REGISTERED NUMBER: 15693464 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2026

FOR

MCCONNELL GROUP HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Cash Flow Statement

21

Notes to the Consolidated Financial Statements

22

DIRECTORS:

Robert Henry McGregor

Claire Marie Roe

Jon Matthew Wallis

Simon Anthony Lacey

John Robinson Hepburn

REGISTERED OFFICE:

Manufactory House

Bell Lane

Hertford

SG14 1BP

REGISTERED NUMBER:

15693464 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Mark Jones

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

The directors present their strategic report of the company and the group for the year ended 30th April 2026.

PRINCIPAL ACTIVITY

The principal activity of the company is that of an investment holding company.

REVIEW OF BUSINESS

On 17th October 2025 the company's subsidiary changed its trading name to HLS McConnell Limited and post year end on 9th June 2026 changed its trading name to McConnell Limited.

We have delivered another solid year of growth. Group turnover increased to £87.3m (from £81.6m in FY25), and our group Operating Profit was £2.3m. The most impressive area of growth was in our forward order book, which has increased to over £700m.

Our turnover growth was restricted by contract slippage mostly occasioned by changes in government procurement protocols and building safety regulator delays.

Our significant order book growth is a result of strategic long-term investment that has positioned McConnell to secure large scale framework and direct award contracts for planned major building refurbishment investment programmes across all sectors that we operate.

The company continues to invest for growth, and the primary investment continues to be in people. We have continued to strengthen our senior leadership and management teams, beyond our growth, to give us operational resilience and ensure our service standards.

Another significant area of investment in FY26 was in managing our ESG responsibilities. This included the creation of a bespoke CARE Impact Plan that enables us to more effectively plan, invest, and deliver, positive change for people, communities, and the environment. In 2025 we generated £12.2m* in added social and environmental value for the people and communities that we work within (*calculated using the TOMS Framework method).

The Directors are very pleased with the overall performance of the business in FY26 and would like to thank all employees, supply chain partners, advisors, and customers for their support, commitment, and loyalty.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to risks and uncertainties arising from the macro-economic factors that affect the UK construction industry. Risk management is at the core of all our management processes and behaviours. Key risks and mitigation measures are identified in the table below.

Availability of Resources

- People driven approach, not numbers & target driven.

- Committed to being the Employer of Choice to attract people who align with our values.

- Treat supply chain partners fairly and be the partner of choice.

- Core of directly employed trades.

Unpredictable Cost Base

- Avoid long-term fixed price contracts.

- Risk share with Customers and Supply Chain.

- Long-term Supply Chain Agreements.

Project Safety and Quality Delivery

- Our Health & Safety Management Systems are ISO 45001 registered and approved.

- Health & Safety is the first point of order in all board meetings and is prioritised operationally.

- Quality Assured Processes and Accreditation.

- 'Golden Thread' Digital Quality Control on all key projects.

Liquidity Risk

- Active short, medium, and long-term cashflow forecasting.

- Cash reserves remain liquid.

- Significant Working Capital Loan Facility (unused in FY25).

- Owners work, and are invested, in the company.

- Majority of profits are re-invested in Company.

Credit Risk

- Majority of Customer base are Local Authority, Housing Association, other Government-Backed, or Blue-Chip

Private Sector.

- Active credit-checking and risk controls for all Customers.

- Cash reserves are not put at risk.

Inflation

- Avoid long-term fixed price projects.

- Shared risk with Customers and Supply Chain.

- Monitor regularly and adjust pricing accordingly.

Over-extending on Growth

- Regional Operating Structure gives SME-type control.

- Deeply experienced Senior Leadership Team.

- Growth is organic not acquisitive which gives us better control.

- Majority of growth is derived from securing higher value projects.

- Comprehensive and robust 'early-warning' reporting procedures.

- Service focussed and assured approach.

Ownership Risk

- The owners actively work in the business.

- No external investors, no private equity, no external shareholders.

- Empowered decision-making that leverages ownership, experience, and expertise, while maintaining the necessary level of control and accountability.

Diversification Risk

- Committed to existing markets.

- Ample headroom for growth without diversification.

- There are significant long-term future funding commitments to existing markets to meet regulatory and governmental commitments such as decarbonisation, fire remediation, cladding remediation, and increased social, welfare, and living standards.

Insurance

- We have robust, comprehensive, and suitable value, insurance policies for all key risks that are insurable.

Political & Government

- Our markets are predominantly made up of the stable cyclical financial investment required to maintain high-value property assets and are extremely resilient to political and governmental risk and change.

- We actively monitor political risk and government policy and regulation changes, and we plan and adapt to

these in a timely and measured way.

McConnell is a business that is managed and controlled by directors who are owners and are deeply experienced. The senior leadership team have all held senior leadership roles in much larger companies. In acting as hands-on experienced owners, directors, and leaders, it gives us greater empowerment, agility, and accountability, that helps us deliver a regionally focussed and assured service offering.

We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity.

ENERGY AND CARBON REPORT

McConnell is committed to meeting its environmental and climate obligations.

Managing Environmental Impacts

McConnell is committed to taking a comprehensive approach to reducing its environmental impacts. The Company takes a continuous improvement approach to its energy and fuel usage across its operations, making significant efforts to manage our office space efficiently, and ensuring our fleet is on a long-term trajectory of emissions reduction. Through ongoing collaboration with all our stakeholders, we are looking to deliver a long-term structured programme to reduce carbon across all aspects of our operation and we are committed to meeting the Government's target of Carbon Net Zero by 2050 and will strive to deliver ahead of time. Transport emissions remain our priority area, but we consider all our transport, power, and energy options. The intention remains to invest in proven green technologies at appropriate points in the future to ensure a well-managed and credible approach to achieve our Carbon Net Zero target. McConnell also takes a proactive approach to our wider environmental impacts.

Our Environmental Management Policy shapes the way we manage our impacts on a day-to-day basis to complement our longer-term strategic approach.

McConnell has held the ISO 14001 Environmental Management Standard for 6 years.

Reporting Boundary

This disclosure covers McConnell's UK operations for the period 1st May 2025 to 30th April 2026. It includes mandatory Scope 1 and Scope 2 emissions and, for the first time, all five Scope 3 categories required under PPN 006: upstream transportation and distribution, waste generated in operations, business travel, employee commuting, and downstream transportation and distribution.

FY26 therefore forms the baseline for the expanded Scope 3 reporting boundary.

Energy consumption

UK energy consumption from natural gas, purchased electricity, stationary combustion, mobile combustion and business travel was:

UK Energy Usage (kwh)

2024/25 (kwh)

2025/26 (kwh)

Natural gas

21,451.59

44,732.80

Electricity

156,792

217,134.60

Stationary Combustion

182,633.95

474,671.19

Mobile Combustion

1,784,683.61

3,300,075.07

Business travel

664,592.66

177,694.41

Totals

2,810,153.81

4,214,308.08

Greenhouse Gas emissions

Emissions are reported in tonnes of carbon dioxide equivalent, or tCO2e.

Scope/category

Emission source

FY 2024/25 tCO2e

FY 2025/26 tCO2e

Scope 1 - direct emissions

Natural gas

4.57

9.54

Stationary combustion

54.02

142.99

Mobile combustion

529.35

968.47

Scope 1 subtotal

587.94

1,120.99

Scope 2 - purchased electricity

Electricity

42.53

52.42

Scope 2 subtotal

42.53

52.42

Scope 3 - reported categories

Waste generated in operations

n/a

1,558.68

Business travel

164.79

71.89

Upstream transportation and distribution

n/a

512.62

Employee commuting

n/a

896.01

Downstream transportation and distribution

n/a

0

Scope 3 subtotal

164.79

3,039.20

Total reported emissions

795.26

4,212.62

FY26 includes additional Scope 3 categories reported for the first time, so the total footprint is not directly comparable with FY25 on a full-boundary basis.

Performance and Intensity

Measure

FY 25

FY 26

Turnover

£81.6m

£87.3m

Scope 1 and 2 intensity

7.7 tCO2e per £m

13.5 tCO2e per £m

Total emissions intensity

9.75 per tCO2e £m

48.37 tCO2e per £m

For emissions sources reported in both years, Scope 1 and Scope 2 emissions increased from 630.47 tCO2e to 1,173.42 tCO2e. This was primarily due to increased fuel consumption across company vehicles, plant and site equipment. This reflects higher project activity, a greater value of work delivered and increased uptake of company cars.

The largest FY26 emissions sources were waste generated in operations, fleet and plant fuel use, employee commuting, and upstream transportation and distribution.

Methodology

Emissions were calculated using McConnell activity data and the UK Government Conversion Factors for Company Reporting 2025, unless stated otherwise.

The standard calculation applied was:

Activity data × emission factor = kgCO2e

kgCO2e ÷ 1,000 = tCO2e

Utility records provided the natural gas and electricity data, while transaction and fuel-card records supplied fuel consumption data. Business travel information came from mileage claims, travel expenses, and booking records. Waste contractor reports and supplier portals formed the basis of the waste data. Employee commuting emissions were estimated using employee numbers and assumed travel patterns.

Upstream transportation and distribution was estimated as a first-year screening calculation using the top 20 suppliers by spend, an internally assessed freight proportion and external DEFRA spend-based factors by SIC code. These factors were adjusted to 2025 prices using the ONS Construction Output Price Index.

Downstream transportation and distribution was assessed as not applicable because McConnell does not sell physical products requiring onward distribution.

Energy efficiency and carbon reduction activity

During FY26, McConnell:

- Maintained ISO 14001-supported environmental management processes

- Strengthened monthly carbon data reporting through Goodsted

- Continued virtual meetings, controlled travel planning and local procurement

- Promoted energy awareness across offices and sites

- Reviewed fleet efficiency and increased EV and PHEV uptake where operationally suitable

Priorities for FY27 include improving waste treatment evidence, reducing fleet and plant fuel use, improving supplier transport data and strengthening employee commuting data.

A more detailed internal SECR report and calculation workbook are maintained to support this condensed disclosure.

Future prospects

Our core addressable market continues to be made up of the cyclical financial investment required to maintain and update high-value property assets, to allow them to continue to be occupied, functional, rentable, mortgageable, insurable, and leveraged. History has shown us that the building and infrastructure maintenance and refurbishment sectors are extremely resilient to political change, policy change, and recessions.

It is widely reported that the buildings in many of our sectors have suffered from under-investment over a long period of time, and there is a continued essential and growing need for building owners to invest in and improve the condition of built assets in Housing, Health, Education, Public Buildings, and Defence Infrastructure, in order to retain and improve their functionality, and protect their underlying asset value. Add to this, the mandatory requirement to reduce carbon emissions from all built form in the UK, and the national cladding and fire remediation programmes, and we consider there is a compelling resilience to our core addressable markets. We estimate that the annual spend in the UK for the maintenance and refurbishment of all buildings and infrastructure, is in the region of £15bn to £17bn. McConnell directly addresses around 75% of that expenditure by geography and work-type, and we have a very small market share of this. Even allowing for a counter-intuitive reduction in investment in our addressable markets, we still see significant opportunity for continued growth and consolidation.

We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity

Stakeholder engagement

Our people are our most important assets and our largest area of investment. Our Company 'Why' is "to create an authentic environment where people can be the best versions of themselves, where they can blossom and reach their full potential, feeling safe and secure, achieving a healthy life balance, and enjoying their career." We actively engage with our employees directly, and through numerous interactive communication channels, including an Employee Forum that has direct access and influence with our senior leadership team. We offer competitive remuneration and enlightened benefit packages that are designed to attract and retain the best people. This year we added the benefit of direct access to world-class mental health experts for all employees and their spouses.

Our relationship with our business partners including clients, suppliers, subcontractors, and how we engage with the communities in which we work, is fundamental to our success. We have a set of Care Values and Leadership Principles that define how we conduct ourselves in these relationships, and we are rigorous in ensuring that we act in accordance with these. We have experienced and empowered leaders in the areas of Customer Experience, Social Value, Health & Safety, Supply Chain Relations, Environmental Management and Governance, and robust policies and accreditation that underpin our performance. We strive to work in an open and collaborative way with all stakeholders and build positive, long-lasting, mutually beneficial, relationships.

ON BEHALF OF THE BOARD:

Robert Henry McGregor - Director

24th July 2026

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Activities of construction holding companies

DIVIDENDS

No dividends will be distributed for the year ended 30th April 2026.

DIRECTORS

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

Robert Henry McGregor

Claire Marie Roe

Jon Matthew Wallis

Other changes in directors holding office are as follows:

Eamonn McGarvey - resigned 4th August 2025

Simon Anthony Lacey - appointed 4th August 2025

John Robinson Hepburn - appointed 4th August 2025

CHARITABLE DONATIONS AND EXPENDITURE

Donations have been made in the period totalling £14,000 (2025: £18,000).

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Robert Henry McGregor - Director

24th July 2026

Opinion

We have audited the financial statements of McConnell Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2026 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 30th April 2026 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 set out on page eight, 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

- Financial reporting Standard 102

- Companies Act 2006

- UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

- Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

- Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations.

- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.

Mr Mark Jones (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

24th July 2026

TURNOVER

3

87,259

63,843

Cost of sales

74,108

54,386

GROSS PROFIT

13,151

9,457

Administrative expenses

10,914

7,652

2,237

1,805

Other operating income

212

164

OPERATING PROFIT

5

2,449

1,969

Interest payable and similar expenses

6

193

196

PROFIT BEFORE TAXATION

2,256

1,773

Tax on profit

7

750

388

PROFIT FOR THE FINANCIAL YEAR

1,506

1,385

Profit attributable to:

Owners of the parent

1,506

1,385

PROFIT FOR THE YEAR

1,506

1,385

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,506

1,385

Total comprehensive income attributable to:

Owners of the parent

1,506

1,385

FIXED ASSETS

Intangible assets

9

4,663

5,228

Tangible assets

10

2,148

2,541

Investments

11

-

-

6,811

7,769

CURRENT ASSETS

Stocks

12

10

10

Debtors

13

21,302

16,954

Cash at bank

7,641

10,803

28,953

27,767

CREDITORS

Amounts falling due within one year

14

22,596

23,042

NET CURRENT ASSETS

6,357

4,725

TOTAL ASSETS LESS CURRENT LIABILITIES

13,168

12,494

CREDITORS

Amounts falling due after more than one year

15

(4,905

)

(5,673

)

PROVISIONS FOR LIABILITIES

19

(218

)

(282

)

NET ASSETS

8,045

6,539

CAPITAL AND RESERVES

Called up share capital

20

5,154

5,154

Retained earnings

21

2,891

1,385

SHAREHOLDERS' FUNDS

8,045

6,539

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2026 and were signed on its behalf by:

Robert Henry McGregor - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

10,600

10,600

10,600

10,600

CURRENT ASSETS

Cash at bank

1

1

CREDITORS

Amounts falling due within one year

14

2,204

1,443

NET CURRENT LIABILITIES

(2,203

)

(1,442

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,397

9,158

CREDITORS

Amounts falling due after more than one year

15

3,250

4,035

NET ASSETS

5,147

5,123

CAPITAL AND RESERVES

Called up share capital

20

5,154

5,154

Retained earnings

21

(7

)

(31

)

SHAREHOLDERS' FUNDS

5,147

5,123

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

24

(31

)

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2026 and were signed on its behalf by:

Robert Henry McGregor - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Changes in equity

Issue of share capital

5,154

-

5,154

Total comprehensive income

-

1,385

1,385

Balance at 30th April 2025

5,154

1,385

6,539

Changes in equity

Total comprehensive income

-

1,506

1,506

Balance at 30th April 2026

5,154

2,891

8,045

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Changes in equity

Issue of share capital

5,154

-

5,154

Total comprehensive income

-

(31

)

(31

)

Balance at 30th April 2025

5,154

(31

)

5,123

Changes in equity

Total comprehensive income

-

24

24

Balance at 30th April 2026

5,154

(7

)

5,147

Cash flows from operating activities

Cash generated from operations

1

5

8,388

Interest paid

22

(58

)

Interest element of hire purchase payments paid

(215

)

(138

)

Tax paid

(899

)

(126

)

Net cash from operating activities

(1,087

)

8,066

Cash flows from investing activities

Purchase of intangible fixed assets

-

(124

)

Purchase of tangible fixed assets

(852

)

(1,316

)

Sale of tangible fixed assets

265

20

Cash position on acquisition of subsidia

-

3,252

Net cash from investing activities

(587

)

1,832

Cash flows from financing activities

Capital repayments in year

(939

)

(664

)

Amount introduced by directors

500

2,782

Amount paid to former shareholders

(1,286

)

(2,782

)

New HP agreements

737

1,569

Amounts advanced to group undertakings

(500

)

-

Net cash from financing activities

(1,488

)

905

(Decrease)/increase in cash and cash equivalents

(3,162

)

10,803

Cash and cash equivalents at beginning of year

2

10,803

-

Cash and cash equivalents at end of year

2

7,641

10,803