K & C CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Company Registration No. 03860005 (England and Wales)
K & C CONSTRUCTION LIMITED
COMPANY INFORMATION
Director
C D White
Secretary
V R White
Company number
03860005
Registered office
New Vision House
New Vision Business Park
Glascoed Road
St Asaph
Denbighshire
LL17 0LP
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
K & C CONSTRUCTION LIMITED
CONTENTS
Page
Director's report
1 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
K & C CONSTRUCTION LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The director presents his annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of building construction and maintenance.

Review of the business

The year ended 31 October 2025 represented another significant milestone in the continued growth and development of the company. During the year, the company successfully completed a number of high-profile contracts across its core sectors while further strengthening its position within the regional construction market.

A key achievement during the year was securing appointments to additional public sector frameworks, including the North & Mid Wales Residential Framework and the North Wales Construction Partnership Framework, complementing the company's existing framework portfolio. These appointments provide a strong platform for sustained growth and reinforce the company's reputation as a trusted delivery partner for both public and private sector clients.

The company remains committed to investing in the communities in which it operates. Through the continued support of local businesses and suppliers, apprenticeship programmes, employment opportunities, sponsorship of schools and community organisations, and engagement with local sports associations, the company continues to generate lasting social and economic value.

Recognising that its people are fundamental to its success, the company has continued to invest in employee development through training, professional qualifications and leadership development, ensuring it maintains a highly skilled and motivated workforce capable of delivering increasingly complex projects.

Alongside investment in people, the company has continued to strengthen its operational infrastructure through the introduction of new management systems and digital technologies designed to improve efficiency, governance, project delivery and reporting. These investments are supporting greater operational resilience while providing a scalable platform for future growth.

The company has also maintained a strategic focus on developing a secure, resilient and sustainable supply chain. By strengthening relationships with key suppliers and subcontractors, increasing collaboration, and continuing to support local procurement wherever possible, the business is reducing supply risks, improving programme certainty and ensuring consistent quality across its projects.

Sustainability remains central to the company's long-term strategy. Environmental responsibility, efficient use of resources and sustainable construction practices continue to be embedded throughout its operations, enabling the company to meet the evolving expectations of clients while supporting its wider environmental objectives.

Awards and Achievements

During the year the company successfully retained certification to the internationally recognised standards ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management).

These certifications demonstrate the company's ongoing commitment to quality, environmental stewardship and the highest standards of health and safety, while providing clients with confidence in the company's management systems and governance.

K & C CONSTRUCTION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Results

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

During the year, the company undertook a diverse range of projects including residential new build developments, residential refurbishment schemes, commercial new build projects and refurbishments across the education, healthcare, leisure, office and public sector markets.

The director reports turnover for the year of £15,118,957 (2024: £6,103,126), an operating profit of £1,420,756 (2024: £680,604) and profit before taxation of £1,408,972 (2024: £646,027) representing substantial growth compared with the previous financial year.

Net assets at the year end totalled £5,764,457 (2024: £5,375,697), reflecting the continued financial strength of the business and providing a solid platform to support future expansion.

Investment in specialist plant, equipment and expertise has enhanced the company's self-delivery capability, generated cost efficiencies, improved programme control and expanded the range of projects and tender opportunities available to the business.

The company remains committed to reinvesting retained profits into the business through investment in people, technology, plant and operational systems. These investments are intended to improve productivity, enhance project delivery, support sustainable growth and ensure the company remains competitive within an evolving construction market.

The strength of the company's balance sheet, together with the support of the wider group structure, positions the business well to capitalise on future opportunities and deliver its medium and long-term growth strategy.

Director

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

C D White
Future developments

The company will continue to operate across the residential, commercial, refurbishment and maintenance sectors while expanding its presence within both the public and private sectors.

The business enters the new financial year with a strong pipeline of secured work through its framework appointments and directly procured contracts across North Wales and the North West of England. The company also intends to further increase its presence within England, building upon recent successes in securing projects along the Welsh-English border and strengthening relationships with clients across new geographical markets.

A key strategic priority over the coming years will be the continued development of the company's operational capability through investment in digital systems, project management processes and business technologies. These initiatives will improve efficiency, strengthen governance, enhance decision-making and provide the infrastructure necessary to support continued expansion.

The company will also continue to strengthen its supply chain strategy by developing long-term partnerships with trusted suppliers and subcontractors, increasing supply chain resilience and supporting local procurement wherever possible. This approach is expected to improve delivery certainty, mitigate market volatility and support sustainable long-term growth.

The Board remains committed to delivering profitable and sustainable growth while maintaining the high standards of quality, safety and customer service that have underpinned the company's success.

Following the year end, the company secured further contract awards, resulting in a total order book of approximately £92 million. A number of these projects commenced during 2026, with additional contracts scheduled to begin throughout the year.

The strength of the secured order book provides excellent revenue visibility and underpins the Board's confidence that the company is well positioned to achieve significant and sustainable growth over the coming years, with a corresponding increase in annual turnover while continuing to invest in its people, systems, environmental performance and long-term business resilience.

K & C CONSTRUCTION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C D White
Director
28 July 2026
K & C CONSTRUCTION LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

The director is 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. He is 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.

K & C CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF K & C CONSTRUCTION LIMITED
- 5 -
Opinion

We have audited the financial statements of K & C Construction Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

K & C CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF K & C CONSTRUCTION LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the director's r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

K & C CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF K & C CONSTRUCTION LIMITED (CONTINUED)
- 7 -

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, trades description act and employment legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; reviewing post year end payments for evidence of claims pay outs and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Jean Ellis BA FCA CTA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
28 July 2026
K & C CONSTRUCTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
£
£
Turnover
15,118,957
6,103,126
Cost of sales
(12,261,963)
(4,725,873)
Gross profit
2,856,994
1,377,253
Administrative expenses
(1,443,287)
(726,624)
Other operating income
7,049
29,975
Operating profit
1,420,756
680,604
Interest receivable and similar income
2,352
1,249
Interest payable and similar expenses
(14,136)
(35,826)
Profit before taxation
1,408,972
646,027
Tax on profit
(20,209)
4,531
Profit for the financial year
1,388,763
650,558

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

K & C CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,600
2,600
Tangible assets
5
389,581
461,251
392,181
463,851
Current assets
Debtors
6
11,954,056
8,257,836
Cash at bank and in hand
801,513
831,412
12,755,569
9,089,248
Creditors: amounts falling due within one year
7
(7,300,120)
(3,999,460)
Net current assets
5,455,449
5,089,788
Total assets less current liabilities
5,847,630
5,553,639
Creditors: amounts falling due after more than one year
8
(1,396)
(78,877)
Provisions for liabilities
(81,777)
(99,068)
Net assets
5,764,457
5,375,694
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
17
17
Profit and loss reserves
5,764,340
5,375,577
Total equity
5,764,457
5,375,694

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

The financial statements were approved and signed by the director and authorised for issue on 28 July 2026
C D White
Director
Company registration number 03860005 (England and Wales)
K & C CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2023
100
17
4,725,019
4,725,136
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
650,558
650,558
Balance at 31 October 2024
100
17
5,375,577
5,375,694
Year ended 31 October 2025:
Profit and total comprehensive income
-
-
1,388,763
1,388,763
Dividends
-
-
(1,000,000)
(1,000,000)
Balance at 31 October 2025
100
17
5,764,340
5,764,457
K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
1
Accounting policies
Company information

K & C Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Vision House, New Vision Business Park, Glascoed Road, St Asaph, Denbighshire, LL17 0LP.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have prepared cash flow forecasts which demonstrate that the company will continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.true

This is supported by the ongoing generation of cash flows from construction contracts, together with continued funding from the company’s lenders and financial support from its parent undertaking.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 12 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.4
Intangible fixed assets other than goodwill

Intangible assets are stated at cost less accumulated amortisation and impairment. Assets with an indefinite useful life are not amortised but are reviewed annually for impairment.

Registration plate
Not amortised but reviewed annually for impairment
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10%
Motor vehicles
10%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Construction contracts
K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -

Contract costs are recognised as incurred. Where revenue is recognised over time, the net position of each contract is presented in the balance sheet as either:

- an asset within debtors where costs incurred plus recognised profits (less recognised losses) exceed progress billings; or

- a liability within creditors where progress billings exceed costs incurred plus recognised profits (less recognised losses).

Amounts recoverable on contracts and payments received on account are included within debtors and creditors respectively.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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

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

K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Construction contracts

Management has exercised significant judgment in determining the appropriate timing and amount of revenue recognised from construction contracts. The assessment of the stage of completion and the recognition of revenue under the input method (costs incurred relative to total estimated costs) requires estimation of total contract revenue, total contract costs, and the expected outcome of the project, including variations and claims.

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.

Construction contracts

The company recognises revenue over time based on the proportion of costs incurred to date compared to the total expected costs to complete each contract. The assessment of the final outcome of construction contracts involves uncertainties such as forecasting future costs, resolving contract variations and claims, and assessing potential penalties or liquidated damages. If the actual outcomes differ from management’s estimates, there could be material adjustments to revenue and profit in future periods.

3
Employees

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

2025
2024
Number
Number
Total
18
8
K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
4
Intangible fixed assets
Registration plate
£
Cost
At 1 November 2024 and 31 October 2025
2,600
Amortisation and impairment
At 1 November 2024 and 31 October 2025
-
0
Carrying amount
At 31 October 2025
2,600
At 31 October 2024
2,600

The company holds a personalised vehicle registration plate which is considered to have an indefinite useful life. Accordingly, no amortisation has been charged in the year.

5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2024
1,581,453
Additions
9,880
At 31 October 2025
1,591,333
Depreciation and impairment
At 1 November 2024
1,120,202
Depreciation charged in the year
81,550
At 31 October 2025
1,201,752
Carrying amount
At 31 October 2025
389,581
At 31 October 2024
461,251
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,794,820
667,515
Gross amounts owed by contract customers
346,934
105,188
Amounts owed by group undertakings
9,047,702
7,212,856
Other debtors
764,600
272,277
11,954,056
8,257,836
K & C CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
0
53,706
Obligations under finance leases
43,074
100,363
Payments received on account
3,859,929
2,088,920
Trade creditors
1,493,767
885,015
Corporation tax
37,500
22,850
Other taxation and social security
44,571
13,213
Other creditors
36,924
6,917
Accruals and deferred income
1,784,355
828,476
7,300,120
3,999,460
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
1,396
78,877
9
Related party transactions
Transactions with related parties

Included within other debtors was a balance of £1,573 (2024: £1,006) in relation to works completed on behalf of K&C (Property North Wales) Limited in which the director has a material interest.

During the year a charge of £1 1,08 3 (2024: £5,532) was made to K&C (Property North Wales) Limited for management services and £12,026 (2024: £22,205) paid for works completed.

Included within trade debtors was a balance of £432 (2024: £NIL ) in relation to works completed on behalf of All Seasons Facility Management LLP Limited in which the director has a material interest.

During the year £2,310 (2024: £NIL) for works completed was charged to All Seasons Facility Management LLP.

Included in creditors at 31st October 2025 was an amount due to the director personally of £16,933 (2024: in debtors £1,000.

Included within trade debtors was a balance of £916,125 (2024: £200,028) in relation to works completed on behalf of Directors. During the year £1,415,691 (2024: £791,531) for works completed was charged to the Directors.

The company has taken advantage of the exemption under FRS 102 from disclosing transactions with wholly owned group undertakings.

10
Parent company

The company's immediate parent company is K&C Group (NW) Limited, as a company incorporated in England and Wales. K&C Group (NW) Limited prepares group consolidated accounts, incorporating those of K&C Construction Limited and are available from the holding company's registered office at New Vision House, New Vision Business Park, Glascoed Road, St Asaph, Denbighshire, LL17 0LP.

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