Company registration number 04273749 (England and Wales)
W M WALSH SURFACING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Affinia
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
W M WALSH SURFACING LIMITED
COMPANY INFORMATION
Directors
W M Walsh
D Walsh
R D Lewis
C Sharp
M J Walsh
Secretary
D Walsh
Company number
04273749
Registered office
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
Auditor
Affinia
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
W M WALSH SURFACING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of total comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
W M WALSH SURFACING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The directors consider the company's solvency and liquidity to be satisfactory and are confident that performance will continue to improve in the forthcoming year. The directors are not aware, at the date of this report, of any likely change in the company's activities in the future.

As shown in the profit and loss account, the company's turnover in the year increased by 1.74% and gross margin increased from 11.05% to 13.09% leading to an overall significant improvement in profitability.

Principal risks and uncertainties

The company operates in a highly competitive market, which is a continuing risk to the company and could result in losing projects to competitors. The risk is of losing contracts is minimal as the Company has contracts with Direct Network Operators and the contracts are long term.

Key performance indicators

The company's key performance indicators during the year were as follows:

Gross profit margin - 13.09% (2024 - 11.05%)

The Company's reputation continues to be strong, out-performing competitors, whilst proactively considering environmental issues.

On behalf of the board

D Walsh
Director
31 July 2026
W M WALSH SURFACING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of construction activities.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £350,000. The directors do not recommend payment of a final dividend.

Directors

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

W M Walsh
D Walsh
R D Lewis
C Sharp
M J Walsh
Auditor

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

Statement of disclosure to auditor

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

On behalf of the board
D Walsh
Director
31 July 2026
W M WALSH SURFACING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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.

W M WALSH SURFACING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF W M WALSH SURFACING LIMITED
- 4 -
Opinion

We have audited the financial statements of W M Walsh Surfacing Limited (the 'company') for the year ended 31 December 2025 which comprise 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 December 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

Except for the possible effects of the matters described in the basis of qualified opinion section of our report, i n our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

W M WALSH SURFACING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF W M WALSH SURFACING LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of 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 directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

W M WALSH SURFACING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF W M WALSH SURFACING LIMITED (CONTINUED)
- 6 -

Use of our report

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

Andrew Seton (Senior Statutory Auditor)
For and on behalf of Affinia, Statutory Auditor
Chartered Accountants
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
31 July 2026
W M WALSH SURFACING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
2
21,899,199
21,525,709
Cost of sales
(19,031,968)
(19,146,086)
Gross profit
2,867,231
2,379,623
Distribution costs
-
0
(1,700)
Administrative expenses
(1,125,511)
(818,885)
Other operating income
34,543
20,281
Operating profit
3
1,776,263
1,579,319
Interest receivable and similar income
6
54,605
25,881
Interest payable and similar expenses
7
(63,131)
(28,042)
Profit before taxation
1,767,737
1,577,158
Tax on profit
8
(460,555)
(396,153)
Profit for the financial year
1,307,182
1,181,005

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

W M WALSH SURFACING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,189,703
592,716
Current assets
Stocks
11
241,332
297,986
Debtors
12
2,183,213
1,977,323
Cash at bank and in hand
2,184,047
2,101,694
4,608,592
4,377,003
Creditors: amounts falling due within one year
13
(2,292,713)
(3,012,849)
Net current assets
2,315,879
1,364,154
Total assets less current liabilities
3,505,582
1,956,870
Creditors: amounts falling due after more than one year
14
(748,389)
(308,829)
Provisions for liabilities
Deferred tax liability
16
247,766
95,796
(247,766)
(95,796)
Net assets
2,509,427
1,552,245
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
2,508,427
1,551,245
Total equity
2,509,427
1,552,245

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

The financial statements were approved by the board of directors and authorised for issue on 31 July 2026 and are signed on its behalf by:
W M Walsh
Director
Company registration number 04273749 (England and Wales)
W M WALSH SURFACING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1,000
645,240
646,240
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,181,005
1,181,005
Dividends
9
-
(275,000)
(275,000)
Balance at 31 December 2024
1,000
1,551,245
1,552,245
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,307,182
1,307,182
Dividends
9
-
(350,000)
(350,000)
Balance at 31 December 2025
1,000
2,508,427
2,509,427
W M WALSH SURFACING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,359,219
1,578,624
Interest paid
(63,131)
(28,042)
Income taxes paid
(355,849)
-
0
Net cash inflow from operating activities
940,239
1,550,582
Investing activities
Purchase of tangible fixed assets
(190,639)
(78,633)
Proceeds from disposal of tangible fixed assets
247,009
180,446
Repayment of loans
(537,529)
(343,482)
Interest received
54,605
18,936
Net cash used in investing activities
(426,554)
(222,733)
Financing activities
Payment of finance leases obligations
(431,332)
(199,204)
Net cash used in financing activities
(431,332)
(199,204)
Net increase in cash and cash equivalents
82,353
1,128,645
Cash and cash equivalents at beginning of year
2,101,694
973,049
Cash and cash equivalents at end of year
2,184,047
2,101,694
Non-cash transactions
During the year, the company declared a dividend of £350,000 which was settled by set-off against the director's loan account. This transaction did not involve any cash flows and has therefore been excluded from the statement of cash flows.
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

W M Walsh Surfacing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Chancery House, St Nicholas Way, Sutton, Surrey, SM1 1JB.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover primarily represents the value of road surface reinstatement services rendered to customers, exclusive of VAT and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Where the outcome of a contract can be estimated reliably, revenue is recognised by reference to the stage of completion of the contract at the balance sheet date. Stage of completion is measured by reference to costs incurred to date as a proportion of total expected contract costs.

Where revenue recognised exceeds amounts invoiced, the excess is included in debtors as accrued income. Where amounts invoiced exceed revenue recognised, the excess is included in creditors as deferred income.

Rental income is recognised on a straight-line basis over the lease term.

1.4
Tangible fixed assets

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

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

Leasehold improvements
20% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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.

W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

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.

1.6
Stocks

Stocks comprise consumable materials and supplies used in the provision of services.

Stocks are stated at cost, determined using the last purchase price in the reporting period. At each reporting date an assessment is made of whether stocks retain their service potential. Where items are damaged, obsolete or surplus to foreseeable operational requirements, the carrying amount is written down to their recoverable value. Write-downs and reversals are recognised in profit or loss.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

Derecognition of financial assets

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.

W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

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

Basic financial liabilities

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

Derecognition of financial liabilities

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

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

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

1.11
Employee benefits

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

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

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

1.12
Retirement benefits

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

W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.13
Leases
As lessee

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

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

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

1.14
Foreign exchange

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

2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction services
21,897,313
21,498,363
Rental income from plant
1,886
27,346
21,899,199
21,525,709
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
21,899,199
21,525,709
2025
2024
£
£
Other revenue
Interest income
54,605
25,881
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,400
12,000
Depreciation of tangible fixed assets
392,195
179,487
Profit on disposal of tangible fixed assets
(33,534)
(87,986)
Operating lease charges
413,163
392,275
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Employees

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

2025
2024
Number
Number
Administrative
25
25
Operative
59
65
Finance
4
3
Directors
5
5
Total
93
98

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,502,455
4,529,138
Social security costs
578,107
506,833
Pension costs
509,268
88,871
5,589,830
5,124,842
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
426,432
286,427
Company pension contributions to defined contribution schemes
424,187
4,112
850,619
290,539
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
140,444
106,654
Company pension contributions to defined contribution schemes
41,347
1,321
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
38,057
18,936
Other interest income
16,548
6,945
Total income
54,605
25,881
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
54,386
25,881
7
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Interest on finance leases and hire purchase contracts
63,100
27,840
Other interest
31
202
63,131
28,042
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
308,585
355,849
Deferred tax
Origination and reversal of timing differences
151,970
40,304
Total tax charge
460,555
396,153
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 17 -

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:

2025
2024
£
£
Profit before taxation
1,767,737
1,577,158
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
441,934
394,290
Tax effect of expenses that are not deductible in determining taxable profit
10,574
1,913
Permanent capital allowances in excess of depreciation
(135,539)
(11,712)
Deferred tax movements
151,970
40,304
Utilisation of tax losses brought forward
-
0
(31,142)
Chargeable gains
(8,384)
2,500
Taxation charge for the year
460,555
396,153
9
Dividends
2025
2024
£
£
Interim paid
350,000
275,000
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
-
0
455,875
37,899
21,476
763,760
1,279,010
Additions
65,822
651,845
3,590
8,397
473,003
1,202,657
Disposals
-
0
(195,431)
-
0
-
0
(303,130)
(498,561)
At 31 December 2025
65,822
912,289
41,489
29,873
933,633
1,983,106
Depreciation and impairment
At 1 January 2025
-
0
305,647
33,513
9,391
337,743
686,294
Depreciation charged in the year
13,166
189,356
1,995
5,122
182,556
392,195
Eliminated in respect of disposals
-
0
(150,766)
-
0
-
0
(134,320)
(285,086)
At 31 December 2025
13,166
344,237
35,508
14,513
385,979
793,403
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 18 -
Carrying amount
At 31 December 2025
52,656
568,052
5,981
15,360
547,654
1,189,703
At 31 December 2024
-
0
150,228
4,386
12,085
426,017
592,716

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
429,082
44,156
Motor vehicles
519,124
408,017
948,206
452,173
11
Stocks
2025
2024
£
£
Raw materials and consumables
241,332
297,986
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
520,888
745,937
Gross amounts owed by contract customers
1,032,763
803,501
Other debtors
571,179
383,900
Prepayments and accrued income
58,383
43,985
2,183,213
1,977,323
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
15
296,288
155,162
Trade creditors
1,155,985
1,309,107
Gross amounts owed to contract customers
-
0
3,384
Corporation tax
308,585
355,849
Other taxation and social security
179,342
962,242
Deferred income
17
-
0
2,335
Other creditors
213,129
108,345
Accruals and deferred income
139,384
116,425
2,292,713
3,012,849
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
15
748,389
308,829
15
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
296,288
155,162
After more than one year
748,389
308,829
1,044,677
463,991
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
363,406
190,602
In two to five years
832,467
351,955
1,195,873
542,557
Less: future finance charges
(151,196)
(78,566)
1,044,677
463,991

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
247,766
95,796
2025
Movements in the year:
£
Liability at 1 January 2025
95,796
Charge to profit or loss
151,970
Liability at 31 December 2025
247,766

The deferred tax liability set out above relates to timing differences arising from accelerated capital allowances on fixed assets.

17
Deferred income
2025
2024
£
£
Other deferred income
-
2,335
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
509,268
88,871

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.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
8,250
8,250
825
825
Ordinary ''A'' shares of 10p each
1,750
1,750
175
175
10,000
10,000
1,000
1,000
W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
20
Operating lease commitments
As lessee

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:

2025
2024
£
£
Within 1 year
29,200
53,200
Years 2-5
31,633
76,833
60,833
130,033
21
Related party transactions

During the year, the company made payments for rent of £47,500 (2024: £47,500) to Walsh Executive Pension Scheme.

Pitlane Development Ltd is controlled by O Walsh (son of D Walsh and W Walsh). Included within other creditors falling due within one year is an amount due to Pitlane Development Ltd of £1,600 (2024: £1,600). During the year, the company made payments for website support of £19,200 (2024: £3,200) to Pitlane Development Ltd.

22
Directors' transactions

Dividends totalling £350,000 (2024 - £275,000) were paid in the year in respect of shares held by the company's directors.

Included in other debtors falling due within one year is an amount due from the directors of £537,374 (2024: £349,845). Interest of £16,329 (2024: £6,945) was charged on this loan.

On 3 July 2026, the company declared a dividend of £600,000, which was used to clear the amount due from the directors. The dividend was not recognised as a liability at the reporting date as the obligation did not exist at that time. Had the dividend been recognised at 31 December 2025, net assets would have reduced by £600,000 and the director loan account debtor would have reduced by a corresponding amount.

W M WALSH SURFACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,307,182
1,181,005
Adjustments for:
Taxation charged
460,555
396,153
Finance costs
63,131
28,042
Investment income
(54,605)
(25,881)
Gain on disposal of tangible fixed assets
(33,534)
(87,986)
Depreciation and impairment of tangible fixed assets
392,195
179,487
Movements in working capital:
Decrease/(increase) in stocks
56,654
(64,522)
Increase in debtors
(18,361)
(343,151)
Decrease in creditors
(811,663)
(30,340)
(Decrease)/increase in deferred income
(2,335)
2,335
Cash generated from operations
1,359,219
1,235,142

During the year, the company declared a dividend of £350,000 which was settled by set-off against the director's overdrawn loan account. This transaction did not involve any cash flows and has therefore been excluded from the statement of cash flows.

24
Analysis of changes in net funds
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
2,101,694
82,353
-
2,184,047
Lease liabilities
(463,991)
431,332
(1,012,018)
(1,044,677)
1,637,703
513,685
(1,012,018)
1,139,370
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