively, delivered strong performances, achieving a combined gross margin consistent with the Group's more established businesses in line with the expectations of more mature teams in the Group. Civic MEP Limited completed its first full year following the acquisition of Watt Consulting Engineers. During the year the Group made significant investment in expanding its MEP capability, including establishing a new London engineering team and integrating operations across London and Manchester. This investment temporarily reduced profitability but has established a strong platform for future growth as the team scales and its pipeline matures. New Practice Limited continued its operational turnaround during the year, improving gross profitability following restructuring and strengthening the Group's community engagement offering. Civic Plus (Ireland) Limited also remained in an investment phase during its second year of trading. The Group's central operations team continued to enhance management systems, reporting capability and operational controls throughout the year. This scalable platform supports both organic growth and future acquisitions while driving greater consistency and operational efficiency across the Group.

The Group expects to deliver strong growth in FY27, driven primarily through organic growth across the business. Together with the benefits of operational leverage and the Group's planned acquisition strategy, EBITDA is forecast to increase to in excess of £4 million.

External market conditions remained subdued until November 2025 but improved during the final quarter of the financial year. This momentum has continued into FY27, with the Group outperforming the wider market. Despite confidence in the Group’s pipeline of fee income for the year ahead, the Board remains cautious and focused on maintaining tight control over operational costs, building on the measures implemented in FY26 that contributed to improved profit margins.

Principal Risks and Uncertainties

The principal business risk remains a slowdown in the pipeline of work arising from weaker external market confidence, particularly where development funding is affected by geopolitical and economic uncertainty. The Group mitigates this risk through the diversity of its service offering and geographic footprint across the UK and Ireland, alongside disciplined monthly pipeline and resource reviews to identify emerging risks early and manage the cost base accordingly.

CIVIC ENGINEERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -
Key Performance Indicators (KPIs)

The Board’s principal financial KPIs are fee revenue, gross profit, gross margin and EBITDA, together with cash generation and employee retention. During FY26, the Group delivered strong growth in fee revenue while sustaining a robust EBITDA performance despite significant investment to support future growth.

Future Outlook

The Board remains focused on delivering the Group's strategic plan through disciplined organic growth, selective acquisitions and continued operational improvement. Having invested significantly in the Group's capability and operating platform, the focus now shifts to realising the benefits of scale, converting the strong pipeline into sustainable revenue growth and increasing earnings. These actions are central to our ambition to achieve sustainable growth and long-term profitability, while maintaining our purpose-driven approach to shaping healthier, more resilient places.

On behalf of the board

Mr J Broster
Director
15 July 2026
CIVIC ENGINEERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2026.

Principal activities

The principal activity of the company continued to be that of consulting engineers.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S O'Malley
Mr J Broster
Mr J Bruce
Mr G Atkinson
Mr P Morris
Mrs L Stuart
Mr R Wescott
Ms I Jackson
Results and dividend

The results are set out on page 8.

Ordinary dividends were paid amounting to £0 (2025 - £140,980). The directors do not recommend payment of a further dividend.

Research and development

The company continues to perform research and development.

Post reporting date events

There have been no significant events affecting the company since the year end.

Going concern

In line with the Financial Reporting Council Guidance, the directors have undertaken an assessment consider the appropriateness of the continued use of the going concern basis of accounting. The directors have reviewed a detailed forecast to the end of August 2027. The directors have a thorough understanding of the risks, sensitivities and judgements included in these elements of the forecasts and have a high degree of confidence in these. Both under the base case and downside assumptions, the directors believe the company will be able to operate within the financial headroom for the period to 31 August 2027 and therefore the going concern basis of accounting is considered appropriate.

Auditor

The auditor, Tree Accountancy Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

CIVIC ENGINEERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Broster
Director
15 July 2026
CIVIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CIVIC ENGINEERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Civic Engineers Limited (the 'company') for the year ended 28 February 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 28 February 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 Auditor's 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

CIVIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CIVIC ENGINEERS LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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' r esponsibilities s tatement, 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 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.

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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit.

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

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

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

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and health and safety legislation;

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

CIVIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CIVIC ENGINEERS LIMITED
- 7 -

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; and

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

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; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 company's members 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 the members 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 company and the company's members, for our audit work, for this report, or for the opinions we have formed.

Nicholas Hynes (Senior Statutory Auditor)
For and on behalf of Tree Accountancy Limited
15 July 2026
Chartered Certified Accountants & Registered Auditors
3rd Floor, Eastgate
Castle Street
Castlefield
M3 4LZ
CIVIC ENGINEERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
2026
2025
Notes
£
£
Turnover
2
15,947,805
14,337,045
Cost of sales
(12,044,873)
(11,099,489)
Gross profit
3,902,932
3,237,556
Administrative expenses
(2,496,727)
(2,490,899)
Other operating income
430,000
37,156
Operating profit
5
1,836,205
783,813
Interest receivable and similar income
6
8,558
-
0
Interest payable and similar expenses
8
(47,099)
(35,398)
Profit before taxation
1,797,664
748,415
Tax on profit
9
2,798
(7,725)
Profit for the financial year
1,800,462
740,690

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CIVIC ENGINEERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 9 -
2026
2025
£
£
Profit for the year
1,800,462
740,690
Other comprehensive income
-
-
Total comprehensive income for the year
1,800,462
740,690
CIVIC ENGINEERS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2026
28 February 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
12
232,268
243,459
Investments
13
80
80
232,348
243,539
Current assets
Stocks
14
210,670
205,424
Debtors
15
7,337,539
4,778,518
Cash at bank and in hand
1,556,009
1,104,026
9,104,218
6,087,968
Creditors: amounts falling due within one year
16
(4,394,274)
(3,184,970)
Net current assets
4,709,944
2,902,998
Total assets less current liabilities
4,942,292
3,146,537
Creditors: amounts falling due after more than one year
17
(4,312)
(6,221)
Provisions for liabilities
Deferred tax liability
58,067
60,865
(58,067)
(60,865)
Net assets
4,879,913
3,079,451
Capital and reserves
Called up share capital
19
102
102
Share premium account
49,998
49,998
Profit and loss reserves
4,829,813
3,029,351
Total equity
4,879,913
3,079,451

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 July 2026 and are signed on its behalf by:
Mr J Broster
Director
Company registration number 06824088 (England and Wales)
CIVIC ENGINEERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 29 February 2024
102
49,998
2,429,641
2,479,741
Year ended 28 February 2025:
Profit and total comprehensive income
-
-
740,690
740,690
Dividends
10
-
-
(140,980)
(140,980)
Balance at 28 February 2025
102
49,998
3,029,351
3,079,451
Year ended 28 February 2026:
Profit and total comprehensive income
-
-
1,800,462
1,800,462
Balance at 28 February 2026
102
49,998
4,829,813
4,879,913
CIVIC ENGINEERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 12 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
829,887
746,652
Interest paid
(47,099)
(35,398)
Net cash inflow from operating activities
782,788
711,254
Investing activities
Purchase of tangible fixed assets
(104,935)
(93,870)
Interest received
8,558
-
0
Net cash used in investing activities
(96,377)
(93,870)
Financing activities
Repayment of borrowings
(4,549)
(10,413)
Repayment of loans
(165,920)
(11,995)
Repayment of bank loans
(63,959)
(563,144)
Dividends paid
-
0
(140,980)
Net cash used in financing activities
(234,428)
(726,532)
Net increase/(decrease) in cash and cash equivalents
451,983
(109,148)
Cash and cash equivalents at beginning of year
1,104,026
1,213,174
Cash and cash equivalents at end of year
1,556,009
1,104,026
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 13 -
1
Accounting policies
Company information

Civic Engineers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Carver's Warehouse, 77 Dale Street, Manchester, Greater Manchester, M1 2HG.

The company's registration number is: 06824088.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Civic Plus Limited. These consolidated financial statements are available from its registered office, Carver's Warehouse, 77 Dale Street, Manchester, United Kingdom, M1 2HG.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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 discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

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

Depreciation 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:

Fixtures and fittings
20% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 15 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Work in progress
Stocks and work in progress are stated at their estimated selling price less costs to complete. Costs comprises the relevant proportion of direct labour costs and overheads that have been incurred up to the appropriate stage of completion.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Sales
15,947,805
14,337,045
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom & Ireland
15,947,805
14,337,045
2026
2025
£
£
Other revenue
Interest income
8,558
-
3
Exceptional item
2026
2025
£
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
79,235
47,592
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
150
158
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
4
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
6,958,137
7,191,596
Social security costs
968,482
716,498
Pension costs
655,918
558,366
7,481,043
8,466,460
5
Operating profit
2026
2025
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(395)
2,238
Research and development costs
1,070,939
1,100,000
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
20,000
Depreciation of owned tangible fixed assets
116,126
130,092
Operating lease charges
792,490
630,265
6
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
8,558
-
0
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,558
-
0
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
1,156,921
988,640
Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
191,500
169,381
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 20 -
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
47,099
35,398
9
Taxation
2026
2025
£
£
Deferred tax
Origination and reversal of timing differences
(2,798)
7,725

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,797,664
748,415
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
449,416
187,104
Tax effect of expenses that are not deductible in determining taxable profit
7,242
-
0
Tax effect of utilisation of tax losses not previously recognised
(223,178)
-
0
Group relief
(72,839)
-
0
Research and development tax credit
(160,641)
(187,104)
Deferred tax
(2,798)
7,725
Taxation (credit)/charge for the year
(2,798)
7,725
10
Dividends
2026
2025
£
£
Final paid
-
0
140,980
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2025 and 28 February 2026
25,000
Amortisation and impairment
At 1 March 2025 and 28 February 2026
25,000
Carrying amount
At 28 February 2026
-
0
At 28 February 2025
-
0
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2025
733,049
Additions
104,935
At 28 February 2026
837,984
Depreciation and impairment
At 1 March 2025
489,590
Depreciation charged in the year
116,126
At 28 February 2026
605,716
Carrying amount
At 28 February 2026
232,268
At 28 February 2025
243,459
13
Fixed asset investments
2026
2025
£
£
Unlisted investments
80
80
14
Stocks
2026
2025
£
£
Work in progress
210,670
205,424
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 22 -
15
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
5,168,693
3,813,649
Corporation tax recoverable
38,616
38,616
Amounts owed by group undertakings
1,055,882
197,362
Other debtors
399,288
225,410
Prepayments and accrued income
675,060
503,481
7,337,539
4,778,518
16
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Bank loans
1,852
63,902
Other borrowings
58,620
63,169
Trade creditors
1,200,568
862,351
Amounts owed to group undertakings
44,882
49,200
Taxation and social security
1,399,999
895,616
Other creditors
612,352
507,520
Accruals and deferred income
1,076,001
743,212
4,394,274
3,184,970
17
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Bank loans and overdrafts
4,312
6,221
18
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
655,918
558,366

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.1p each
101,843
101,843
102
102
CIVIC ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 23 -
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2026
2025
£
£
Within 1 year
253,241
212,141
Years 2-5
1,023,349
957,845
After 5 years
26,031
203,756
1,302,621
1,373,742

21
Related party transactions

The company has taken advantage of the exemption in Companies Act 2006 from disclosing transactions with members of the group headed by Civic Plus Limited, on the grounds that consolidated financial statements are publicly available.

Included within debtors is a balance of £302,773 (2025 - £136,853) owing from directors of the company. Interest is charged at the normal market rate.

22
Ultimate controlling party

The company's ultimate controlling party is Civic Plus Limited, whose registered office is at Carver's Warehouse, 77 Dale Street, Manchester, M1 2HG, United Kingdom. The Company has been included in the consolidated financial statements of Civic Plus Limited, copies of which may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

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