REGISTERED NUMBER: 06193454 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

OWEN CONTRACTORS HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

E M Owen

J Owen

C Ewing

SECRETARY:

J Owen

REGISTERED OFFICE:

Tudor Close

Polegate Road

Hailsham

East Sussex

BN27 3PG

REGISTERED NUMBER:

06193454 (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 of the company and the group for the year ended 31 October 2025.

OVERVIEW AND PRINCIPAL ACTIVITY

The group's 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 of the subsidiary company 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

8.8%

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 and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group 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 £ 800,515 .

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

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.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade debtors, and loans to/from group and other companies. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility through the use of a current account balance attracting floating rates of interest.

In respect of loans these comprise loans to/from group and other linked companies. These are interest free and repayable on demand. The directors are aware of the company's required finance and have determined that these will only be repaid, in whole or in part, when finance is available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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

19,449,467

17,739,575

Cost of sales

17,942,457

16,099,907

GROSS PROFIT

1,507,010

1,639,668

Administrative expenses

881,494

1,606,344

625,516

33,324

Other operating income

66,000

13,627

OPERATING PROFIT

4

691,516

46,951

Interest receivable and similar income

8,761

26,680

700,277

73,631

Interest payable and similar expenses

5

8,901

10,848

PROFIT BEFORE TAXATION

691,376

62,783

Tax on profit

6

174,982

185,362

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

516,394

(122,579

)

Profit/(loss) attributable to:

Owners of the parent

382,118

(233,802

)

Non-controlling interests

134,276

111,223

516,394

(122,579

)

PROFIT/(LOSS) FOR THE YEAR

516,394

(122,579

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

516,394

(122,579

)

Total comprehensive income attributable to:

Owners of the parent

382,118

(233,802

)

Non-controlling interests

134,276

111,223

516,394

(122,579

)

FIXED ASSETS

Tangible assets

9

1,978,347

2,022,950

Investments

10

-

-

1,978,347

2,022,950

CURRENT ASSETS

Stocks

11

25,729

22,373

Debtors

12

4,321,921

4,376,556

Cash at bank

934,243

1,257,134

5,281,893

5,656,063

CREDITORS

Amounts falling due within one year

13

1,738,030

1,687,037

NET CURRENT ASSETS

3,543,863

3,969,026

TOTAL ASSETS LESS CURRENT LIABILITIES

5,522,210

5,991,976

CREDITORS

Amounts falling due after more than one year

14

(300,038

)

(334,385

)

PROVISIONS FOR LIABILITIES

18

(95,446

)

(112,468

)

NET ASSETS

5,126,726

5,545,123

CAPITAL AND RESERVES

Called up share capital

19

4,030

4,030

Retained earnings

20

5,122,695

5,541,092

SHAREHOLDERS' FUNDS

5,126,725

5,545,122

NON-CONTROLLING INTERESTS

21

1

1

TOTAL EQUITY

5,126,726

5,545,123

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

FIXED ASSETS

Tangible assets

9

1,400,000

1,400,000

Investments

10

2,015

2,015

1,402,015

1,402,015

CURRENT ASSETS

Debtors

12

113,206

348,850

Cash at bank

684,941

427,810

798,147

776,660

CREDITORS

Amounts falling due within one year

13

879,316

759,814

NET CURRENT (LIABILITIES)/ASSETS

(81,169

)

16,846

TOTAL ASSETS LESS CURRENT LIABILITIES

1,320,846

1,418,861

CREDITORS

Amounts falling due after more than one year

14

300,038

329,407

NET ASSETS

1,020,808

1,089,454

CAPITAL AND RESERVES

Called up share capital

19

4,030

4,030

Retained earnings

20

1,016,778

1,085,424

SHAREHOLDERS' FUNDS

1,020,808

1,089,454

Company's profit/(loss) for the financial year

731,868

(520,863

)

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

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 November 2023

4,030

6,547,407

6,551,437

1

6,551,438

Changes in equity

Dividends

-

(772,513

)

(772,513

)

(111,223

)

(883,736

)

Total comprehensive income

-

(233,802

)

(233,802

)

111,223

(122,579

)

Balance at 31 October 2024

4,030

5,541,092

5,545,122

1

5,545,123

Changes in equity

Dividends

-

(800,515

)

(800,515

)

(134,276

)

(934,791

)

Total comprehensive income

-

382,118

382,118

134,276

516,394

Balance at 31 October 2025

4,030

5,122,695

5,126,725

1

5,126,726

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

4,030

2,378,800

2,382,830

Changes in equity

Dividends

-

(772,513

)

(772,513

)

Total comprehensive income

-

(520,863

)

(520,863

)

Balance at 31 October 2024

4,030

1,085,424

1,089,454

Changes in equity

Dividends

-

(800,514

)

(800,514

)

Total comprehensive income

-

731,868

731,868

Balance at 31 October 2025

4,030

1,016,778

1,020,808

Cash flows from operating activities

Cash generated from operations

1

877,141

1,010,784

Interest paid

(8,901

)

(10,848

)

Tax paid

(133,714

)

(360,861

)

Net cash from operating activities

734,526

639,075

Cash flows from investing activities

Purchase of tangible fixed assets

(143,632

)

(1,044,010

)

Sale of tangible fixed assets

46,800

53,008

Interest received

8,761

26,680

Net cash from investing activities

(88,071

)

(964,322

)

Cash flows from financing activities

Loan repayments in year

(28,582

)

(26,560

)

Capital repayments in year

(5,974

)

(5,974

)

Amount withdrawn by directors

-

(10,550

)

Equity dividends paid

(800,515

)

(772,513

)

Dividends paid to minority interests

(134,275

)

(111,223

)

Net cash from financing activities

(969,346

)

(926,820

)

Decrease in cash and cash equivalents

(322,891

)

(1,252,067

)

Cash and cash equivalents at beginning of year

2

1,257,134

2,509,201

Cash and cash equivalents at end of year

2

934,243

1,257,134

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

691,376

62,783

Depreciation charges

141,865

153,083

(Profit)/loss on disposal of fixed assets

(431

)

13,164

Loss on revaluation of fixed assets

-

672,901

Finance costs

8,901

10,848

Finance income

(8,761

)

(26,680

)

832,950

886,099

Increase in stocks

(3,356

)

(1,065

)

Decrease/(increase) in trade and other debtors

54,635

(406,382

)

(Decrease)/increase in trade and other creditors

(7,088

)

532,132

Cash generated from operations

877,141

1,010,784

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

934,243

1,257,134

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

1,257,134

2,509,201

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

1,257,134

(322,891

)

934,243

1,257,134

(322,891

)

934,243

Debt

Finance leases

(10,952

)

5,974

(4,978

)

Debts falling due within 1 year

(27,324

)

(787

)

(28,111

)

Debts falling due after 1 year

(329,407

)

29,369

(300,038

)

(367,683

)

34,556

(333,127

)

Total

889,451

(288,335

)

601,116

1.	STATUTORY INFORMATION

Owen Contractors Holdings 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 General 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.

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 significant 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.