REGISTERED NUMBER: 03748413 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

OWEN CONTRACTORS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

E M Owen

G A McAllister

I Ambrose

J Owen

C Ewing

SECRETARY:

J Owen

REGISTERED OFFICE:

Tudor Close

Polegate Road

Hailsham

East Sussex

BN27 3PG

REGISTERED NUMBER:

03748413 (England and Wales)

AUDITORS:

LMDB Limited

t/a LMDB Accountants

Statutory Auditors

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

The directors present their strategic report for the year ended 31 October 2025.

OVERVIEW AND PRINCIPAL ACTIVITY

Owen Contractors Limited was established in 1999. Its main activity being the supply of brickwork services to main Building & Developer Contractors across the South East of England. Our work has helped various other building companies in winning NHBC awards.

REVIEW OF BUSINESS

The key financial highlights are as follows:

2025

2024

2023

Turnover

£19,420,354

£18,432,503

£22,468,246

Turnover movement

+5.4%

-18.0%

1.0%

Gross profit margin

7.6%

8.7%

9.7%

Profit/(loss) before tax

£456,394

£571,686

£1,066,453

Turnover increased during the year as the directors successfully secured significant projects that were pre-sold before construction commenced, enabling efficient delivery and improved project scheduling. While these newer projects are generating healthy margins, the overall gross profit margin has remained broadly consistent with the previous year, due to continued completion of legacy fixed-price contacts.

The combination of the higher-value projects, careful control of overhead costs, and the commitment of the company's workforce have enabled the business to maintain a strong overall financial performance despite ongoing market challenges.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's performance remains dependant on the overall health of the UK construction sector. The industry continues to face a few challenges, the most significant of which is delayed payment from customers.

Several of the company's largest clients have adopted developments models where projects are up to 75% pre-sold before construction begins. Whilst this approach reduces the reliance on private sales in the current property market, it has also resulted in reduced profit margins putting pressure on cashflow due to the extended payment times.

Other principal risks include shortages of skilled labour, pricing inaccuracies of fixed price projects, increases in material costs, inadequate project management and exposure to changes within the property market.

These risks are regularly reviewed, assessed, and managed by the directors through detailed monitoring of individual projects, with particular focus on profitability, labour and material cost control, site management, and both short- and long-term cash flow forecasting. Market conditions are continually monitored to support informed commercial decision-making.

All tenders for new projects are reviewed by the directors before submission to ensure that appropriate profit margins are achieved and that potential commercial or operational risks have been identified and addressed.

The company's operations are primarily financed through retained earnings, supported by a bank overdraft to provide additional working capital when required. The company does not utilise complex financial instruments.

The directors also take prudent measures to monitor and manage the company's exposure to credit risks, by carrying out appropriate due diligence on customers using information obtained from suppliers and recognised credit reference agencies.

The directors remain confident that these measures will support the successful delivery of current projects and provide a solid foundation for profitable future growth.

ON BEHALF OF THE BOARD:

E M Owen - Director

17 July 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of brickwork contractors.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 690,099 .

FUTURE DEVELOPMENTS

The company will continue to refine its working practices and cost management processes to improve operational efficiency and achieve its financial objectives. During the year, the directors focused on reducing the level of outstanding work on individual projects, improving cash flow management and enhancing overall project profitability. Looking ahead, the company will continue to pursue sustainable growth by securing quality projects while maintaining disciplined cost control and effective project management.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

E M Owen

G A McAllister

I Ambrose

J Owen

C Ewing

Other changes in directors holding office are as follows:

W H Dixon ceased to be a director after 31 October 2025 but prior to the date of this report.

DONATIONS

During the year, donations of £2,334 (2024 - £2,269) were made.

None of these donations were made to political parties in the UK or overseas.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

E M Owen - Director

17 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

- Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Professional scepticism in the course of the audit and with audit sampling in material audit areas.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Samuel David Jaquet FCCA (Senior Statutory Auditor)

for and on behalf of LMDB Limited

t/a LMDB Accountants

Statutory Auditors

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

23 July 2026

TURNOVER

19,420,354

18,432,503

Cost of sales

17,942,457

16,820,435

GROSS PROFIT

1,477,897

1,612,068

Administrative expenses

1,026,610

1,050,538

451,287

561,530

Other operating income

-

2,627

OPERATING PROFIT

4

451,287

564,157

Interest receivable and similar income

5,504

7,851

456,791

572,008

Interest payable and similar expenses

5

397

322

PROFIT BEFORE TAXATION

456,394

571,686

Tax on profit

6

116,042

173,406

PROFIT FOR THE FINANCIAL YEAR

340,352

398,280

PROFIT FOR THE YEAR

340,352

398,280

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

340,352

398,280

FIXED ASSETS

Tangible assets

8

578,345

622,948

CURRENT ASSETS

Stocks

9

25,729

22,373

Debtors

10

4,226,115

4,324,565

Cash at bank

249,301

829,324

4,501,145

5,176,262

CREDITORS

Amounts falling due within one year

11

876,113

1,224,086

NET CURRENT ASSETS

3,625,032

3,952,176

TOTAL ASSETS LESS CURRENT LIABILITIES

4,203,377

4,575,124

CREDITORS

Amounts falling due after more than one year

12

-

(4,978

)

PROVISIONS FOR LIABILITIES

14

(95,446

)

(112,468

)

NET ASSETS

4,107,931

4,457,678

CAPITAL AND RESERVES

Called up share capital

15

2,021

2,021

Share premium

16

6,004

6,004

Retained earnings

16

4,099,906

4,449,653

SHAREHOLDERS' FUNDS

4,107,931

4,457,678

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

E M Owen - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 November 2023

2,021

4,162,596

6,004

4,170,621

Changes in equity

Dividends

-

(111,223

)

-

(111,223

)

Total comprehensive income

-

398,280

-

398,280

Balance at 31 October 2024

2,021

4,449,653

6,004

4,457,678

Changes in equity

Dividends

-

(690,099

)

-

(690,099

)

Total comprehensive income

-

340,352

-

340,352

Balance at 31 October 2025

2,021

4,099,906

6,004

4,107,931

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Related party exemption

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

Significant judgements and estimates

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Amounts recoverable under contracts represents the value of work undertaken for which application for payment has not been made at the balance sheet date.

Whilst the directors have made every effort to reliably measure the stage of completion for individual contracts and then determine an accurate value of income, the inherent nature of the calculations requires a degree of estimation. There is a risk these estimations may prove inaccurate when the same calculations are performed at a later stage of the contract.

Turnover

Turnover comprises increases in valuations on contracts and services provided, and excludes valued added tax.

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

When calculating turnover the directors have applied the provisions of S.23 of FRS 102 "The

Financial Reporting Standard applicable in the UK and the Republic of Ireland" and only recognises income in accordance with the stage of completion for each individual contract.

This is calculated by assessing the amount of work performed at the balance sheet date on each contract and comparing to the overall contractual obligations as defined at the outset of each contract. This assessment provides an indication of the stage of completion for a contract which is then compared to the overall value of the contract to determine the amount of income to be recognised at the balance sheet date.

The directors consider that all turnover may properly be classified as arising from a single class of continuing activity.The Company operates in the United Kingdom.

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

-

Over the term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% 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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Financial assets are de-recognised when:

- the contractual rights to the cash flows from the financial asset expire or are settled; or

- the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or

- the company, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

351,729

372,577

Social security costs

32,761

30,740

Other pension costs

6,515

6,985

391,005

410,302

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

2025

2024

Directors

6

6

Administrative

4

4

Direct

4

7

14

17

2025

2024

£

£

Directors' remuneration

18,200

18,200

Directors' pension contributions to money purchase schemes

86

114

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

Money purchase schemes

1

2

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

12,801

11,788

Depreciation - owned assets

138,154

148,132

Depreciation - assets on hire purchase contracts

3,712

4,950

(Profit)/loss on disposal of fixed assets

(431

)

13,164

Auditors' remuneration

8,523

8,083

Operating lease

-

5,667

Auditors remuneration - non audit services

19,772

19,657

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

397

322

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

133,064

136,596

Deferred tax

(17,022

)

36,810

Tax on profit

116,042

173,406

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

456,394

571,686

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

114,099

142,922

Effects of:

Expenses not deductible for tax purposes

18,648

13,447

Depreciation in excess of capital allowances

-

17,037

Deferred tax overprovision in previous period

(16,705

)

-

Total tax charge

116,042

173,406

7.

DIVIDENDS

2025

2024

£

£

A - J Ordinary shares of £1 each

690,099

111,223

690,099

111,223

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2024

66,816

56,523

53,942

915,852

1,093,133

Additions

-

-

15,233

128,399

143,632

Disposals

-

-

-

(124,634

)

(124,634

)

At 31 October 2025

66,816

56,523

69,175

919,617

1,112,131

DEPRECIATION

At 1 November 2024

-

20,081

14,051

436,053

470,185

Charge for year

-

9,111

6,901

125,854

141,866

Eliminated on disposal

-

-

-

(78,265

)

(78,265

)

At 31 October 2025

-

29,192

20,952

483,642

533,786

NET BOOK VALUE

At 31 October 2025

66,816

27,331

48,223

435,975

578,345

At 31 October 2024

66,816

36,442

39,891

479,799

622,948

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

Motor

vehicles

£

COST

At 1 November 2024

and 31 October 2025

28,161

DEPRECIATION

At 1 November 2024

13,310

Charge for year

3,712

At 31 October 2025

17,022

NET BOOK VALUE

At 31 October 2025

11,139

At 31 October 2024

14,851