The directors present the strategic report for the year ended 31 March 2026.

The year ended 31 March 2026 has been a year of consolidation, reinvestment and margin improvement for Amspec. Turnover for the year was down from the year before at £17.3 million (2025: £26.10 million). The reduction reflects the delay of a few anticipated large project start dates at a point where resource had already been committed and allocated to those schemes. Despite lower volumes, the quality of our profits improved, with gross profit margin increasing on the prior year as set out in our financial accounts.

Although we had a reduction in turnover, we took the decision to hold firm and protect the infrastructure of the business rather than reduce capability. We continued to invest in our people, systems, assets, teams and processes to ensure that our core values, expertise and technical offering were maintained in full, and that the business was properly resourced to deliver at the expected service level as workload returned to forecast levels. We consider this a strategically important commitment to the longevity of our company and to our workforce through a challenging twelve months, and one which is consistent with our longer term vision and growth strategy.

The company's balance sheet strengthened significantly during the year. Net assets increased by 20% to £3,978,867 (2025: £3,288,319), driven by continued direct capital investment in property assets and the revaluation of the company's freehold premises. The company closed the year with a similar level of cash in the bank which allows us to continue with capital investment to ensure our long term company vision is achieved, which includes the future expansion of our joinery workshop facility and machinery, a capability that remains a clear differentiator for Amspec within our sector.

Historically, business development at Amspec has been underpinned by a strong base of repeat clients and referrals, generated by the quality of our delivery. The collective focus of our senior leadership on supporting live projects and providing the best possible service to clients has at times been at the expense of structured business development. As the business has grown organically, and to sustain the revenue required to support that growth, we have appointed a Business Development and Marketing Manager, supported by a clear company vision and a formal Sales and Marketing Strategy aligned to our strategic direction.

We have continued to strengthen our commercial and technical capability in response to the increasing compliance and quality assurance burden placed on contractors. During the year we expanded our quantity surveying team and appointed a Technical Design Coordinator to manage compliance and design risk across our projects. We have also added further team members and systems to our passive fire protection division, which supports our wider objective of growing higher margin specialist services alongside our traditional construction, refurbishment and fit out work.

Product development has been an additional area of focus over the last twelve months, concentrating on joinery products capable of being scaled in the future. Most recently we have developed a new seamless timber system, trade marked as LignaCell, with a patent application pending. This, together with our wider product development activity, supports the planned expansion of our workshop and our objective of generating additional revenue from scalable products which increase profitability while complementing our existing revenue streams.

We are pleased to report that early in the new financial year, the company's pipeline of work is strong and workload has been secured which extends into 2027. Current turnover projections are in line with the company's strategic plan, and the position achieved allows the business development and senior leadership teams to direct greater attention towards the company's longer term goals.

Plans for the future

Our primary focus remains the building of a sustainable and profitable business for the long term. This is set out in full in our five year vision statement.

Our bespoke joinery manufacturing division continues to be a core area of investment. Plans remain in place to expand and enhance the facility, including investment in additional automated machinery and in digital design and cost transparency software tools. Alongside this we intend to grow our fire door manufacturing capability in support of our FIRAS accredited passive fire protection service, further strengthening our specialist offering and our turnkey capability on our construction, refurbishment and fit out projects.

Our updated Sales and Marketing Strategy will target selected frameworks and new clients across commercial fit out and refurbishment, healthcare and education, public sector, joinery manufacturing, passive fire protection and sustainable construction. The strategy is intended to secure a balanced and resilient portfolio, combining larger complex schemes with a steady base of mid range projects and dependable public sector workload.

We are continuing to invest in technology, data and automation. Over the coming year we will develop our use of AI and automated systems to improve data collection, reporting and operational efficiency across the business, building on our existing investment in Procore and our wider digital infrastructure.

We also recognise our responsibility to contribute to the future of the construction industry. We are continuing to invest in our people, apprentices, and the local area including social value initiatives, upskilling and training our existing workforce to ensure that quality and compliance are never compromised, and we remain committed to being recognised as an employer of choice. In support of the next phase of the company's growth and long term sustainability goals, we continue to keep the structure and capacity of our senior leadership team under review and anticipate further strengthening in this area during the coming financial year.

The management and execution of the company's strategy is subject to a number of risks. These include:

• Project cost overruns.

• Turnover volatility arising from delayed project commencement and programme slippage

• Cash flow fluctuations    

• Credit and client insolvency risk.    

• Rising material and subcontractor costs.    

• Contractual liabilities and onerous terms.    

• Workforce shortages and skills gaps    

• Design and compliance risk, particularly at early project gateways relating to Building Safety Act.

• Reliance on repeat business and referral, and the associated concentration of workload Health & Safety.

To manage these, we operate a robust risk management framework, which includes ongoing monitoring, forward planning, and the development of mitigation strategies specific to each risk area.

Risk management

The Company manages its exposure to risk through a number of measures outlined below:

• Comprehensive financial planning using detailed cost plans, monthly forecasting, and contingency allocation.    

• Monthly P&L and cash flow monitoring with regular review of creditor and debtor balances.    

• Diversification of financing to reduce dependency on single source

• Insurance and legal risk management, with regular policy reviews and contractual guidance.    

• Robust contract reviews, conducted at tender stage by commercial, legal, and insurance advisors to identify exposure to penalties, uncapped liabilities or ambiguous risk transfer clauses.

• Operational digitalisation, including use of Procore to provide real time site reporting and project visibility.    

• Supply chain management, including tender benchmarking, Inspection test plans, scope definition, and effective change control.    

• Design and compliance tracking, utilising Procore dashboards and owner assigned KPIs to monitor statutory risk and accountability    

• Direct workforce development, with KPIs, structured training, and performance support in place.

• Weekly internal operations meetings with all key personnel to discuss client & site activities including H&S risks.

• Site audits for Quality, Compliance and H&S.    

• A dedicated business development function and formal Sales and Marketing Strategy to broaden the client base, develop the forward pipeline and reduce reliance on any single source of workload.

The Directors and Company Secretary monitor the following KPIs to ensure the continued success of the business:

• Financial performance: turnover, gross profit margin, budget adherence, forecasting accuracy.    

• Sales & Marketing: Secured workload and pipeline, Lead generation, value & type of orders secured, conversion rates, forward visibility of revenue, market and sector development & brand and marketing activity.

• Operational delivery: project timeline adherence, variation control, Quality management & defect levels.    

• Compliance: statutory obligations, H&S, building control, insurance claims, contract disputes.    

• Workforce metrics: training hours, retention rates, staff satisfaction.

• Sustainability metrics: waste reduction, energy usage, procurement of sustainable materials.    

• Client satisfaction: repeat business, testimonials, continued client engagement to under their needs.

• Social Value: Community Engagement, Employment & Skills development.

Financial instruments

The Company holds or issues financial instruments to support its operations and manages associated risks in line with accounting policies.

Financial instruments arising directly from operations include trade debtors, cash, and trade creditors. Surplus cash is placed with reputable financial institutions to mitigate credit risk.

Business operations are funded through a combination of retained profits, long-term bank borrowings, and finance arrangements. Working capital requirements are met primarily through retained earnings.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The principal activity of the company continued to be that of office interior design.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £53,900. The directors do not recommend payment of a final dividend.

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

The 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;

• 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 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.

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.

We have audited the financial statements of Amspec Ltd (the 'company') for the year ended 31 March 2026 which comprise the profit and loss account, 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 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We obtained an understanding of laws and regulations that are applicable to the Company and determined that the most significant are FRS 102, Companies Act 2006, and United Kingdom direct and indirect tax regulations. In addition, the company must comply with operational and employment laws and regulations including health and safety regulations, environmental regulations and General Data Protection requirements

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

• We gained an understanding of the controls that management have in place to prevent and detect fraud.

• We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

• We performed analytical procedures to identify any unusual or unexpected relationships;

• We tested journal entries to identify unusual transactions; and

• We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

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.

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

The notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

Amspec Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kilshaw Street, Lamberhead Industrial Estate, Pemberton, Wigan, Lancashire, United Kingdom, WN5 8EA.

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

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

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

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

In assessing whether the going concern assumption is appropriate, management has taken into account all available relevant information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

Turnover is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for trade discounts and is stated net of VAT.

Turnover also includes the proportion of the sales value of long-term contracts relevant to their state of completion.

The turnover and pre-tax profit, all of which arises in the United Kingdom, is attributable to the principal activity of the Company.

In respect of project contracts, the company recognises profit once the project is complete or once the final outcome can be assessed with reasonable certainty. At the year-end, this will reflect the proportion of work completed to date on the project. Full provision is made for losses on any contract in the period that the loss is first foreseen.

The difference between work done and invoices raised on a contract is recognised as amounts recoverable on contracts within debtors. Any excess payments on account over and above the value of the work done are included as income in advance within creditors.

Any bid costs or tender costs are expensed as incurred.

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

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Short term debtors and amounts recoverable on contracts are measured at transaction price, less any impairment. Short term trade creditors are measured at the transaction price. The following assets and liabilities are classified as financial instruments; trade debtors (including amounts recoverable on contracts), Directors' loan accounts, trade creditors, accruals, bank loans and hire purchase agreements.

Financial assets are assessed for indicators of impairment at the end of each reporting period. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due. For trade receivables, which are recorded net, such provisions are recognised within administrative expenses in the income statement.

Financial instruments that are payable or receivable within one year, typically Directors' loan accounts, trade creditors, accruals and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. Financial instruments repayable in more than one year such as bank loans and hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

The company has no non-basic financial instruments.

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

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

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

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

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

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

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

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, are charged to profit or loss on a straight line basis over the term of the relevant lease.

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

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The stage of completion as noted in the accounting policies is subject to estimation & judgement and the directors make use of the information available to them at the balance sheet date to formulate their calculation. This information often involves external certifications of the work completed.

Where it is probable that total contract costs will exceed total contract revenue on a project contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 3 (2025 - 3).

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:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

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

Land and buildings with a carrying amount of £867,009 were revalued at 19 May 2025 by Lamb & Swift, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

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

The bank loan will be repaid in February 2031 and the interest rate paid on the loan is 2.95% over base.

The bank holds three charges, being:

• an unscheduled mortgage debenture, dated 1 October 2003, incorporating a fixed and floating charge over all current and future assets of the company,

• a legal mortgage dated 13 December 2011 over land held at Kilshaw Street, and

• a legal mortggae dated 22 December 2017 over land and buildings at 1 Kilshaw Street.

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

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:

The company is under the ultimate control of Mr A Maxwell by virtue of his controlling shareholding in the company.