IRIS Accounts Production v26.1.10.61 06524598 Board of Directors 31.1.26 1.2.25 31.1.26 31.1.26 to act as the parent of Fenland Flat Roofing Limited. Fenland Flat Roofing Limited is a roofing contractor. Fenland Flat Roofing Limited is the sole subsidiary of Fenland Holdings Limited. true true false true false false false false true false A Ordinary 0 B Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 06524598 2025-01-31 06524598 2026-01-31 06524598 2025-02-01 2026-01-31 06524598 2024-01-31 06524598 2024-02-01 2025-01-31 06524598 2025-01-31 06524598 ns15:EnglandWales 2025-02-01 2026-01-31 06524598 ns14:PoundSterling 2025-02-01 2026-01-31 06524598 ns10:Director1 2025-02-01 2026-01-31 06524598 ns10:Consolidated 2026-01-31 06524598 ns10:ConsolidatedGroupCompanyAccounts 2025-02-01 2026-01-31 06524598 ns10:PrivateLimitedCompanyLtd 2025-02-01 2026-01-31 06524598 ns10:Consolidated ns10:SmallEntities 2025-02-01 2026-01-31 06524598 ns10:Consolidated ns10:AuditExemptWithAccountantsReport 2025-02-01 2026-01-31 06524598 ns10:SmallCompaniesRegimeForDirectorsReport 2025-02-01 2026-01-31 06524598 ns10:SmallCompaniesRegimeForAccounts 2025-02-01 2026-01-31 06524598 ns10:Consolidated ns10:SmallCompaniesRegimeForDirectorsReport 2025-02-01 2026-01-31 06524598 ns10:Consolidated ns10:SmallCompaniesRegimeForAccounts 2025-02-01 2026-01-31 06524598 ns10:FullAccounts 2025-02-01 2026-01-31 06524598 ns5:Subsidiary1 2025-02-01 2026-01-31 06524598 1 2025-02-01 2026-01-31 06524598 ns10:OrdinaryShareClass1 2025-02-01 2026-01-31 06524598 ns10:OrdinaryShareClass2 2025-02-01 2026-01-31 06524598 ns10:Consolidated 2025-02-01 2026-01-31 06524598 ns10:Director2 2025-02-01 2026-01-31 06524598 ns10:Director3 2025-02-01 2026-01-31 06524598 ns10:Director4 2025-02-01 2026-01-31 06524598 ns10:Director5 2025-02-01 2026-01-31 06524598 ns10:RegisteredOffice 2025-02-01 2026-01-31 06524598 ns10:Consolidated 2024-02-01 2025-01-31 06524598 ns5:CurrentFinancialInstruments 2026-01-31 06524598 ns5:CurrentFinancialInstruments 2025-01-31 06524598 ns5:ShareCapital 2026-01-31 06524598 ns5:ShareCapital 2025-01-31 06524598 ns5:SharePremium 2026-01-31 06524598 ns5:SharePremium 2025-01-31 06524598 ns5:CapitalRedemptionReserve 2026-01-31 06524598 ns5:CapitalRedemptionReserve 2025-01-31 06524598 ns5:RetainedEarningsAccumulatedLosses 2026-01-31 06524598 ns5:RetainedEarningsAccumulatedLosses 2025-01-31 06524598 ns5:ShareCapital 2024-01-31 06524598 ns5:RetainedEarningsAccumulatedLosses 2024-01-31 06524598 ns5:SharePremium 2024-01-31 06524598 ns5:CapitalRedemptionReserve 2024-01-31 06524598 ns5:CapitalRedemptionReserve 2024-02-01 2025-01-31 06524598 ns5:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 06524598 ns5:ShareCapital 2024-02-01 2025-01-31 06524598 ns5:SharePremium 2024-02-01 2025-01-31 06524598 ns5:CapitalRedemptionReserve 2025-02-01 2026-01-31 06524598 ns5:RetainedEarningsAccumulatedLosses 2025-02-01 2026-01-31 06524598 ns5:NetGoodwill 2025-02-01 2026-01-31 06524598 ns5:LeaseholdImprovements 2025-02-01 2026-01-31 06524598 ns5:FurnitureFittings 2025-02-01 2026-01-31 06524598 ns5:MotorVehicles 2025-02-01 2026-01-31 06524598 ns5:CostValuation 2025-01-31 06524598 1 ns5:Subsidiary1 2025-02-01 2026-01-31 06524598 ns5:Subsidiary1 2026-01-31 06524598 ns5:Subsidiary1 2025-01-31 06524598 ns5:Subsidiary1 2024-02-01 2025-01-31 06524598 ns10:OrdinaryShareClass1 2026-01-31 06524598 ns10:OrdinaryShareClass2 2026-01-31

REGISTERED NUMBER: 06524598 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

FOR

FENLAND HOLDINGS LTD

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Page |

Company Information | 1 |

Report of the Directors | 2 |

Consolidated Income Statement | 3 |

Consolidated Statement of Financial Position | 4 |

Company Statement of Financial Position | 6 |

Consolidated Statement of Changes in Equity | 7 |

Company Statement of Changes in Equity | 8 |

Notes to the Consolidated Financial Statements | 9 |

FENLAND HOLDINGS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2026

| DIRECTORS: | A R Bacon

| C Preston

| D Stark

| D Dean

| S Felgate

| REGISTERED OFFICE: | 9 High Green

| Great Shelford

| Cambridge

| Cambridgeshire

| CB22 5EG

| REGISTERED NUMBER: | 06524598 (England and Wales)

| ACCOUNTANTS: | Ad Valorem Accountancy Services Limited

| Chartered Certified Accountants

| 2 Manor Farm Court

| Old Wolverton Road

| Old Wolverton

| Milton Keynes

| Buckinghamshire

| MK12 5NN

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2026

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

DIRECTORS

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

A R Bacon

C Preston

D Stark

D Dean

S Felgate

GOING CONCERN

After making reasonable enquiries, the directors are confident that the group will have adequate resources to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparation of these financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A R Bacon - Director

21 July 2026

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2026

2026 | 2025 |

| £ | £

TURNOVER | 10,000,578 |  | 9,744,694 |  |

Cost of sales | 7,699,367 |  | 7,091,307 |  |

GROSS PROFIT | 2,301,211 |  | 2,653,387 |  |

Administrative expenses | 1,315,965 |  | 1,303,739 |  |

985,246 |  | 1,349,648 |  |

Other operating income | 3,535 |  | - |  |

OPERATING PROFIT | 988,781 |  | 1,349,648 |  |

Interest receivable and similar income | 8,691 |  | 7,988 |  |

997,472 |  | 1,357,636 |  |

Interest payable and similar expenses | 6,127 |  | 8,582 |  |

PROFIT BEFORE TAXATION | 991,345 |  | 1,349,054 |  |

Tax on profit | 316,417 |  | 419,209 |  |

PROFIT FOR THE FINANCIAL YEAR | 674,928 |  | 929,845 |  |

Profit attributable to:

Owners of the parent | 674,928 |  | 929,845 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 JANUARY 2026

2026 | 2025 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 6 | 719,955 |  | 988,778 |  |

Tangible assets | 7 | 310,982 |  | 288,436 |  |

Investments | 8 | - |  | - |  |

1,030,937 |  | 1,277,214 |  |

CURRENT ASSETS

Stocks | 59,394 |  | 88,220 |  |

Debtors | 9 | 2,556,615 |  | 2,551,733 |  |

Cash at bank | 874,244 |  | 1,334,101 |  |

3,490,253 |  | 3,974,054 |  |

CREDITORS

Amounts falling due within one year | 10 | 987,890 |  | 1,351,368 |  |

NET CURRENT ASSETS | 2,502,363 |  | 2,622,686 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,533,300 |  | 3,899,900 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (53,467 | ) | (53,331 | ) |

PROVISIONS FOR LIABILITIES | (48,543 | ) | (42,715 | ) |

NET ASSETS | 3,431,290 |  | 3,803,854 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 61 |  | 61 |  |

Share premium | 1,696,641 |  | 1,696,641 |  |

Capital redemption reserve | 50 |  | 50 |  |

Retained earnings | 1,734,538 |  | 2,107,102 |  |

SHAREHOLDERS' FUNDS | 3,431,290 |  | 3,803,854 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

31 JANUARY 2026

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

A R Bacon - Director

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

COMPANY STATEMENT OF FINANCIAL POSITION

31 JANUARY 2026

2026 | 2025 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 6 | - |  | - |  |

Tangible assets | 7 | - |  | - |  |

Investments | 8 | 8,555,459 |  | 8,300,000 |  |

8,555,459 |  | 8,300,000 |  |

CREDITORS

Amounts falling due within one year | 10 | 3,262,184 |  | 2,207,911 |  |

NET CURRENT LIABILITIES | (3,262,184 | ) | (2,207,911 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,293,275 |  | 6,092,089 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 61 |  | 61 |  |

Share premium | 1,696,641 |  | 1,696,641 |  |

Capital redemption reserve | 50 |  | 50 |  |

Retained earnings | 3,596,523 |  | 4,395,337 |  |

SHAREHOLDERS' FUNDS | 5,293,275 |  | 6,092,089 |  |

Company's profit/(loss) for the financial year | 248,678 |  | (33,630 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

A R Bacon - Director

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

Called up | Capital |  |

share | Retained | Share | redemption | Total |

capital | earnings | premium | reserve | equity |

| £ | £ | £ | £ | £

Balance at 1 February 2024 | 57 |  | 3,006,003 |  | 1,696,641 |  | 50 |  | 4,702,751 |  |

Changes in equity

Profit for the year | - |  | 929,845 |  | - |  | - |  | 929,845 |  |

Contribution to Fenland Holdings EOT | - |  | (1,828,746 | ) | - |  | - |  | (1,828,746 | ) |

Total comprehensive income | - |  | (898,901 | ) | - |  | - |  | (898,901 | ) |

Issue of share capital | 4 |  | - |  | - |  | - |  | 4 |  |

Balance at 31 January 2025 | 61 |  | 2,107,102 |  | 1,696,641 |  | 50 |  | 3,803,854 |  |

Changes in equity

Profit for the year | - |  | 674,928 |  | - |  | - |  | 674,928 |  |

Contribution to Fenland Holdings EOT | - |  | (1,047,492 | ) | - |  | - |  | (1,047,492 | ) |

Total comprehensive income | - |  | (372,564 | ) | - |  | - |  | (372,564 | ) |

Balance at 31 January 2026 | 61 |  | 1,734,538 |  | 1,696,641 |  | 50 |  | 3,431,290 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

Called up | Capital |  |

share | Retained | Share | redemption | Total |

capital | earnings | premium | reserve | equity |

| £ | £ | £ | £ | £

Balance at 1 February 2024 | 57 |  | 6,257,713 |  | 1,696,641 |  | 50 |  | 7,954,461 |  |

Changes in equity

Deficit for the year | - |  | (33,630 | ) | - |  | - |  | (33,630 | ) |

Contribution to Fenland Holdings EOT | - |  | (1,828,746 | ) | - |  | - |  | (1,828,746 | ) |

Total comprehensive income | - |  | (1,862,376 | ) | - |  | - |  | (1,862,376 | ) |

Issue of share capital | 4 |  | - |  | - |  | - |  | 4 |  |

Balance at 31 January 2025 | 61 |  | 4,395,337 |  | 1,696,641 |  | 50 |  | 6,092,089 |  |

Changes in equity

Profit for the year | - |  | 248,678 |  | - |  | - |  | 248,678 |  |

Contribution to Fenland Holdings EOT | - |  | (1,047,492 | ) | - |  | - |  | (1,047,492 | ) |

Total comprehensive income | - |  | (798,814 | ) | - |  | - |  | (798,814 | ) |

Balance at 31 January 2026 | 61 |  | 3,596,523 |  | 1,696,641 |  | 50 |  | 5,293,275 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1. | STATUTORY INFORMATION

| Fenland Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| The financial statements have been prepared under the historical cost convention.

| BASIS OF CONSOLIDATION

| The financial statements consolidate the accounts of Fenland Holdings Ltd and all of its subsidiary undertakings ('subsidiaries').

| TURNOVER

| Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

| Contract revenue within turnover includes the value of work completed during the financial year after reference to the total sales value and the stage of completion of the contract, as detailed more fully below.

| GOODWILL

| Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Income Statement over its estimated useful life. Goodwill arising on the acquisition of Fenland Flat Roofing Limited is being amortised over a useful economic life of 20 years subject to any provisions for impairment.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Improvements to property | - | 10% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| STOCKS

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

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

3. | ACCOUNTING POLICIES - continued

| HIRE PURCHASE AND LEASING COMMITMENTS

| Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

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

| INVESTMENTS IN SUBSIDIARIES

| Investments in subsidiary companies are stated at cost less any provision for impairment.

| AMOUNTS RECOVERABLE ON CONTRACTS

| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs expected for the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

| DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

| DIVIDENDS AND CONTRIBUTIONS

| Interim dividends and distributions to the Employee Ownership Trust are recognised when paid.

| TAX

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. it is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2025 - 5 ) .

| The average number of employees by undertakings that were proportionately consolidated during the year was 20 (2025 - 20 ) .

5. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6. | INTANGIBLE FIXED ASSETS

| Group

Goodwill |

| £

| COST

| At 1 February 2025

| and 31 January 2026 | 5,376,460 |  |

| AMORTISATION

| At 1 February 2025 | 4,387,682 |  |

| Eliminated on disposal | 268,823 |  |

| At 31 January 2026 | 4,656,505 |  |

| NET BOOK VALUE

| At 31 January 2026 | 719,955 |  |

| At 31 January 2025 | 988,778 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

6. | INTANGIBLE FIXED ASSETS - continued

| Group

| Following the receipt of a large dividend from the company's trading subsidiary Fenland Flat Roofing Limited during the period ended 31 January 2015, the directors conducted an impairment review of the goodwill in the consolidated balance sheet and the investment in the company balance sheet relating to that company at that date. The recoverable amount of the goodwill and the investment was determined based on value in use calculations, using budgets and cash flow projections established by the directors and by applying a discount rate and growth rate comparable to market rates for other assets of a similar nature and risk. In making this assessment, the directors used a discount rate of 10%, prudently assumed a growth rate of 0% and estimated that cash flow generation would be maintained at or above the then current levels.

| As a result of this review, the carrying value of the investment in the company balance sheet was written down to £5,750,000 as at 31 January 2015 and the directors considered that no adjustment was required to the carrying value of goodwill in the consolidated balance sheet as the value in use exceeded the carrying value at that date. Further reviews have been carried out and the directors considered that no adjustment to the carrying value of the investment was necessary for the years ended 31 January 2016 and 31 January 2017 and that the value in use of the goodwill exceeded its carrying value at each of those dates.

| A further review was carried out for the year ended 31 January 2018 and the directors considered that £1,000,000 of the provision for impairment of the investment could be written back, the value of the investment having increased due to improved trading performance.

| A further review was carried out for the year ended 31 January 2020 and the director considered that in recognition of the reduced profit levels in the subsidiary for the preceding two years, an adjustment was required for that year to reduce the carrying value of the investment to £5,000,000. The director also considered that an impairment provision of £250,000 was required to reduce the carrying value of goodwill to its estimated value in use.

| A further review was carried out for the year ended 31 January 2021 and the director considered that no further adjustment was required to the carrying value of the investment in the company's balance sheet or to the carrying value of goodwill in the consolidated balance sheet.

| A further review was carried out for the year ended 31 January 2022, and in the light of much improved trading performance in the subsidiary, the director considered it appropriate to write back £2,000,000 of the provision made against the carrying value of the investment, so as to increase that carrying value to £7,000,000, and to write back the £250,000 impairment provision made in the year ended 31 January 2020 against the carrying value of the goodwill.

| A further review was carried out for the year ended 31 January 2023 following the continued improvement in the trading performance of the subsidiary. Based on this, the director considered it appropriate to write back another £1,300,000 of the provision made against the carrying value of the investment so as to increase that carrying value to £8,300,000.

| A further review was carried out for the year ended 31 January 2024 and 31 January 2025. The directors considered that no further adjustment to the carrying value was necessary.

| A further review was carried out for the year ended 31 January 2026, and the directors considered the better trading performance in the subsidiary. Based on this, the directors considered it is appropriate to write back the remaining provision of £255,459 made against the carrying value of the investment so as to increase the carrying value to its original cost of £8,555,459.

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

7. | TANGIBLE FIXED ASSETS

| Group

Fixtures |

Improvements | and | Motor |

to property | fittings | vehicles | Totals |

| £ | £ | £ | £

| COST

| At 1 February 2025 | 99,881 |  | 127,025 |  | 380,011 |  | 606,917 |  |

| Additions | - |  | 13,911 |  | 115,450 |  | 129,361 |  |

| Disposals | - |  | (10,526 | ) | (41,197 | ) | (51,723 | ) |

| At 31 January 2026 | 99,881 |  | 130,410 |  | 454,264 |  | 684,555 |  |

| DEPRECIATION

| At 1 February 2025 | 72,213 |  | 84,349 |  | 161,919 |  | 318,481 |  |

| Charge for year | 9,988 |  | 12,691 |  | 71,949 |  | 94,628 |  |

| Eliminated on disposal | - |  | (9,621 | ) | (29,915 | ) | (39,536 | ) |

| At 31 January 2026 | 82,201 |  | 87,419 |  | 203,953 |  | 373,573 |  |

| NET BOOK VALUE

| At 31 January 2026 | 17,680 |  | 42,991 |  | 250,311 |  | 310,982 |  |

| At 31 January 2025 | 27,668 |  | 42,676 |  | 218,092 |  | 288,436 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor |

vehicles |

| £

| COST

| At 1 February 2025 | 177,178 |  |

| Additions | 115,450 |  |

| Transfer to ownership | (17,000 | ) |

| At 31 January 2026 | 275,628 |  |

| DEPRECIATION

| At 1 February 2025 | 40,300 |  |

| Charge for year | 51,367 |  |

| Transfer to ownership | (9,745 | ) |

| At 31 January 2026 | 81,922 |  |

| NET BOOK VALUE

| At 31 January 2026 | 193,706 |  |

| At 31 January 2025 | 136,878 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

8. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| At 1 February 2025

| and 31 January 2026 | 8,555,459 |  |

| PROVISIONS

| At 1 February 2025 | 255,459 |  |

| Reversal of impairments | (255,459 | ) |

| At 31 January 2026 | - |  |

| NET BOOK VALUE

| At 31 January 2026 | 8,555,459 |  |

| At 31 January 2025 | 8,300,000 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| SUBSIDIARY

| Fenland Flat Roofing Limited

| Registered office: 9 High Green, Great Shelford, Cambridge CB22 5EG

| Nature of business: Roofing contractors

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

2026 | 2025 |

| £ | £

| Aggregate capital and reserves | 5,973,655 |  | 5,022,986 |  |

| Profit for the year | 950,969 |  | 1,232,297 |  |

| Details of the movements in the impairment provision are shown in note 6.

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

9. | DEBTORS

| Group |

2026 | 2025 |

| £ | £

| Amounts falling due within one year: |

| Trade debtors | 88,800 |  | 269,448 |  |

| Amounts recoverable on

| contracts | 1,398,682 |  | 1,329,894 |  |

| Other debtors | 1,398 |  | 1,095 |  |

| Directors' current accounts | 301 |  | - |  |

| VAT | 88,263 |  | 112,548 |  |

| Prepayments and accrued income | 259,826 |  | 328,493 |  |

1,837,270 |  | 2,041,478 |  |

| Amounts falling due after more than one | year: |

| Amounts recoverable on

| contracts | 719,345 |  | 510,255 |  |

719,345 |  | 510,255 |  |

| Aggregate amounts | 2,556,615 |  | 2,551,733 |  |

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

| Group |  | Company |

2026 | 2025 | 2026 | 2025 |

| £ | £ | £ | £

| Hire purchase contracts (see note 12) | 57,647 |  | 38,177 |  | - |  | - |  |

| Trade creditors | 622,540 |  | 827,497 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 3,260,884 |  | 2,206,611 |  |

| Tax | 96,589 |  | 219,713 |  | - |  | - |  |

| Social security and other taxes | 51,231 |  | 64,013 |  | - |  | - |  |

| Other creditors | 12,870 |  | 1,654 |  | - |  | - |  |

| Accruals and deferred income | 147,013 |  | 200,314 |  | 1,300 |  | 1,300 |  |

987,890 |  | 1,351,368 |  | 3,262,184 |  | 2,207,911 |  |

11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2026 | 2025 |

| £ | £

| Hire purchase contracts (see note 12) | 53,467 |  | 53,331 |  |

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

12. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2026 | 2025 |

| £ | £

| Net obligations repayable:

| Within one year | 57,647 |  | 38,177 |  |

| Between one and five years | 53,467 |  | 53,331 |  |

111,114 |  | 91,508 |  |

13. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2026 | 2025 |

| £ | £

| Hire purchase contracts | 111,114 |  | 91,508 |  |

| Hire purchase contracts are secured against the relevant assets.

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 5,000 | A Ordinary | £0.01 | 50 |  | 50 |  |

| 1,112 | B Ordinary | £0.01 | 11 |  | 11 |  |

61 |  | 61 |  |

| The rights attaching to each class of shares are as follows:

| The A Ordinary shares do not carry a present or future preferential right to dividends, to the company's assets on a winding up or to be redeemed in preference to shares in any other class of shares. They have attached to them full voting rights and full dividend rights.They do not confer any rights of redemption. They have capital distribution rights limited to pro rata rights in proportion to the total number of ordinary shares.

| The B Ordinary shares entitle the holders to receive dividends pro rata to their respective holdings of shares in issue in the capital of the company save that it shall be within the power of the directors to declare dividends on all or any such classes of shares in such amounts (if any) as the directors shall think fit. The B Ordinary shares carry voting rights pari passu with the A Ordinary shares and an entitlement to share in the proceeds on a winding up. The B Ordinary shares are not redeemable.

15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| During the year there were loans of £301 (2025 - £nil) to the directors. These loans are interest free and repayable on demand. All these loan are fully repaid by 31 March 2026.

FENLAND HOLDINGS LTD (REGISTERED NUMBER: 06524598)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

16. | RELATED PARTY DISCLOSURES

| At the year end, the company owed its subsidiary £3,260,885 (2025 - £2,206,611). The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| During the year, the company paid rent of £NIL (2025 - £1,111) to a director, £NIL (2025 - £33,888) to a business operated by members of that director's family and £42,000 (2025 - £7,000) to a company owned by a director.

| The group is controlled by Fenland Holdings Employee Ownership Trust following the purchases of 100% of the shares of the holding company by the Trust on 1 February 2024.