Introduction

The Directors present their Strategic Report for the year ended 31 October 2025.

Pacegrade Limited is a specialist façade contractor providing design, manufacture and installation services for complex building envelope projects throughout the United Kingdom. The Company's expertise encompasses curtain walling, unitised facades, windows, doors, rainscreen cladding, architectural metalwork and associated envelope systems.

The Company operates principally within the commercial, residential, mixed-use, education and public sectors, delivering projects for a broad range of clients including main contractors, developers and asset owners.

The Directors remain focused on maintaining technical excellence, delivering projects safely and efficiently, and building long-term relationships with clients and supply chain partners.

Performance During The Year

The year ended 31 October 2025 represented a significant period of growth and development for the Company.

Turnover increased to £16.56 million from £11.36 million in the previous year, representing growth of approximately 46%. This growth was driven by the successful delivery of a number of major façade contracts and an increase in secured workload throughout the period. 

Gross profit increased from £4.36 million to £6.81 million, reflecting strong project execution, effective procurement strategies and disciplined commercial management across the project portfolio. Gross margin improved from 38.4% to 41.1% during the year. 

Operating profit increased substantially to £4.30 million (2024: £1.37 million), with profit before taxation rising to £4.38 million (2024: £1.41 million). This exceptional performance reflects the benefits of a strong project mix, careful risk management and continued focus on cost control. 

Financial Position

The Company's financial position strengthened considerably during the year.

Net assets increased from £2.09 million to £5.24 million, driven primarily by retained profits generated during the year. Cash balances increased significantly to £4.14 million (2024: £1.10 million), providing a strong platform from which to support future growth and project delivery requirements. 

The Company continues to operate without external borrowings and maintains a strong liquidity position. Net current assets increased to £4.56 million from £1.58 million in the previous year, reflecting the strong underlying cash generation of the business. 

Operational Developments

During the year the Company continued to strengthen its position within the façade sector.

Pacegrade's integrated design, procurement and installation model enables the business to manage complex building envelope projects from concept through to completion. This capability continues to differentiate the Company within the market and supports the delivery of technically demanding projects.

Investment was made in operational resources, vehicles, digital systems and project delivery capability to support continued growth and increasing contract values. The Company also continued to invest in employee development, technical expertise and health and safety standards.

A significant proportion of the Company's workload continues to be generated through repeat business and long-standing client relationships, demonstrating confidence in the Company's technical expertise and delivery performance.

Future Outlook

The Directors remain optimistic regarding the Company's prospects.

Whilst the wider construction market continues to face economic and political uncertainty, demand for specialist façade expertise remains strong, particularly in response to evolving building safety legislation, higher technical standards and increased regulatory scrutiny.

The Company enters the new financial year with a healthy forward order book and a strong pipeline of opportunities across a number of market sectors.

The Directors believe that Pacegrade is well positioned to capitalise on future opportunities through:

• Continued investment in design and engineering capability;

• Expansion of delivery resources;

• Development of strategic client relationships;

• Ongoing focus on quality, safety and compliance;

• Strong cash reserves and balance sheet strength.

Principal risks and uncertainties

The Directors continually monitor the risks facing the business and implement appropriate controls to mitigate potential impacts.

Contract Delivery Risk

The Company undertakes complex construction projects where programme delays, design changes, supply chain disruption or unforeseen site conditions may affect project profitability.

Mitigation:

• Rigorous project review procedures;

• Detailed commercial monitoring;

• Experienced management team;

• Early supply chain engagement and procurement planning.

Building Safety and Regulatory Risk

The façade sector continues to operate within an evolving regulatory environment, particularly following the Building Safety Act and associated secondary legislation.

Mitigation:

• Continuous review of regulatory requirements;

• Investment in technical competency and compliance systems;

• Engagement with specialist consultants and industry bodies.

Working Capital and Cash Flow Risk

The timing of customer certifications and payments may impact working capital requirements.

Mitigation:

• Detailed cash flow forecasting;

• Strong cash reserves;

• Active debtor management;

• Careful contract selection and commercial controls.

Supply Chain and Cost Inflation Risk

Material pricing, labour availability and international supply chain disruption remain key industry challenges.

Mitigation:

• Early procurement strategies;

• Strong supplier relationships;

• Framework agreements where appropriate;

• Ongoing market monitoring.

Credit Risk

The Company is exposed to the risk of customer insolvency or delayed payment.

Mitigation:

• Credit assessment prior to engagement;

• Management review of receivable balances;

• Working with established contractors and clients where possible.

People

The Directors recognise that the Company's success is dependent upon the quality, experience and commitment of its employees.

The Company is committed to providing a safe, inclusive and rewarding working environment, supporting training and professional development, and maintaining high standards of health, safety and wellbeing throughout the organisation.

The average number of employees during the year was 23 (2024: 24). 

Financial KPIs

The directors monitor the performance of the company using a range of financial key performance indicators. During the year, the company delivered strong growth, with turnover increasing by 46% from £11.36million to £16.56million and gross profit increasing by 56% from £4.36million to £6.81million. Operating profit increased significantly from £1.37million to £4.30million, while profit before taxation increased from £1.41million to £4.38million, reflecting improved operational performance and profitability. The company's cash position strengthened from £1.10million to £4.14million and net assets increased from £2.09million to £5.24million, providing a solid foundation for future growth and investment.

Operational KPIs

In addition to financial performance, the directors monitor a number of operational measures to ensure the continued success and sustainability of the business. These include health and safety performance, programme delivery against client expectations, client retention and repeat business levels, compliance with design requirements, quality assurance performance and cash collection efficiency. Performance against these measures remained strong throughout the year and supported the significant growth achieved by the company.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The principal activity of the company continued to be that of a specialist façade contractor providing design, manufacture and installation services for complex building envelope projects.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £257,010. The directors do not recommend payment of a final dividend.

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

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future.

The directors have assessed the latest financial performance of the company and consider the company to have sufficient resources to continue trading for a period of at least 12 months from the date of approval of the financial statements and able to meet its liabilities as and when they fall due.

Because of the reasons set out above the directors have adopted the going concern basis in preparing the financial statements and have concluded that there are no material uncertainties present in relation to going concern.

In accordance with the company's articles, a resolution proposing that bk plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management.

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.

The directors are responsible for preparing the annual report 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; and

• 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.

We have audited the financial statements of Pacegrade Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

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 directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, 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 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 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.

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.

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

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance, if available;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

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.

Other matters which we are required to address

Without qualifying our opinion, we draw attention to the accounting policies on page 13 to the financial statements and the fact that the comparative information in the accounts was unaudited as the company was entitled to exemption from audit.

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.

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

The notes on pages 15 to 26 form part of these financial statements.

The notes on pages 15 to 26 form part of these financial statements.

The notes on pages 15 to 26 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 15 to 26 form part of these financial statements.

The notes on pages 15 to 26 form part of these financial statements.

Pacegrade Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Providence Street, Lye, Stourbridge, West Midlands, United Kingdom, DY9 8HL.

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.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties . The principal accounting policies adopted are set out below.

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

In the current year the financial statements have been audited. In the prior year the company did not meet the criteria for an audit in the United Kingdom and so is unaudited.

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.true

The directors have prepared profit and cash flow forecasts for the company for a period of at least 12 months from the date of approval of the financial statements. Based on this review, along with assessing the latest financial performance of the company in FY26, the directors consider the company to have sufficient resources to continue trading for a period of at least 12 months from the date of approval of the financial statements, being able to meet its liabilities as and when they fall due.

Because of the reasons set out above, the directors have adopted the going concern basis in preparing the financial statements and have concluded that there are no material uncertainties present in relation to going concern.

Where the outcome of a 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 turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a 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.

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 obtaining certified surveys of work completed.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

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.

No depreciation is provided on land included within land and buildings.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Long term work in progress is assessed on a contract by contract basis and, where the outcome of the contract can be determined with a reasonable degree of accuracy, the relevant turnover and related costs are accounted for in the profit and loss account as contract activity progresses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment in profit or loss. Reversals of impairment losses are also recognised in profit and loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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, 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.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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 payments 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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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

The company operates a defined contribution pension scheme.

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

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 leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

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

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

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.

The determination of work in progress balances resulting in contract assets and contract liabilities requires the exercise of judgement in relation to the estimated percentage completion and profit to be earned on each contract. The company obtain third party certification when raising contract sales invoices, reducing the estimation uncertainty in relation to percentage completion of revenue. Contract assets and liabilities are therefore based on the expectation of profitability on contracts.

The turnover and profit before taxation are attributable to the one principal activity of the company in the United Kingdom.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Included in cost or valuation of land and buildings is freehold land of £278,780 (2024 £278,780) which is not depreciated.

Freehold property was valued on a fair value basis on 5 May 2023 by GJS Dillon Commercial Property Consultants.

The revaluation resulted in a surplus of £403,140 which has been recognised in the revaluation reserve . A deferred tax liability of £81,711 has been recognised in respect of this valuation.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Included in other debtors is a related party loan of £3,175,147 (2025 £3,065,049). The loan is unsecured, interest free and repayable on demand.

Included in other creditors are directors loan balances. Balances are unsecured, interest free and repayable on demand.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The reserve records the valuation fluctuations in the property. A deferred tax liability of £81,711 has been recognised in respect of the revaluation surplus. The deferred tax has been charged directly to the revaluation reserve.

The reserve records retained earnings and accumulated losses.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company made a loan to another company which is owned by common directors. The loan is interest free and repayable on demand. At 31st October 2025 £3,199,600 is outstanding (2024 £3,065,048).

Nicholas and Anna Horton are majority shareholders and ultimate controlling parties of the entity.