REGISTERED NUMBER: 08643489 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 October 2025

for

Martin Arnold Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

R I Arnold

A Woolsey

C Martin

M Lock

R Hailey

J M J Collins

B R Davis

T S Hopkins

T Ibrahim

S W Mitchell

REGISTERED OFFICE:

4 Gunnery Terrace

The Royal Arsenal

London

SE18 6SW

REGISTERED NUMBER:

08643489 (England and Wales)

SENIOR STATUTORY AUDITOR:

Bryan Michael Kemsley FCCA FMAAT

AUDITORS:

Ardor Business Solutions Limited

Statutory Auditors

Chartered Certified Accountants

Unit 1

Shrine Barn

Sandling Road

Hythe

Kent

CT21 4HE

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

REVIEW OF BUSINESS

The review of the directors' remains consistent with the size and non-complex nature of the business.

The Company continues to operate in the surveying sector. Over recent years the Company has invested in new technology and taken on additional staff furthering the Company's growth. The Company is governed by directors with extensive knowledge in the field and has over 25 years experience in the surveying industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company manages cashflow risk by reviewing new clients for their credit worthiness before accepting contracts and periodically reviews existing clients to ensure that they still adhere to the requirements set by management.

Inflation continues to affect cost of supplies and potential for supply chain issues is managed continually. The Company regularly reviews costs of current supplier against industry standards to ensure that the best prices for supplies are obtained and where suitable, bulk discounts achieved.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to the clients and the regular monitoring of amounts of both time and credit limits. Provision for doubtful debts are included as and when necessary and appropriate.

LIQUIDITY RISK

The Company monitors and reviews liquidity risks regularly on an ongoing basis and also as part of the planning process. The directors consider short-term requirements against available sources of funding, taking into account cash flow and responds to any identified needs as necessary to support the business.

CREDIT RISK

The Company's credit risk relates to recovery of amounts owed by clients for invoiced sales of services. The credit risk is managed by regular monitoring of outstanding amounts.

TURNOVER, GROSS PROFIT AND OPERATING PROFIT

Gross profit margin for the year was 42% (2024: 46%) and operating profit margin was 16% (2024: 16%). The Company seeks to provide growth in earnings through improved efficiencies in operations when considering market conditions.

The generation of earnings is essential to deliver growth and to fund future development of the business. Overheads are reviewed, monitored and controlled by management on a regular basis.

Financial indicators

Turnover is the key financial indicator and the results were as follows:

Year ended 31 October 2025 - £13,245,116

Year ended 31 October 2024 - £11,973,454

ON BEHALF OF THE BOARD:

C Martin - Director

7 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 surveyors.

DIVIDENDS

The following dividends were paid during the year:

31st October 2025 - a final dividend of £151.93 per Ordinary B share, £9.09 per Ordinary C share and £57.14 per Ordinary D share.

The total dividend distributions during the year were £509,500.

FUTURE DEVELOPMENTS

The directors look to continue to provide their existing and future clients with a professional service, adhering to relevant regulations and keeping up to date with new practices. The directors continue to tender for additional contracts with the aim of increasing the Company's size and profitability and employing additional staff to maintain the intended growth.

DIRECTORS

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

R I Arnold

A Woolsey

C Martin

M Lock

R Hailey

J M J Collins

B R Davis

T S Hopkins

T Ibrahim

S W Mitchell

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.

AUDITORS

The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Martin - Director

7 July 2026

Opinion

We have audited the financial statements of Martin Arnold Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 set out on page three, 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.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Bryan Michael Kemsley FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Ardor Business Solutions Limited

Statutory Auditors

Chartered Certified Accountants

Unit 1

Shrine Barn

Sandling Road

Hythe

Kent

CT21 4HE

7 July 2026

TURNOVER

13,245,116

11,973,454

Cost of sales

7,519,444

6,389,982

GROSS PROFIT

5,725,672

5,583,472

Administrative expenses

3,713,683

3,726,575

2,011,989

1,856,897

Other operating income

60,052

38,579

OPERATING PROFIT

5

2,072,041

1,895,476

Income from shares in group undertakings

-

244,500

Interest receivable and similar income

33,321

21,561

33,321

266,061

2,105,362

2,161,537

Amounts written off investments

6

-

336,673

2,105,362

1,824,864

Interest payable and similar expenses

7

40,306

43,172

PROFIT BEFORE TAXATION

2,065,056

1,781,692

Tax on profit

8

634,147

578,109

PROFIT FOR THE FINANCIAL YEAR

1,430,909

1,203,583

PROFIT FOR THE YEAR

1,430,909

1,203,583

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,430,909

1,203,583

FIXED ASSETS

Intangible assets

10

975,000

1,170,000

Tangible assets

11

1,033,731

911,689

Investments

12

2

2

2,008,733

2,081,691

CURRENT ASSETS

Stocks

13

2,224,950

2,362,600

Debtors

14

3,402,266

3,380,230

Cash at bank

2,072,342

927,412

7,699,558

6,670,242

CREDITORS

Amounts falling due within one year

15

1,375,001

1,518,756

NET CURRENT ASSETS

6,324,557

5,151,486

TOTAL ASSETS LESS CURRENT LIABILITIES

8,333,290

7,233,177

CREDITORS

Amounts falling due after more than one year

16

(904,879

)

(810,305

)

PROVISIONS FOR LIABILITIES

20

(186,067

)

(101,937

)

NET ASSETS

7,242,344

6,320,935

CAPITAL AND RESERVES

Called up share capital

21

70

70

Capital redemption reserve

22

30

30

Retained earnings

22

7,242,244

6,320,835

7,242,344

6,320,935

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

C Martin - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

100

6,535,753

-

6,535,853

Changes in equity

Reduction in share capital

(30

)

-

-

(30

)

Purchase of own shares

-

(1,164,971

)

-

(1,164,971

)

Dividends

-

(253,500

)

-

(253,500

)

Total comprehensive income

-

1,203,553

30

1,203,583

Balance at 31 October 2024

70

6,320,835

30

6,320,935

Changes in equity

Dividends

-

(509,500

)

-

(509,500

)

Total comprehensive income

-

1,430,909

-

1,430,909

Balance at 31 October 2025

70

7,242,244

30

7,242,344

Cash flows from operating activities

Cash generated from operations

1

2,635,466

1,598,830

Interest paid

(25,347

)

(34,640

)

Interest element of hire purchase payments paid

(15,799

)

(8,532

)

Tax paid

(712,140

)

(345,126

)

Net cash from operating activities

1,882,180

1,210,532

Cash flows from investing activities

Purchase of tangible fixed assets

(426,901

)

(789,842

)

Sale of tangible fixed assets

88,201

32,500

Interest received

33,321

21,561

Dividends received

-

244,500

Net cash from investing activities

(305,379

)

(491,281

)

Cash flows from financing activities

New loans in year

-

442,159

Loan repayments in year

(116,703

)

(146,073

)

Repayment of finance leases

-

(117,635

)

Capital repayments in year

217,506

-

Amount introduced by directors

2,104

23,354

Amount withdrawn by directors

(25,278

)

(101,751

)

Purchase of own shares

-

(1,165,000

)

Equity dividends paid

(509,500

)

(253,500

)

Net cash from financing activities

(431,871

)

(1,318,446

)

Increase/(decrease) in cash and cash equivalents

1,144,930

(599,195

)

Cash and cash equivalents at beginning of year

2

927,412

1,526,607

Cash and cash equivalents at end of year

2

2,072,342

927,412

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

31/10/25

31/10/24

£

£

Profit before taxation

2,065,056

1,781,692

Depreciation charges

420,630

382,464

(Profit)/loss on disposal of fixed assets

(8,972

)

15,144

Impairments

-

336,673

Finance costs

40,306

43,172

Finance income

(33,321

)

(266,061

)

2,483,699

2,293,084

Decrease/(increase) in stocks

137,650

(582,600

)

Increase in trade and other debtors

(5,838

)

(258,704

)

Increase in trade and other creditors

19,955

147,050

Cash generated from operations

2,635,466

1,598,830

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

2,072,342

927,412

Year ended 31 October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

927,412

1,526,607

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank

927,412

1,144,930

2,072,342

927,412

1,144,930

2,072,342

Debt

Finance leases

(477,472

)

(217,506

)

(694,978

)

Debts falling due within 1 year

(115,157

)

40,657

(74,500

)

Debts falling due after 1 year

(397,882

)

76,046

(321,836

)

(990,511

)

(100,803

)

(1,091,314

)

Total

(63,099

)

1,044,127

981,028

1.	STATUTORY INFORMATION

Martin Arnold 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 (£).

Amounts are rounded to the nearest 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" 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.

Preparation of consolidated financial statements

The financial statements contain information about Martin Arnold Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

In accordance with Section 405(2) of the Companies Act 2006, the Company's subsidiary undertaking is not required to be consolidated as its inclusion is not material for the purpose of giving a true and fair view.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a transaction can be estimated reliably, turnover from services provided is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to entitlement to income..

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

Straight line over 20 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Work in progress

Work in progress is stated at the lower of cost and estimated realiseable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in the generation of income. Provision is made for irrecoverable amounts where appropriate.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4.	EMPLOYEES AND DIRECTORS

31/10/25

31/10/24

£

£

Wages and salaries

6,468,765

5,890,370

Social security costs

758,642

612,734

Other pension costs

627,408

436,017

7,854,815

6,939,121

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

31/10/25

31/10/24

Management

10

11

Administration and IT

13

13

Production

123

121

146

145

31/10/25

31/10/24

£

£

Directors' remuneration

921,805

940,421

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

Money purchase schemes

9

9

Information regarding the highest paid director is as follows:

31/10/25

31/10/24

£

£

Emoluments etc

114,000

140,600

5.	OPERATING PROFIT

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

31/10/25

31/10/24

£

£

Hire of plant and machinery

52,763

48,834

Other operating leases

25,121

50,638

Depreciation - owned assets

26,444

46,515

Depreciation - assets on hire purchase contracts

199,186

140,949

(Profit)/loss on disposal of fixed assets

(8,972

)

15,144

Goodwill amortisation

195,000

195,000

Auditors' remuneration

24,985

13,000