REGISTERED NUMBER: 02386158 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 October 2025

for

Weldon Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr D J Weldon

Mr K Weldon

SECRETARY:

Mr K R Morgan

REGISTERED OFFICE:

Great Western House

Martindale

Hawks Green

Cannock

Staffordshire

WS11 7XN

REGISTERED NUMBER:

02386158 (England and Wales)

AUDITORS:

Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The group operates in the construction industry, providing mechanical and electrical engineers and industrial building fit outs.

Results and Performance

The results of the Group are set out on pages 9-11 and show profit on ordinary activities before tax for the year of

£1,929,931 compared to £2,478,822 in 2024; shareholders' funds at the year end were £10,353,901 (2024 - £9,017,122).

This year's group turnover is £22,460,499 which is up from £18,750,313 in 2024, showing a significant increase in revenue.

Key Performance Indicators

The board do not measure the performance of the company/ group by reference to KPI's. However gross profit is measure and monitored and can be seen to show a fall during 2025. The company suffered in the year due to the rise in cost of raw materials, which has not been built into new contract pricing.

The group has seen a change in it's Gross Profit Margin % from 21.65% to 16.38%.

PRINCIPAL RISKS AND UNCERTAINTIES

As a group, the process of risk is controlled in all areas by the Board of Directors, through management of key areas covering Health and Safety Law, Employment Law and Company Law. This is done through the application of policies and procedures agreed at Board level.

Our industry is highly competitive with materials and labour forming the largest % of the cost base; any fluctuation in material costs and the price of labour have an impact on the profitability of the business.

ON BEHALF OF THE BOARD:

Mr D J Weldon - Director

30 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

DIVIDENDS

An interim dividend of £1.00 per share on the Ordinary £1 shares was paid on 30 April 2025. The directors recommend that no final dividend be paid on these shares.

An interim dividend of £4,000.00 per share on the A Ordinary £1 shares was paid on 30 April 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 October 2025 will be £107,998.

FUTURE DEVELOPMENTS

The group is going to continue with the same group structure and trade.

DIRECTORS

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

Mr D J Weldon

Mr K Weldon

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Lewis Smith & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D J Weldon - Director

30 July 2026

Opinion

We have audited the financial statements of Weldon Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Craig Alan Beale FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

30 July 2026

TURNOVER

3

22,460,499

18,750,313

Cost of sales

18,781,163

14,689,845

GROSS PROFIT

3,679,336

4,060,468

Administrative expenses

1,810,678

1,629,148

1,868,658

2,431,320

Other operating income

4,200

2,200

OPERATING PROFIT

5

1,872,858

2,433,520

Interest receivable and similar income

58,870

46,170

1,931,728

2,479,690

Interest payable and similar expenses

6

1,797

868

PROFIT BEFORE TAXATION

1,929,931

2,478,822

Tax on profit

7

485,154

700,505

PROFIT FOR THE FINANCIAL YEAR

1,444,777

1,778,317

Profit attributable to:

Owners of the parent

1,444,777

1,778,317

PROFIT FOR THE YEAR

1,444,777

1,778,317

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,444,777

1,778,317

Total comprehensive income attributable to:

Owners of the parent

1,444,777

1,778,317

FIXED ASSETS

Tangible assets

10

160,880

184,431

Investments

11

788,809

200

Investment property

12

105,000

105,000

1,054,689

289,631

CURRENT ASSETS

Stocks

13

266,611

383,462

Debtors

14

8,418,185

5,698,249

Cash at bank

5,872,858

5,379,047

14,557,654

11,460,758

CREDITORS

Amounts falling due within one year

15

5,228,642

2,699,224

NET CURRENT ASSETS

9,329,012

8,761,534

TOTAL ASSETS LESS CURRENT LIABILITIES

10,383,701

9,051,165

PROVISIONS FOR LIABILITIES

18

29,800

34,043

NET ASSETS

10,353,901

9,017,122

CAPITAL AND RESERVES

Called up share capital

19

100,000

100,000

Other reserves

20

401,257

401,257

Retained earnings

20

9,852,644

8,515,865

SHAREHOLDERS' FUNDS

10,353,901

9,017,122

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr D J Weldon - Director

FIXED ASSETS

Tangible assets

10

144,056

161,746

Investments

11

1,013,909

50,300

Investment property

12

-

-

1,157,965

212,046

CURRENT ASSETS

Stocks

13

-

500,000

Debtors

14

3,796,462

3,301,985

Cash at bank

4,794,727

4,463,546

8,591,189

8,265,531

CREDITORS

Amounts falling due within one year

15

23,250

18,861

NET CURRENT ASSETS

8,567,939

8,246,670

TOTAL ASSETS LESS CURRENT LIABILITIES

9,725,904

8,458,716

PROVISIONS FOR LIABILITIES

18

29,698

33,673

NET ASSETS

9,696,206

8,425,043

CAPITAL AND RESERVES

Called up share capital

19

100,000

100,000

Retained earnings

20

9,596,206

8,325,043

SHAREHOLDERS' FUNDS

9,696,206

8,425,043

Company's profit for the financial year

1,379,161

1,962,787

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr D J Weldon - Director

Mr K Weldon - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 November 2023

100,000

6,920,545

401,257

7,421,802

Changes in equity

Dividends

-

(182,997

)

-

(182,997

)

Total comprehensive income

-

1,778,317

-

1,778,317

Balance at 31 October 2024

100,000

8,515,865

401,257

9,017,122

Changes in equity

Dividends

-

(107,998

)

-

(107,998

)

Total comprehensive income

-

1,444,777

-

1,444,777

Balance at 31 October 2025

100,000

9,852,644

401,257

10,353,901

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

100,000

6,545,253

6,645,253

Changes in equity

Dividends

-

(182,997

)

(182,997

)

Total comprehensive income

-

1,962,787

1,962,787

Balance at 31 October 2024

100,000

8,325,043

8,425,043

Changes in equity

Dividends

-

(107,998

)

(107,998

)

Total comprehensive income

-

1,379,161

1,379,161

Balance at 31 October 2025

100,000

9,596,206

9,696,206

Cash flows from operating activities

Cash generated from operations

1

3,122,431

1,500,153

Interest paid

(1,797

)

(868

)

Tax paid

(546,038

)

(1,369,868

)

Net cash from operating activities

2,574,596

129,417

Cash flows from investing activities

Purchase of tangible fixed assets

(26,897

)

(27,290

)

Purchase of fixed asset investments

(788,609

)

-

Sale of tangible fixed assets

20,408

-

Interest received

58,870

46,170

Net cash from investing activities

(736,228

)

18,880

Cash flows from financing activities

Amount introduced by directors

579,170

245,375

Amount withdrawn by directors

(1,815,729

)

(253,844

)

Equity dividends paid

(107,998

)

(182,997

)

Net cash from financing activities

(1,344,557

)

(191,466

)

Increase/(decrease) in cash and cash equivalents

493,811

(43,169

)

Cash and cash equivalents at beginning of year

2

5,379,047

5,422,216

Cash and cash equivalents at end of year

2

5,872,858

5,379,047

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

31.10.25

31.10.24

£

£

Profit before taxation

1,929,931

2,478,822

Depreciation charges

30,236

34,584

Profit on disposal of fixed assets

(195

)

-

Finance costs

1,797

868

Finance income

(58,870

)

(46,170

)

1,902,899

2,468,104

Decrease in stocks

116,851

86,545

Increase in trade and other debtors

(1,483,377

)

(840,639

)

Increase/(decrease) in trade and other creditors

2,586,058

(213,857

)

Cash generated from operations

3,122,431

1,500,153

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

5,872,858

5,379,047

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

5,379,047

5,422,216

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

5,379,047

493,811

5,872,858

5,379,047

493,811

5,872,858

Total

5,379,047

493,811

5,872,858

1.	STATUTORY INFORMATION

Weldon Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis.

The functional currency in which the accounts were prepared in, is £ Sterling, rounded to the nearest £1.

Turnover

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

Revenue is recognised on construction contracts by reference to the services performed to date. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the state of completion of the contract at the balance sheet date (determined by surveys of work performed by quantity surveyors in conjunction with clients).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance and 15% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investment in subsidiary undertakings are recognised at cost less an impairment provision.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued at the lower of cost and net relisable value, where the risk and rewards havent been transferred to the customer, in line with the long term contracts.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Long-term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Provision for warranty costs

Where there are future costs, which will be incurred after the completion of a project, known as rectification costs, a provision is made to included these costs in line with long term contracts. The value of these costs is determined based on known future costs incurred after the year end date and any expected future costs determined by the Directors.

Land under development

Land under development is stated at cost and comprises land and directly attributable development expenditure incurred in relation to property developments that are not yet complete. Upon completion, the asset will be transferred to investment property.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.10.25

31.10.24

£

£

Rendering of Services

22,460,499

18,750,313

22,460,499

18,750,313

Revenue is recognised on construction contracts by reference to the services performed to date. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the state of completion of the contract at the balance sheet date (determined by surveys of work performed by quantity surveyors in conjunction with clients).

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

1,597,319

1,427,751

Social security costs

173,025

142,130

Other pension costs

188,392

181,767

1,958,736

1,751,648

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

31.10.25

31.10.24

Directors

4

4

Direct

23

19

Admin

14

14

41

37

31.10.25

31.10.24

£

£

Directors' remuneration

131,514

131,372

Directors' pension contributions to money purchase schemes

80,519

76,846

The number of directors for whom pension benefits are accruing under money purchase pension schemes across the group is 4 (2024 - 4).

5.	OPERATING PROFIT

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

31.10.25

31.10.24

£

£

Hire of plant and machinery

327,467

336,339

Other operating leases

25,843

26,167

Depreciation - owned assets

30,235

34,585

Profit on disposal of fixed assets

(195

)

-

Auditors' remuneration

25,750

24,200

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Bank Interest

-

868

Corporation tax interest

1,797

-

1,797

868