ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Financial Statements

Flynn Management & Contractors (UK) Limited

For the year ended 31 December 2025

Registered number: 11569831


Flynn Management & Contractors (UK) Limited

Company Information

Directors	Alan Nevin
	Kevin Flynn
	Michael Flynn


Registered number	11569831


Registered office	Eastcastle House
	27/28 Eastcastle Street
	London
	United Kingdom
	W1W 8DH


Independent auditor	Grant Thornton
	Chartered Accountants & Statutory Auditors
	13-18 City Quay
	Dublin 2


Bankers	Bank of Ireland
	141 Main Street
	Lisnakea
	Enniskillen
	Northern Ireland


Solicitors	Byrne Wallace
	88 Harcourt Street
	Dublin 2


Flynn Management & Contractors (UK) Limited

Contents

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Directors' responsibilities statement	5
Independent auditor's report	6 - 9
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Notes to the financial statements	13 - 22


Flynn Management & Contractors (UK) Limited

Strategic report

For the year ended 31 December 2025

Introduction

The directors are pleased to present their strategic report for the company for the year ended 31 December 2025

Principal acitvity

Flynn Management & Contractors (UK) Limited (the “Company”) principal activity is the delivery of mission critical operational environments, operating as both a General Contractor within the data centre sector.

Business review

During the year ended 31 December 2025, the Company experienced continued growth, supported by robust activity levels across its specialist and target sectors. The Directors remain confident that the Company’s focus on delivering high quality services to clients has resulted in a strong pipeline of future opportunities and underpins its growth ambitions.

The Company has continued to promote the Flynn brand across its target markets, with a clear focus on quality, investment in people, and operational excellence, while employing only experienced construction professionals. The Directors believe this approach differentiates the Company from competitors and supports sectoral and geographical diversification.

Turnover for the year increased from £22.24 million in 2024 to £50.40 million in 2025, reflecting the strategic selection of projects and increased project values. Operating profit increased to £970,172 (2024 - £386,640), with profit before tax of £1,028,206 (2024 - £396,615), demonstrating improved scale and operational performance.

Principal risks and uncertainties

The Company has established policies, procedures and internal controls designed to identify, assess and manage risks faced by the business. The principal risks and uncertainties are summarised below.

Economic risk

The Company operates within the construction sector, which remains subject to broader economic conditions. While the pipeline of future works remains robust, the Directors continue to monitor market conditions closely to ensure strategic objectives remain achievable.

During the year, global markets were impacted by a number of geopolitical developments, including the conflict in the Middle East. Although the Company does not have direct exposure to the region, secondary impacts such as increased market volatility, energy price fluctuations and investor sentiment have been considered in the Company’s risk management processes.

The Company continues to monitor geopolitical risks and incorporate their potential effects into its risk assessment
and asset allocation processes.

Cost inflation and supply chain risk

The Company recognises risks associated with global trade tariffs, supply chain disruption and material cost inflation. While no issues were encountered on current projects during the year, management remains alert to potential longer term impacts on costs and availability.

Client and credit risk

The Company assesses the creditworthiness of clients and benefits from a high quality, bluechip client base, which mitigates the risk of non-recoverability of amounts due. Procedures are in place to monitor receivables at both macro and project levels.

Page 1


Flynn Management & Contractors (UK) Limited

Strategic report (continued)

For the year ended 31 December 2025

Principal risks and uncertainties (continued)

Competition risk

The Company operates in a competitive market. The Directors mitigate this risk through disciplined project selection, strong delivery performance and continued focus on quality, resulting in repeat business and successful tender outcomes.

Financial key performance indicators

Financial risks are managed through robust budgeting and financial reporting procedures, supported by appropriate key performance indicators. Project results are reviewed regularly by Project Teams and Senior Management, with variances from budgets discussed and addressed as appropriate.

Key financial risks monitored include credit risk, liquidity risk and project margin risk. The Directors consider that the Company maintains adequate liquidity, supported by strong cash balances of £15.0 million at year end.

Financial and non-financial key performance indicators

The Directors use the following KPIs to assess the Company’s performance and progress.

Financial KPIs

∙Turnover

∙Gross profit margin

∙Operating profit

∙EBITDA

∙Trade debtors in relation to turnover

Nonfinancial KPIs

∙Project delivery performance (on time and on budget)

∙Health & safety performance

∙Quality control and compliance

∙Employee retention

∙Client satisfaction and repeat business

This report was approved by the board and signed on its behalf.

................................................ Kevin Flynn Director	................................................ Michael Flynn Director

Date: 9 July 2026

Page 2


Flynn Management & Contractors (UK) Limited

Directors' report

For the year ended 31 December 2025

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

Principal activity

The Company's principal activities are delivering Mission Critical Operational Environments both as a General Contractor and Specialist Contractor within the Data Centre Sector.

Results and dividends

The profit for the year, after taxation, amounted to £909,993 (2024 - £396,615).

No dividends were declared or paid during the year (2024 - £NIL).

Financial risk management

The Company’s financial risk management objectives and policies are consistent with those of the Group.

Directors

The Directors who served during the year were:

Alan Nevin

Kevin Flynn

Michael Flynn

Political contributions

The Company did not make any political donations or incur any political expenditure during the year (2024 - £NIL).

Research and development activities

The Company did not engage in any research and development activity during the financial year.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


Flynn Management & Contractors (UK) Limited

Directors' report (continued)

For the year ended 31 December 2025

This report was approved by the board and signed on its behalf.

Kevin Flynn Director	Michael Flynn Director

Date: 9 July 2026

Page 4


Flynn Management & Contractors (UK) Limited

Directors' responsibilities statement

For the year ended 31 December 2025

The Directors are responsible for preparing the Strategic report, the 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 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). 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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;

∙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 to 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.

For and on behalf of the board:


Kevin Flynn	Michael Flynn
Director	Director

Date: 9 July 2026

Page 5

Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited

Opinion

We have audited the financial statements of Flynn Management & Contractors (UK) Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the 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, Flynn Management & Contractors (UK) Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.

Page 6

Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

Other information

Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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.

Opinions on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and

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

Matters on which we are required to report by exception

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

Page 7

Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

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

Explanation as to what extent the audit was considered 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Health & Safety, Construction Contracts Act 2013 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements, revenue recognition and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 8

Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit is considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection and review of minutes of directors’ meetings during the year to corroborate inquiries made;

∙inspection and review of legal correspondance;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of contract revenue; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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.

Jason Crawford (Senior statutory auditor)

for and on behalf of

Grant Thornton

Chartered Accountants &

Statutory Auditors

13-18 City Quay
Dublin 2

Date: 9 July 2026

Page 9


Flynn Management & Contractors (UK) Limited

Statement of comprehensive income

For the year ended 31 December 2025

	2025	2024
Note	£	£


Turnover	4	50,401,720	22,244,456
Cost of sales		(48,536,069)	(20,193,366)
Gross profit		1,865,651	2,051,090
Administrative expenses		(895,479)	(1,664,450)
Operating profit	5	970,172	386,640
Interest receivable and similar income	8	58,034	18,118
Interest payable and similar expenses	9	-	(8,143)
Profit before tax		1,028,206	396,615
Tax on profit	10	(118,213)	-
Profit for the year		909,993	396,615

All amounts relate to continuing operations.

There was no other comprehensive income for 2025 (2024 - £NIL).

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

Page 10


Flynn Management & Contractors (UK) Limited Registered number:11569831

Statement of financial position

As at 31 December 2025

		2025		2024
Note		£		£


Current assets
Stocks	11	1,865,400		1,895,281
Debtors: amounts falling due within one year	12	4,856,304		6,275,405
Cash at bank and in hand	13	15,023,681		3,826,873
		21,745,385		11,997,559
Current liabilities
Creditors: amounts falling due within one year	14	(21,446,964)		(12,609,131)
Net current assets/(liabilities)			298,421		(611,572)
Total assets less current liabilities			298,421		(611,572)
Net assets/(liabilities)			298,421		(611,572)

Capital and reserves
Called up share capital	15	100	100
Profit and loss account	16	298,321	(611,672)
Shareholders' fund/(deficit)		298,421	(611,572)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ Kevin Flynn	................................................ Michael Flynn
Director	Director

Date: 9 July 2026

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

Page 11


Flynn Management & Contractors (UK) Limited

Statement of changes in equity

For the year ended 31 December 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2025	100	(611,672)	(611,572)
Comprehensive income for the year
Profit for the year	-	909,993	909,993
At 31 December 2025	100	298,321	298,421

Statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	(1,008,287)	(1,008,187)
Comprehensive income for the year
Profit for the year	-	396,615	396,615
At 31 December 2024	100	(611,672)	(611,572)

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

Page 12


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

1.	General information

Flynn Management & Contractors (UK) Limited is a private company limited by shares and was incorporated in the United Kingdom on 14 September 2018 with a registered address of Eastcastle House, 27/28 Eastcastle Street, W1W 8DH. The principal activity of the Company continues to be that of a Main Contractor within the UK Market.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Pound Sterling (GBP).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of K&M Flynn Holdings Limited as at 31 December 2025 and these financial statements may be obtained from 28/29 Blackwater Road, Dublin Industrial Estate, Dublin.

2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for at least one year from the date of approval of financial statements.

During the year, the Company made a profit of £909,993 (2024: profit £396,615). At 31 December 2025 the Company had accumulated profits of £298,321 (2024: Accumulated loss of £611,672) and at that date net assets amounted to £298,421 (2024: Net liabilities £611,572).

On the basis of the aforementioned the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis. However the financial statements do not include any adjustments that would result from a situation where financial support was no longer forthcoming or where the Company failed to achieve the projected financial profits.

Page 13


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 14


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.5

Turnover (continued)

2.6

Work in progress

A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. The gross amount due to customers for contract work is presented within other liabilities for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 16


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.13

Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.14

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimation uncertainty

Information about estimate and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may substantial different.

Construction contract revenue recognition

Recognised amounts of construction contract revenues and related work in progress reflect management's best estimate of each contract's outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts and the order backlog. For more complex contracts in particular costs to complete and contract profitability are subject to estimation uncertainty.

	Contract revenue	50,401,720	22,244,456

All turnover arose within the United Kingdom.

Page 17


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

Exchange differences

(18,681)

63,908

Fees payable to the Company's auditor

18,550

13,500

Wages and salaries	1,403,605	622,580
Social security costs	188,850	74,245
Cost of defined contribution scheme	115,743	22,069
	1,708,198	718,894

No director emoluments were paid during the year. These are borne by another Company in the group.

The average monthly number of employees, excluding the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	20	9

8.	Income from investments
		2025	2024
		£	£

	Income from fixed asset investments	(58,034)	(18,118)

Page 18


Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

9.	Interest payable and similar expenses
		2025	2024
		£	£

Loans from group undertakings

8,143

Corporation tax
Current tax on profits for the year	118,213	-


	Tax on profit	118,213	-

Profit on ordinary activities before tax

1,028,206

396,615

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	257,052	99,154
Effects of:
Tax loss utilised	(138,821)	(99,154)
Qualified charitable donations	(18)	-
Total tax charge for the year	118,213	-

Factors that may affect future tax charges

There is a potential deferred tax asset of £Nil (2024 - £138,821) arising from trading losses carried forward which has not been recognised in the financial statements as it is not certain when the losses will be utilised.

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Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

11.	Work in progress
		2025	2024
		£	£

	Work in progress	1,865,400	1,895,281

Work in progress represents the value of amounts recoverable on contracts in progress for work completed but not certified at the financial year end.

12.	Debtors: Amounts falling due within one year

					2025	2024
					£	£


Trade debtors	4,687,098	6,231,871
Amounts owed by group undertakings	164,137	-
Other debtors	-	35,338
Prepayments and accrued income	5,069	8,196
	4,856,304	6,275,405

Amounts owed by group undertaking are interest free, unsecured, and repayable on demand.

13.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	15,023,681	3,826,873

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Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

14.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	4,766,782	2,014,184
Amounts owed to group undertakings	-	1,020,220
Corporation tax	118,213	-
Other taxation and social security	3,197,700	996,742
Other creditors	3,147	4,607
Accruals and deferred income	13,361,122	8,573,378
	21,446,964	12,609,131

Amounts due to group undertakings are unsecured, attract interest at 3% and are repayable on demand. During the year amounts due to the group undertakings were repaid in full.

					2025	2024
					£	£

Other taxation and social security
PAYE/PRSI control	123,007	54,129
VAT control	3,074,693	942,613
	3,197,700	996,742

15.	Share capital
		2025	2024
		£	£

Authorised, allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

16.

Reserves

Profit and loss account

Profit and loss account includes all income and expenditure from the current and all prior periods.

17.

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £115,743 (2024 - £22,069). Contributions totalling £NIL (2024 - £4,608) were payable to the fund at the reporting date.

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Flynn Management & Contractors (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

18.	Capital commitments

The Company had no capital commitments at the year end.

19.	Related party transactions
	The Company has availed of the exemptions in FRS102 Section 33, paragraph 33.1A which allows non-disclosure of transactions between two or more wholly-owned members of a group. There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102 Section 33.

20.	Events after the end of the year

On 28 February 2026, significant geopolitical tensions escalated in the Middle East region. This event arose after the reporting date and is therefore classified as a non-adjusting event under IAS10/FRS102 Section 32.

Management has assessed the potential implications of these developments and notes that the Company’s operations, liquidity, and financial position are not materially impacted as at the date of approval of these financial statements. However, the situation remains fluid, and management will continue to monitor developments and assess any future implications.

There have been no significant events affecting the Company since the financial year end, which require adjustments to or disclosure in these financial statements.

21.	Controlling party

The parent company is K&M Flynn Holdings Limited which holds 100% of the share capital in the company. The results of the company are consolidated into those of K&M Flynn Holdings Limited. The consolidated financial statements of K&M Flynn Holdings Limited are available to the public and can be obtained at the Company Registration office, Dublin 1, Republic of Ireland.

The ultimate controlling parties are Kevin Flynn and Michael Flynn.

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