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Registration number: 09340368 (England and Wales)

Alliance Finance Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 March 2025

Alliance Finance Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Consolidated Profit and Loss Account | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 29

Alliance Finance Limited

Company Information

Directors | P A J Cluett S L Watts

Company secretary | S J Thornton

Registered office | 2430-2440 The Quadrant Aztec West Bristol BS32 4AQ

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Alliance Finance Limited

Strategic Report for the Year Ended 31 March 2025

The Directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the Group is the provision of facility development and support for local authorities, educational establishments and leisure trusts.
The principal activity of the Company is that of a holding Company.

Fair review of the business

The Group achieved a gross profit margin of 7.18% (2024 restated - 6.86%) despite a reduction in turnover to £80.8 million (2024 restated - £105.9 million). Gross profit reduced to £5.8 million (2024 restated - £7.3 million) and operating profit of £1.1 million (2024 restated operating profit - £2.9 million), reflecting lower activity levels driven principally by the ISG Limited administration, together with increases in employment and insurance costs. Profit before tax was £1.2 million (2024 restated - £3 million).
On 20th September 2024, ISG Limited ("ISG"), one of the Company's principal building contractors, entered administration. Notwithstanding this, the Directors believe the Company remains well positioned for sustained growth and continue to invest in its people, systems and client relationships. Management has mitigated the operational impact by securing alternative contractors across the projects previously scheduled for delivery by ISG, ensuring continuity of service and project progression.
The Directors are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the business.

Principal risks and uncertainties

The Group faces a number of operational and financial risks in the ordinary course of its business the most important of which we have summarised below.
The Board reviews and agrees policies for managing the key financial risks.
Strategic risk
The Group operates in a fast-developing dynamic market place where new customer and supplier relationships are continually evolving, and new competitors and modern technology can quickly enter the marketplace. The Group is aware of this risk and focuses on continually improving its services to outperform competition and be of value to our customers.
Reputational risk
Customer confidence in our brand and the ability to provide outstanding results for our customers is critical to the groups success. The Group is investing in building and protecting its brand and further developing its services.
Regulatory risk
The Group has put in place systems and controls to minimize the risk that we breach applicable regulations or laws. Breaches may result in regulatory actions including fines. The Group mitigates this regulatory risk by ensuring a strong compliance culture throughout all levels of the business, investing in appropriate systems, controls and training.
Operational risk
The Group considers its core business operational risks and uncertainties to be its relationships with its customers, supplier relationships and agreements. These risks and uncertainties are managed by maintaining strong relationships with customers, by providing excellent quality service, hiring talented staff in all areas of the business and investing in the development of our services.

Section 172(1) statement

The Directors have acted in good faith and in a manner they consider most likely to promote the long-term success of the Group for the benefit of its stakeholders, including employees, customers, suppliers and the wider community. The Board has approved a strategic business plan, developed in conjunction with senior management, which is focused on sustainable growth, long-term value creation and the continued maintenance of profitability.

The Directors recognise that employees are fundamental to the success of the business. The Group is committed to attracting, retaining and developing high-quality talent. Employment policies and practices are reviewed regularly to ensure they remain effective, competitive and aligned with the Group's objectives, supporting employee wellbeing, engagement and professional development.

Alliance Finance Limited

Strategic Report for the Year Ended 31 March 2025

The Board acknowledges the importance of maintaining strong and constructive relationships with key stakeholders. By developing a clear understanding of stakeholder needs and expectations, the Group seeks to foster long-term partnerships and deliver mutual value. The Group's principal stakeholders include shareholders, employees, customers, suppliers and the local communities in which it operates. Regular and meaningful engagement with these stakeholders remains a key priority.

The Directors consider the impact of the Group's activities on the communities and environments in which it operates when making strategic and operational decisions. The Group is committed to acting responsibly and seeks to build and maintain positive relationships with local authorities, community Group's and other relevant stakeholders.

The Directors are committed to upholding high standards of business conduct and integrity. The Group operates with a low tolerance for reputational risk and seeks to ensure that its activities are carried out in a responsible, ethical and transparent manner.

The Directors seek to act fairly and equitably in their dealings with all stakeholders. Key relationships include those with insurers, suppliers, lenders, professional advisers and HMRC. The Board promotes open and transparent communication to ensure that stakeholders are appropriately informed and treated fairly.

Approved by the Board on 7 August 2026 and signed on its behalf by:

P A J Cluett
Director

Alliance Finance Limited

Directors' Report for the Year Ended 31 March 2025

The Directors present their report and the for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

P A J Cluett

S L Watts

Going concern

The Group has reported a net profit of £827,497 (2024 restated - £2,220,459) for the year ended 31 March 2025 and as at 31 March 2025 has net assets of £691,029 (2024 restated - £471,361) with access to cash reserves of £11,344,867 (2024 - £6,117,721).
Based on the forecasts prepared and the funds available, the Directors' believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis accounting in preparing the financial statements.

Future developments

The Directors will continue to explore opportunities to strengthen the Group's market position and support sustainable growth. Focus will remain on identifying new business prospects and enhancing operational efficiency while responding to changing market conditions.

Financial instruments

Objectives and policies

The Group's financial instruments comprise cash and liquid resources and various other items such as trade debtors and trade creditors that arise from its operations. The main purpose of these financial instruments is to finance the operations of the Group.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risk
Liquidity risk arises from the dynamic business profile and growth of the business. Senior management ensure sufficient cash reserves and working capital facilities to facilitate this profile and growth. Cash flow is measured regularly, and forecasting is used to manage the projected business growth and cash requirements.
Price risk
The Group seeks to mitigate its exposure to commodity price risk through using relevant pricing mechanisms in the course of business with its customers, such as rebates. Inflation related price increases expose the Group to rises in commodities such as fuel prices, as well as having an impact on salaries and recruitment. The Group monitors the market to mitigate price risks where possible.
Credit risk
The Group is exposed to the usual credit risk associated with conducting business on credit and manages this through credit control procedures and staged payments. The credit risk on liquid funds is limited because the counterparties are banks with high credit‑ratings assigned by international credit‑rating agencies.
Cash flow risk
The Group is exposed to cash flow risk arising from the timing mismatch between cash inflows from customers and cash outflows required to meet operating expenses, capital commitments and debt obligations. The principal risks relate to delays in customer receipts and the level and timing of capital expenditure.
The Directors manage cash flow risk by preparing regular cash flow forecasts, monitoring working capital levels, and maintaining access to adequate banking facilities. Where appropriate, The Directors consider that these arrangements are sufficient to ensure the Group is able to meet its liabilities as they fall due.

Energy and emissions report
Under the Streamlined Energy and Carbon Reporting regulations the Group must report annually on greenhouse gas emissions from scope 1 and scope 2 electricity, gas and transport.
The carbon and energy emissions reported are those produced by the subsidiary entity, Alliance Leisure Services Limited. The parent entity does not meet the size thresholds and is exempt from mandatory disclosure of SECR reporting.

Alliance Finance Limited

Directors' Report for the Year Ended 31 March 2025

|  | 2025 |  | 2024
Energy consumption used to calculate emissions | KWh | 483,746 |  | 391,890
Scope 1 emissions | tonnes CO2e | 136.65 |  | 110.17
Scope 2 emissions | tonnes CO2e | 1.29 |  | 1.29
Total greenhouse gas emissions | tonnes CO2e | 137.94 |  | 111.46
Tonnes of CO2e per £million of revenue | tonnes CO2e | 1.72 |  | 1.07

Alliance Finance Limited, as a large unquoted Group, qualifies for completing Streamlined Energy and Carbon Reporting by satisfying two or more of the specified requirements set out in the guidance. In compliance with the regulations, energy used from gas, electricity and transport including their associated emissions have been reported, in conjunction with an intensity ratio of emissions per business turnover (tCO2e/£m) and energy efficiency actions taken.
Scope 1 emissions are from purchased gas and fuel usage in company controlled vehicles. Scope 2 emissions are from electricity usage.
The Group occupies office space within a multi-tenanted building where electricity and other utilities are included within rental charges. Direct electricity consumption data is not available. Energy consumption has been estimated using industry office energy intensity benchmarks (kWh/m²/year) applied to the Groups estimated occupied floor area.
The Group considers the environmental impact of its operations and has continued to take the following actions in the current year;
- Planting trees to offset carbon from projects.
- Introduced a transport policy promoting sustainable travel and electric vehicle procurement.

Information included in the Strategic Report

Information on the engagement with suppliers, customers and others is included in the Strategic Report in the Section 172(1) statement. The Group’s business environment and risks, together with details of monitoring undertaken by the directors are dealt with elsewhere in the Strategic Report.

Disclosure of information to the auditor

Each Director has taken the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 7 August 2026 and signed on its behalf by:

P A J Cluett
Director

Alliance Finance Limited

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Strategic Report, Directors' 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 Group and Company 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 apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Alliance Finance Limited

Independent Auditor's Report to the Members of Alliance Finance Limited

Opinion

We have audited the financial statements of Alliance Finance Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent Company's affairs as at 31 March 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Alliance Finance Limited

Independent Auditor's Report to the Members of Alliance Finance Limited

Matters on which we are required to report by exception

In our opinion, adequate accounting records have not been kept by the parent Company during the year. However, we were able to obtain sufficient appropriate audit evidence by alternative procedures and, accordingly, our opinion on the financial statements is not modified in respect of this matter.
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:
• the parent Company financial statements are not in agreement with the accounting records and returns;
• 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 6, 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 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.

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.

Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

Alliance Finance Limited

Independent Auditor's Report to the Members of Alliance Finance Limited

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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

Use of our report

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

Kara-Marie Jones (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 0UX

7 August 2026

Alliance Finance Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2025

| Note | 2025 £ | (As restated) 2024 £
Turnover | 3 | 80,825,708 | 105,875,618
Cost of sales |  | (75,023,641) | (98,613,547)
Gross profit |  | 5,802,067 | 7,262,071
Administrative expenses |  | (4,709,432) | (4,394,247)
Operating profit | 4 | 1,092,635 | 2,867,824
Other interest receivable and similar income | 5 | 116,634 | 102,146
Profit before tax |  | 1,209,269 | 2,969,970
Tax on profit | 9 | (336,772) | (749,511)
Profit for the financial year |  | 872,497 | 2,220,459
Profit attributable to: |  |  |
Owners of the Company |  | 872,497 | 2,220,459

The above results were derived from continuing operations.

The Group has no recognised gains or losses for the year other than the results above.

Alliance Finance Limited

(Registration number: 09340368)
Consolidated Balance Sheet as at 31 March 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 26,026 | 25,408
Current assets |  |  |
Debtors | 12 | 12,312,272 | 12,895,881
Cash at bank and in hand | 13 | 11,344,867 | 6,117,721
|  | 23,657,139 | 19,013,602
Creditors: Amounts falling due within one year | 14 | (22,992,136) | (18,567,699)
Net current assets |  | 665,003 | 445,903
Net assets |  | 691,029 | 471,311
Capital and reserves |  |  |
Called up share capital | 16, 17 | 103 | 103
Share premium reserve | 17 | 104,993 | 104,993
Profit and loss account | 17 | 585,933 | 366,215
Equity attributable to owners of the company |  | 691,029 | 471,311
Shareholders' funds |  | 691,029 | 471,311

Approved and authorised by the Board on 7 August 2026 and signed on its behalf by:

P A J Cluett
Director

Alliance Finance Limited

(Registration number: 09340368)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 11 | 750,000 | 750,000
Current assets |  |  |
Debtors | 12 | 174,736 | 181,628
Cash at bank and in hand | 13 | 2,545 | 6,145
|  | 177,281 | 187,773
Creditors: Amounts falling due within one year | 14 | (54,042) | (40,500)
Net current assets |  | 123,239 | 147,273
Net assets |  | 873,239 | 897,273
Capital and reserves |  |  |
Called up share capital | 16, 17 | 103 | 103
Share premium reserve | 17 | 104,993 | 104,993
Profit and loss account | 17 | 768,143 | 792,177
Shareholders' funds |  | 873,239 | 897,273

The company made a profit after tax for the financial year of £628,745 (2024 - profit of £2,743,636).

Approved and authorised by the Board on 7 August 2026 and signed on its behalf by:

P A J Cluett
Director

Alliance Finance Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 April 2024 (As restated) | 103 | 104,993 | 366,215 | 471,311
Profit for the year | - | - | 872,497 | 872,497
Dividends | - | - | (652,779) | (652,779)
At 31 March 2025 | 103 | 104,993 | 585,933 | 691,029

| Share capital £ | Share premium £ | (As restated) Profit and loss account £ | Total £
At 1 April 2023 (As restated) | 101 | 104,993 | 772,314 | 877,408
Profit for the year (As restated) | - | - | 2,220,459 | 2,220,459
Dividends | - | - | (2,626,558) | (2,626,558)
New share capital subscribed | 2 | - | - | 2
At 31 March 2024 (As restated) | 103 | 104,993 | 366,215 | 471,311

Alliance Finance Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 April 2024 (As restated) | 103 | 104,993 | 792,177 | 897,273
Profit for the year | - | - | 628,745 | 628,745
Dividends | - | - | (652,779) | (652,779)
At 31 March 2025 | 103 | 104,993 | 768,143 | 873,239

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 April 2023 (As restated) | 101 | 104,993 | 675,099 | 780,193
Profit for the year (As restated) | - | - | 2,743,636 | 2,743,636
Dividends | - | - | (2,626,558) | (2,626,558)
New share capital subscribed | 2 | - | - | 2
At 31 March 2024 (As restated) | 103 | 104,993 | 792,177 | 897,273

Alliance Finance Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

| Note | 2025 £ | (As restated) 2024 £
Cash flows from operating activities
Profit for the year |  | 872,497 | 2,220,459
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 11,556 | 10,190
Finance income | 5 | (116,634) | (102,146)
Income tax expense |  | 336,772 | 749,511
|  | 1,104,191 | 2,878,014
Working capital adjustments |  |  |
Decrease/(increase) in trade and other receivables |  | 593,237 | (393,734)
Increase/(decrease) in trade and other payables |  | 4,666,993 | (998,894)
Cash generated from operations |  | 6,364,421 | 1,485,386
Income taxes paid |  | (588,955) | (658,062)
Net cash flow from operating activities |  | 5,775,466 | 827,324
Cash flows from investing activities |  |  |
Interest received |  | 116,634 | 102,146
Acquisitions of tangible assets |  | (12,175) | (14,647)
Net cash flows from investing activities |  | 104,459 | 87,499
Cash flows from financing activities |  |  |
Proceeds from issue of ordinary shares, net of issue costs |  | - | 2
Dividends paid |  | (652,779) | (2,626,558)
Net cash flows from financing activities |  | (652,779) | (2,626,556)
Net increase/(decrease) in cash and cash equivalents |  | 5,227,146 | (1,711,733)
Cash and cash equivalents at 1 April |  | 6,117,721 | 7,829,454
Cash and cash equivalents at 31 March | 20 | 11,344,867 | 6,117,721

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The Company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
2430-2440 The Quadrant
Aztec West
Bristol
BS32 4AQ
United Kingdom

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Alliance Finance Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in its separate financial statements. Exemptions have been taken in the Company's separate financial statements in relation to financial instruments and presentation of a statement of cash flows.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March 2025.

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The Group has reported a net profit of £827,497 (2024 restated - £2,220,459) for the year ended 31 March 2025 and as at 31 March 2025 has net assets of £691,029 (2024 restated - £471,361) with access to cash reserves of £11,344,867 (2024 - £6,117,721).
Based on the forecasts prepared and the funds available, the Directors' believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis accounting in preparing the financial statements.

Prior period errors

A prior period error adjustment has been posted to correct various errors in the financial statements. For details of the errors see note 25 in these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Group's accounting policies and have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition - construction contract accounting
The Group derives revenue from construction contracts which are accounted for in accordance with Section 23 of FRS 102. Revenue is recognised over time using the input method. Under the input method, revenue is recognised based on the proportion of contract costs incurred to date relative to the total estimated contract costs.

The application of this method requires the Directors to exercise significant judgement, particularly in estimating the total costs required to complete each contract and in assessing the appropriate measure of progress towards completion. Where the input method is applied, this involves assessing the extent to which costs incurred to date accurately reflect the transfer of control of goods or services to the customer. If actual outcomes differ from estimates, this may result in adjustments to revenue recognised in the current and future periods. Estimates are reviewed regularly and, where necessary, revised to reflect the most up-to-date information available. In circumstances where costs or performance cannot be directly attributed to a specific period, judgement is applied to allocate such costs or measure progress based on the nature and circumstances of the contract and the underlying commercial substance.

The Directors are satisfied that the assumptions and estimates applied represent a best estimate based on information available at the reporting date and that revenue has been recognised appropriately in accordance with FRS 102.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Key sources of estimation uncertainty

The following are areas of estimation uncertainty:
Estimation uncertainty considerations for revenue recognition are dependent on individual contracts and may therefore differ on a contract-by-contract basis. Contracts using the input method to measure progress include estimation uncertainty in calculating the percentage of completion at the balance sheet date, based on the forecast total costs expected to be incurred on the contract. .

Contract revenue recognition

Revenue from construction contracts is recognised in accordance with FRS 102 using the input method to measure stage of completion. This is determined by reference to costs incurred to date as a proportion of total estimated contract costs.
Revenue is recognised over time as the Group satisfies its performance obligations, reflecting the transfer of control to the customer. Where the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs incurred. Provision is made for any foreseeable losses on contracts in full as soon as they are identified.

Contract assets and receivables
In the Group's construction contract part of the business, amounts are billed as work progresses in accordance with pre-agreed contractual terms. When a performance obligation is satisfied but a customer has not yet been billed this is recognised as a contract asset (unbilled revenue) and included within debtors.
Retentions are also a common feature of construction contracts and are recognised as a contract asset within trade and other debtors when the group has a right to consideration in exchange for the completion of the contract. Retentions are consistent with industry norms and the purpose of these is not to provide a form of financing.
Apart from retentions, the Group does not have any construction contracts where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of its transaction prices for the time value of money.
When consideration is received in advance of work being performed, or the Group has billed an amount to a customer that is in excess of revenue recognised on the contract; this is recognised as a contract liability within creditors; and the revenue is generally recognised in the subsequent period when the right to recognise revenue has been determined. As a result, advance payments received for construction contract arrangements are not considered a significant form of financing.
Generally payments from customers on contracts take place within agreed payment terms following receipt of the invoice. Payment terms can vary by contract but would typically be between 14 and 45 days. Occasionally on certain contracts payments may be received in advance of work being performed. As noted above, these would be included within contract liabilities.

Cumulative costs incurred, net of amounts transferred to cost of sales, after deducting onerous provisions, provisions for contingencies and payments on account not matched with revenue, are included as construction contract balances in inventories. Cost includes all expenditure directly related to specific projects and an allocation of fixed and variable overheads incurred in the groups contract activities based on normal operating capacity.

Contract liabilities
When a contract is identified as being onerous (i.e. its unavoidable cost exceeds the economic benefit of the contract), a provision is created; being the lower of costs to complete the contract and the cost of exiting the contract.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is highly probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is highly probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, Fittings and equipment | 25% straight line

Investments

nvestments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The analysis of the Group's turnover for the year from continuing operations is as follows:

| 2025 £ | (As restated) 2024 £
Rendering of services | 80,825,708 | 105,875,618

The total turnover of the Group has been derived from its principal activity wholly undertaken in the United Kingdom.

| 4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | (As restated) 2024 £
Depreciation expense | 11,556 | 10,190
Foreign exchange (gains)/losses | (140) | 3,962
Operating lease expense | 343,707 | 282,987

| 5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 116,634 | 102,146

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 6 | Staff costs

The aggregate payroll costs were as follows:

| 2025 £ | (As restated) 2024 £
Wages and salaries | 2,082,844 | 2,240,879
Social security costs | 273,539 | 406,575
Pension costs, defined contribution scheme | 60,977 | 56,387
| 2,417,360 | 2,703,841

The average number of persons employed by the Group during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 11 | 12
Sales | 27 | 25
| 38 | 37

Company
The Company incurred no staff costs and had no employees other than the Directors.

| 7 | Directors' remuneration

The Directors' remuneration for the year was as follows:

| 2025 £ | (As restated) 2024 £
Remuneration | 67,565 | 92,092

| 8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 2,500 | 2,000
Audit of the financial statements of subsidiaries of the company pursuant to legislation | 26,000 | 14,304
| 28,500 | 16,304
Other fees to auditors |  |
Taxation compliance services | 6,000 | -
All other non-audit services | 5,800 | 2,025
| 11,800 | 2,025

| 9 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 318,889 | 749,511
UK corporation tax adjustment to prior periods | 27,510 | -
| 346,399 | 749,511
Deferred taxation |  |
Arising from origination and reversal of timing differences | (9,627) | -
Tax expense in the profit and loss account | 336,772 | 749,511

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 1,209,269 | 2,969,970
Corporation tax at standard rate | 302,317 | 742,493
Increase in UK and foreign current tax from adjustment for prior periods | 27,510 | -
Effect of expense not deductible in determining taxable profit (tax loss) | 12,300 | -
Deferred tax (credit)/expense from unrecognised tax loss or credit | (5,355) | 16,150
Tax decrease from other tax effects | - | (9,132)
Total tax charge | 336,772 | 749,511

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £
Fixed asset timing difference | 4,314
Short term timing difference | 5,313
| 9,627

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 10 | Tangible assets

Group

| Furniture, fittings and equipment £
Cost
At 1 April 2024 | 40,271
Additions | 12,175
At 31 March 2025 | 52,446
Depreciation
At 1 April 2024 | 14,864
Charge for the year | 11,556
At 31 March 2025 | 26,420
Carrying amount
At 31 March 2025 | 26,026
At 31 March 2024 | 25,408

| 11 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 750,000 | 750,000

Subsidiaries | £
Cost
At 1 April 2024 and 31 March 2025 | 750,000
Carrying amount
At 31 March 2025 | 750,000
At 31 March 2024 | 750,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Alliance Leisure Services Limited | 2430-2440 The Quadrant, Aztec West, Bristol, BS32 4AQ | Ordinary | 100% | 100%

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 12 | Debtors

|  | Group | Company
| Note | 2025 £ | (As restated) 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 5,660,588 | 8,061,823 | - | -
Amounts owed by group undertakings |  | - | - | - | 40,872
Amounts owed by related parties | 21 | 237,580 | 314,980 | 174,666 | 128,753
Other debtors |  | 457,697 | 110,776 | 70 | 12,003
Prepayments |  | 193,626 | 384,254 | - | -
Contract assets |  | 5,753,154 | 4,024,048 | - | -
Deferred tax assets | 9 | 9,627 | - | - | -
|  | 12,312,272 | 12,895,881 | 174,736 | 181,628

Amounts owed by group undertakings and related parties are interest free, unsecured and receivable on demand.
Included in amounts owed by related parties is a director's loan account balance of £37,964 (2024 - £87,864).

| 13 | Cash and cash equivalents

| Group | Company
| 2025 £ | (As restated) 2024 £ | 2025 £ | 2024 £
Cash at bank | 11,344,867 | 6,117,721 | 2,545 | 6,145

| 14 | Creditors

|  | Group | Company
| Note | 2025 £ | (As restated) 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Trade creditors |  | 9,780,682 | 8,189,767 | - | -
Amounts due to group undertakings | 21 | - | - | 45,541 | -
Social security and other taxes |  | 3,886,529 | 3,192,464 | - | -
Other payables |  | 188,069 | 40,500 | - | 40,500
Accruals |  | 5,307,029 | 5,114,400 | 8,501 | -
Corporation tax liability |  | 238,706 | 481,262 | - | -
Contract liabilities |  | 3,591,121 | 1,549,306 | - | -
|  | 22,992,136 | 18,567,699 | 54,042 | 40,500

Amounts due to group undertakings are interest free, unsecured and repayable on demand.

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 15 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £60,977 (2024 - £56,387).

| 16 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 85 | 85 | 85 | 85
Ordinary B shares of £1 each | 8 | 8 | 7 | 7
Ordinary C shares of £1 each | 7 | 7 | 8 | 8
Ordinary D shares of £1 each | 1 | 1 | 1 | 1
Ordinary E shares of £1 each | 1 | 1 | 1 | 1
Ordinary F shares of £1 each | 1 | 1 | 1 | 1
| 103 | 103 | 103 | 103

Ordinary A, B and C shares rank pari passu in all respects.
Ordinary D shares are entitled to receive dividends and distributions of capital on the same basis as the holders of the ordinary A, B and C shares, however only have one vote on resolutions of the shareholders.
Ordinary E and F shares have no voting rights and no rights to participate in the capital or assets of the Company on a winding up.

| 17 | Reserves

Group and Company

Called up share capital
Share capital represents the issued share capital of the Company.
Share premium
This contains the premium arising on the issue of share capital, net of transaction costs.
Profit and loss account
The profit and loss account represents the cumulative profits or losses, net of dividends paid and other adjustments.

| 18 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 2025 £ | (As restated) 2024 £
Not later than one year | 330,357 | 244,305
Later than one year and not later than five years | 477,230 | 272,087
| 807,587 | 516,392

The amount of non-cancellable operating lease payments recognised as an expense during the year was £343,707 (2024 restated - £282,987).

| 19 | Dividends

| 2025 £ | 2024 £
Dividends paid | 652,779 | 2,626,558

| 20 | Analysis of changes in net debt

Group

| At 1 April 2024 £ | Financing cash flows £ | At 31 March 2025 £
Cash and cash equivalents |  |  |
Cash | 6,117,721 | 5,227,147 | 11,344,868
| 6,117,721 | 5,227,147 | 11,344,868

| 21 | Related party transactions

Group
During the year, debtors of £27,000 (2024 - £nil) due from companies under common control were written off. Amounts owed to companies under common control at the balance sheet date totalled £200,116 (2024 - £227,116).
Company
During the year, a debtor balance of £45,913 (2024 - £nil) was transferred to the Company from another Group undertakings. The balance related to amounts due from companies under common control. At the balance sheet date, amounts due from companies under common control totalled £174,666 (2024 - £128,753).

| 22 | Financial instruments

Group

Items of income, expense, gains or losses

2025 | Income £ | Expense £ | Net gains £ | Net losses £
Financial assets measured at amortised cost | 104,633 | - | - | -

2024 | Income £ | Expense £ | Net gains £ | Net losses £
Financial assets measured at amortised cost | 102,146 | - | - | -

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 23 | Non adjusting events after the financial period

Subsequent to the year end, the Company cancelled the issued Ordinary E and Ordinary F shares in accordance with the Company's Articles of Association. The cancellation took place after 31 March 2025 and, accordingly, no adjustment has been made to the share capital disclosed in these financial statements.

| 24 | Parent and ultimate parent undertaking

The ultimate controlling party is Sarah Louise Watts.

| 25 | Prior period adjustment

A prior period adjustment has been processed to correct errors in respect of the following:
Group

| As previously reported | Adjustments | As restated
| £ | £ | £
Turnover | 108,082,500 | (2,206,882) | 105,875,618
Cost of sales | (101,057,310) | 2,443,763 | (98,613,547)
Gross profit | 7,025,190 | 236,881 | 7,262,071
Administrative expenses | (4,264,150) | (130,097) | (4,394,247)
Other operating income | - | - | -
Operating profit | 2,761,040 | 106,784 | 2,867,824
Other interest receivable and similar income | 102,146 | - | 102,146
Interest payable and similar charges | - | - | -
Profit/(loss) before taxation | 2,863,186 | 106,784 | 2,969,970
Tax on profit/(loss) on ordinary activities | (749,511) | - | (749,511)
Profit/(loss) for the financial year | 2,113,675 | 106,784 | 2,220,459

| As previously reported | Adjustments | As restated
| £ | £ | £
Fixed assets |  |  |
Tangible assets | 25,408 | - | 25,408
| 25,408 | - | 25,408
Current assets |  |  |
Debtors | 9,525,841 | 3,370,040 | 12,895,881
Cash at bank and in hand | 6,117,721 | - | 6,117,721
| 15,643,562 | 3,370,040 | 19,013,602
Creditors: amounts falling due within one year | (13,722,897) | (4,844,752) | (18,567,649)
Net current assets | 1,920,665 | (1,474,712) | 445,953
Net assets | 1,946,073 | (1,474,712) | 471,361
Equity |  |  |
Called up share capital | 103 | - | 103
Share premium reserve | 104,993 | - | 104,993

Alliance Finance Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Profit and loss account | 1,840,977 | (1,474,762) | 366,215
Total equity | 1,946,073 | (1,474,762) | 471,361

1. Contract corrections. An adjustment has been processed to correct the recognition of contracts in accordance with FRS 102, including the timing of the revenue recognised on contracts and the presentation of certain contract related costs on a net basis. As a result, revenues have increased by £2,206,882, cost of sales have increased by £2,443,763, contract assets have increased by £4,024,048, contract liabilities have increased by £1,549,306, prepayments decreased by £650,048, accruals increased by £2,661,571 and profit and loss reserves at 1 April 2024 have decreased by £1,073,758.
2. Bonus accrual. Bonuses had previously been recognised on the paid basis rather than on the accruals basis. An adjustment has been recognised to increase wages and salaries costs by £130,097 in the year ended 31 March 2024, increase accruals by £637,835 and decrease profit and loss reserves at 1 April 2023 by £507,738.
3. Reclassifications. Various reclassifications have been processed due to amounts being incorrectly presented in the prior year financial statements.