Company registration number 01828722 (England and Wales)
J FLETCHER (ENGINEERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
J FLETCHER (ENGINEERS) LIMITED
COMPANY INFORMATION
Directors
S J Fletcher
G J Colclough
S Gupta
G Davies
Company number
01828722
Registered office
J.Fletcher Works, James Nasmyth Way
Nasmyth Business Park
Eccles
Manchester
M30 0SF
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
J FLETCHER (ENGINEERS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
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 - 25
J FLETCHER (ENGINEERS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

On 14 November 2025, the entire issued share capital of the company was acquired by J. Fletchers (Engineers) Holdings Limited, incorporated in England & Wales. On 25 November 2025 the entire issued share capital of J. Fletchers (Engineers) Holdings Limited was acquired by Tendra Technical Services Limited, incorporated in England & Wales. The company is now part of the Tendra Technical Services Group alliance of built environment companies.

Principal Activities

The principal activities of the company are building services, heating and ventilating and air conditioning, together with industrial process, plant installation including both pre-site and on-site fabrication of steelwork, pipe work, tanks and vessels for a wide variety of industries. Maintenance of clients building services facilities is also a significant part of turnover

Results and Performance

The results of the company for the year show a profit on ordinary activities before tax of £991,265. The shareholder's funds of the company total £2,493,981 as at the year end. 2025 continued to be a strong year, building on successes of the previous year. We had a number of large contract installations and also had ongoing contracts with our longstanding maintenance clients. The business enters into 2026 being part of the Tendra Technical Services Group which should open opportunities to work with a broader number of clients. Sales tenders and Order book remain robust.

Key Performance Indicators (KPIs)

2025 2024 Change

£000 £000 %

Turnover 17,397 16,665 4% increase

EBIT 1,105 1,203 (8)% decrease

The principal KPIs are shown above. KPIs are set at various levels throughout the company down to a project level and are closely monitored to control the critical aspects of the company's financial performance.

Principal risks and uncertainties

The company is exposed to economic, sector, contract and credit risk. The company mitigates its sector risk by spreading its profit centres over a number of different activities such as technical services, fabrication, heating and ventilation and textile machinery. Due to the current economic conditions, the operating environment of the company continues to be challenging. The company is heavily reliant on strong capital investment by both the public and private sectors for future works. Operational reviews are regularly undertaken to consider the risks specific to individual contracts. The company reduces its exposure to credit risk by carrying out credit checks on potential customers..

J FLETCHER (ENGINEERS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

Strategy

The company will continue to optimise its financial position by maximising return of its major resources of trained labour, maintenance contracts, offsite fabrication facilities and internal infrastructure. The company will contribute to the wider Tendra Technical Services Group strategy.

Carbon Reduction

During 202 5 we’ve continued to invest in more electric vehicles, the business’ commitment to offsite design for manufacturing and assembly (DFMA) should result in less transporting costs and reduce our carbon footprint further. We continue to make use of the solar panels on our site.

On behalf of the board

S Gupta
Director
12 May 2026
J FLETCHER (ENGINEERS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Directors

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

J J Fletcher
(Resigned 25 November 2025)
S J Fletcher
G J Colclough
W Price
(Resigned 25 November 2025)
S Gupta
(Appointed 9 January 2026)
G Davies
(Appointed 9 January 2026)
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,308,326. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
S Gupta
Director
12 May 2026
J FLETCHER (ENGINEERS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

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; and

- 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.

J FLETCHER (ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J FLETCHER (ENGINEERS) LIMITED
- 5 -
Opinion

We have audited the financial statements of J Fletcher (Engineers) Limited (the 'company') for the year ended 30 November 2025 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 30 November 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

J FLETCHER (ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J FLETCHER (ENGINEERS) LIMITED (CONTINUED)
- 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment

accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

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

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation methods, amounts recoverable on contracts & cut-off.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in the 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. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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, 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 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 as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
12 May 2026
J FLETCHER (ENGINEERS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
17,396,617
16,664,910
Cost of sales
(12,464,564)
(11,720,568)
Gross profit
4,932,053
4,944,342
Administrative expenses
(3,826,355)
(3,792,290)
Operating profit
4
1,105,698
1,152,052
Interest payable and similar expenses
7
(114,433)
(154,301)
Profit before taxation
991,265
997,751
Tax on profit
8
(157,630)
(287,653)
Profit for the financial year
833,635
710,098

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

J FLETCHER (ENGINEERS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
833,635
710,098
Other comprehensive income
-
-
Total comprehensive income for the year
833,635
710,098
J FLETCHER (ENGINEERS) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
663,995
4,018,863
Investments
11
5
5
664,000
4,018,868
Current assets
Stocks
13
50,000
50,000
Debtors
14
4,937,245
3,877,399
Cash at bank and in hand
1,080,552
1,646,883
6,067,797
5,574,282
Creditors: amounts falling due within one year
15
(3,677,148)
(3,817,214)
Net current assets
2,390,649
1,757,068
Total assets less current liabilities
3,054,649
5,775,936
Creditors: amounts falling due after more than one year
16
(407,217)
(1,532,355)
Provisions for liabilities
Deferred tax liability
19
153,451
524,543
(153,451)
(524,543)
Net assets
2,493,981
3,719,038
Capital and reserves
Called up share capital
21
50,000
50,000
Revaluation reserve
23
-
0
748,903
Profit and loss reserves
23
2,443,981
2,920,135
Total equity
2,493,981
3,719,038

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 12 May 2026 and are signed on its behalf by:
S Gupta
Director
Company registration number 01828722 (England and Wales)
J FLETCHER (ENGINEERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
50,000
748,903
2,332,972
3,131,875
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
710,098
710,098
Dividends
9
-
-
(122,935)
(122,935)
Balance at 30 November 2024
50,000
748,903
2,920,135
3,719,038
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
833,635
833,635
Dividends
9
-
-
(2,308,326)
(2,308,326)
Deferred tax on disposal of revalued asset
-
249,634
-
249,634
Other movements
-
(998,537)
998,537
-
Balance at 30 November 2025
50,000
-
0
2,443,981
2,493,981
J FLETCHER (ENGINEERS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
361,909
1,640,142
Interest paid
(114,433)
(154,301)
Income taxes paid
(272,698)
(122,898)
Net cash (outflow)/inflow from operating activities
(25,222)
1,362,943
Investing activities
Purchase of tangible fixed assets
(282,893)
(378,037)
Proceeds from disposal of tangible fixed assets
3,401,030
110,991
Net cash generated from/(used in) investing activities
3,118,137
(267,046)
Financing activities
Repayment of bank loans
(1,412,276)
(240,675)
Payment of finance leases obligations
61,356
53,254
Dividends paid
(2,308,326)
(122,935)
Net cash used in financing activities
(3,659,246)
(310,356)
Net (decrease)/increase in cash and cash equivalents
(566,331)
785,541
Cash and cash equivalents at beginning of year
1,646,883
861,342
Cash and cash equivalents at end of year
1,080,552
1,646,883
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
1
Accounting policies
Company information

J Fletcher (Engineers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is J.Fletcher Works, James Nasmyth Way, Nasmyth Business Park, Eccles, Manchester, M30 0SF.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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.

1.3
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 discounts, settlement discounts and volume rebates.

Revenue 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 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.

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 and materials, 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 recover able.

1.4
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:

Freehold land and buildings
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Computers
15% straight line
Motor vehicles
25% reducing balance
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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.

1.5
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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.

1.9
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.

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.

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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.

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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.

1.10
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.

1.11
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.

1.12
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.

1.13
Retirement benefits

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

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
28,223
182,521
Sales of services
17,368,394
16,482,389
17,396,617
16,664,910
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
17,368,828
16,482,389
Overseas
27,789
182,521
17,396,617
16,664,910
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(15)
(836)
Fees payable to the company's auditor for the audit of the company's financial statements
17,150
16,500
Depreciation of tangible fixed assets
184,366
157,254
Loss on disposal of tangible fixed assets
52,365
53,383
Operating lease charges
9,816
9,061
5
Employees

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

2025
2024
Number
Number
Directors
4
5
Production staff
105
99
Administrative staff
30
27
Total
139
131

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,378,944
6,121,174
Social security costs
781,988
663,560
Pension costs
255,232
356,651
7,416,164
7,141,385
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
367,955
370,818
Company pension contributions to defined contribution schemes
80,398
168,988
448,353
539,806

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
98,017
91,800
Company pension contributions to defined contribution schemes
56,250
143,326
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
69,795
106,164
Interest on invoice finance arrangements
15,580
20,476
85,375
126,640
Other finance costs
Interest on finance leases and hire purchase contracts
29,058
27,661
114,433
154,301
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
279,088
272,698
Deferred tax
Origination and reversal of timing differences
(121,458)
14,955
Total tax charge
157,630
287,653
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
8
Taxation
(Continued)
- 20 -

The actual 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:

2025
2024
£
£
Profit before taxation
991,265
997,751
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
247,816
249,438
Tax effect of expenses that are not deductible in determining taxable profit
30,701
38,215
Group relief
(120,887)
-
0
Taxation charge for the year
157,630
287,653
9
Dividends
2025
2024
£
£
Final paid
2,308,326
122,935
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 December 2024
3,300,000
403,283
28,389
95,992
847,196
4,674,860
Additions
-
0
6,343
-
0
10,620
265,930
282,893
Disposals
(3,298,890)
(116,634)
-
0
-
0
(205,365)
(3,620,889)
Transfers
(1,110)
1,110
-
0
-
0
-
0
-
0
At 30 November 2025
-
0
294,102
28,389
106,612
907,761
1,336,864
Depreciation and impairment
At 1 December 2024
-
0
323,685
21,729
53,108
257,475
655,997
Depreciation charged in the year
-
0
13,466
2,682
11,249
156,969
184,366
Eliminated in respect of disposals
-
0
(82,361)
-
0
-
0
(85,133)
(167,494)
At 30 November 2025
-
0
254,790
24,411
64,357
329,311
672,869
Carrying amount
At 30 November 2025
-
0
39,312
3,978
42,255
578,450
663,995
At 30 November 2024
3,300,000
79,598
6,660
42,884
589,721
4,018,863
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
10
Tangible fixed assets
(Continued)
- 21 -

The carrying value of land and buildings comprises:

2025
2024
£
£
Freehold
-
0
3,300,000

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
559,498
564,450
11
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
5
5
12
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Callow Engineering Limited
England & Wales
Ordinary
0
100.00
Callow Process Systems Limited
England & Wales
Ordinary
0
100.00
Fletcher Engineering Group Limited
England & Wales
Ordinary
100.00
-
Parex Mather Limited
England & Wales
Ordinary
0
100.00
Sir James Farmer Norton (UK) Limited
England & Wales
Ordinary
0
100.00
William Birch (Machinery) Limited
England & Wales
Ordinary
100.00
-
13
Stocks
2025
2024
£
£
Raw materials and consumables
50,000
50,000
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,462,791
2,802,046
Amounts recoverable on contracts
1,183,180
750,450
Prepayments and accrued income
291,274
324,903
4,937,245
3,877,399
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
-
0
245,381
Obligations under finance leases
18
136,322
116,723
Trade creditors
2,114,286
1,812,602
Corporation tax
487,033
480,643
Other taxation and social security
348,568
510,616
Other creditors
21,687
116,170
Accruals and deferred income
569,252
535,079
3,677,148
3,817,214

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
1,166,895
Obligations under finance leases
18
407,217
365,460
407,217
1,532,355
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
818,989

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
1,412,276
Payable within one year
-
0
245,381
Payable after one year
-
0
1,166,895

Bank loans are secured by way of a fixed and floating charge over the assets of the company.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
136,322
116,723
After more than one year
407,217
365,460
543,539
482,183
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
136,322
116,722
In two to five years
407,217
365,461
543,539
482,183
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
153,451
274,909
Revaluations
-
249,634
153,451
524,543
J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
19
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 December 2024
524,543
Credit to profit or loss
(121,458)
Credit to other comprehensive income
(249,634)
Liability at 30 November 2025
153,451
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
255,232
356,651

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
25,050
25,050
25,050
25,050
Ordinary B of £1 each
24,750
24,750
24,750
24,750
Ordinary C of £1 each
200
200
200
200
50,000
50,000
50,000
50,000
22
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:

2025
2024
£
£
Within 1 year
276,885
189,164
Years 2-5
800,000
76,885
1,076,885
266,049
23
Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Profit and loss reserves - This reserve records retained earnings and accumulated losses.

J FLETCHER (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
24
Ultimate controlling party

During the year the entire share capital of the company was acquired by Tendra Technical Services Limited ,incorporated in England and Wales. The company's immediate parent company is now Tendra Technical Services Limited and the ultimate controlling party is Triton Smaller Mid-Cap General Partner ll S.a.r.l.,based in Luxembourg which controls the fund known as Triton Smaller Mid-Cap Fund ll,also based in Luxembourg.

25
Cash generated from operations
2025
2024
£
£
Profit after taxation
833,635
710,098
Adjustments for:
Taxation charged
157,630
287,653
Finance costs
114,433
154,301
Loss on disposal of tangible fixed assets
52,365
53,383
Depreciation and impairment of tangible fixed assets
184,366
157,254
Movements in working capital:
(Increase)/decrease in debtors
(1,059,846)
15,481
Increase in creditors
79,326
261,972
Cash generated from operations
361,909
1,640,142
26
Analysis of changes in net funds/(debt)
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
1,646,883
(566,331)
1,080,552
Borrowings excluding overdrafts
(1,412,276)
1,412,276
-
Lease liabilities
(482,183)
(61,356)
(543,539)
(247,576)
784,589
537,013
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