Company registration number 14100875 (England and Wales)
TRIAGG GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
TRIAGG GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
T Bell
D Dawe
D Foster
A Maidment
Secretary
Z Walsh
Company number
14100875
Registered office
Triagg House Soho Mill Cottage
Town Lane
Wooburn Green
HP10 0PD
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
TRIAGG GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
TRIAGG GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

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

Introduction

The Groups main trading subsidiary, TriAgg Construction Limited, in association with all TriAgg group companies, delivers first class civil engineering projects, focusing on overall solutions for hard and soft landscaping. This includes carriageways and car parks, structure foundations, all associated works and disciplines, including footways, play areas both hard and soft, sustainable drainage, solutions (SUDS), retaining walls, asphalt surfacing, specialist resin surfaces, fencing, lighting, CCTV, access control, entrance/security buildings or pods, and anything required to complete and fully satisfy the project needs. TriAgg always offer cutting edge sustainable design solutions and products from the outset, we believe that it is more important than ever that TriAgg build for the future.

TriAgg is focused upon commercial and domestic projects which includes new construction, however TriAgg also specialise in repair, replacement and upgrading of infrastructure that has reached the end of its serviceable life cycle, or is being re-purposed for a new life cycle. TriAgg strive to 'Value Engineer' all projects to create maximum client value, whilst minimising environmental impact. We regularly offer cutting-edge 'fit for purpose' alternatives to rigid designs, in discussion and collaboration with the customer and advisers, thereby often giving the customer, consultants and designers large savings in terms of both money and construction time.

Health and Safety

TriAgg fully consider the importance of health and safety in the work place. TriAgg management systems are designed to improve business performance, through innovative design and practices, while at all times considering human welfare. Many practical measures including project modelling and full risk assessments are undertaken to ensure that the Group’s activities and products do not put at risk customers, employees, contractors or equipment. TriAgg strive to engage a large regular workforce of direct employees in order that in-built good practise and safety awareness is maximised.

Environment and Sustainability

TriAgg believes it has a responsibility to achieve good practice and will continue to strive for improvement with regard to environmental impact, in an industry inherently beset with consumption of virgin resources. Efficient and effective use of resources, with the inclusion of recycled content, where this does not compromise quality and durability makes sound commercial sense. TriAgg has the appropriate environmental policies, endorses EV charging technology, innovative design and delivery using recycled, or partly re-cycled materials wherever possible. Where found to be absolutely necessary, we ensure that any material taken from site is entered into the re-cycling chain by our specialist operator partners. Finally, logistics are managed and organised to ensure the most efficient use of road vehicles, the minismisation of mileage and the avoidance of empty goods vehicles.

Review of the business

TriAgg has continued to organically grow throughout the year, and this, together with complimentary realistic margins and strong overhead management, has lead to good results. This clearly demonstrates the value of all major investors and shareholders actively working within the business, and TriAgg not having to pander to the whims or requirements of non-involved external investors, or parent companies. The key asset of TriAgg is our directly employed, experienced, skilled and continuously trained management and construction teams. All TriAgg employees are instructed and encouraged to listen to, engage, and act upon client needs and expectations to deliver all projects on time, fully working, and to realistic cost budgets. TriAgg are heavily supported by a select number of commercially strong supply chain partner suppliers and sub-contractors who are regularly engaged by us, and therefore already know our demanding standards with regard to quality and time, and are more than happy to contribute to the overall client experience. New partners are continuously sought, trailed, and introduced in order to continuously grow and strengthen our armoury. The TriAgg business is fit and agile, and therefore able to adapt rapidly to changing market conditions or project opportunities. TriAgg are progressive, future looking, diverse, inclusive, and certainly do not dwell on the past; while at the same time TriAgg employs our extensive experience at all opportunities. It is TriAgg policy to invest heavily in our own plant and vehicles, with strict maintenance regimes, thereby giving our workforce the best equipment to achieve the best results, with the best machines. In this way, TriAgg avoids the foibles of the rental market, whilst still maintaining a list of trusted supply chain partners who support our extensive fleet when workload or specialist requirements dictate.

TRIAGG GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

Corporate and social responsibility

Employees

E mployees are key to achieving TriAgg b usiness objectives. TriAgg has established policies for diverse and inclusive recruiting, training and development. TriAgg is committed to achieving the best and therefore excellent health and safety, welfare and protection standards for employees in their working environment. TriAgg employees are well rewarded, and this ensures that we recruit, maintain and enjoy the best, in order to give our valued customers the best possible experience. After a year of service, all employees are entitled to enrol into the Companies Employee share ownership scheme, and gain the benefit of private medical cover for their whole family. These benefits are designed to ensure employee loyalty, commitment to the brand and its services, and obviously to continually attract new talent. TriAgg is a fully integrated team of professional members; weaker links when they occur are identified and educated or dealt with. All TriAgg team players are encouraged to be continuously and actively on the lookout for new quality team players. TriAgg are totally opposed to employee churn, and strive to give our customers familiar faces to deal with from project to project, whilst still developing talent at all levels. We are finding that ‘word of mouth’ and ‘personal relationships’ have far greater success in quality recruitment than costly HR professionals simply bringing ‘heads’ to the workplace.

Principle risks and uncertainties

Economic risks

The key factors facing TriAgg include:

Increased interest rates, inflation and legislation having an adverse impact on our market, and market forces potentially putting customers into cash difficulties.

Increased cost of materials, energy and other commodities impacting on our business, our suppliers and customers.

Increased cost of employment and infrastructure impacting adversely on the competitiveness of the company, its suppliers and customers.

TriAgg has no cash borrowings. It is seen as an imperative to grow and maintain a healthy cash base to sustainably fund all operations. All adverse factors are in some way mitigated and managed by our short contract lead-in and turnaround periods. This means that changing costs are immediately factored in to the tendering process. TriAgg, by current business model, are not tied into long term fixed priced contracts which can prove extremely costly in uncharted times. This outlook allows TriAgg to explore future business opportunities, whilst being aware of, and dealing with risks in advance, rather than with often costly hindsight.

TriAgg risks are managed through the use of alternative competitive sourcing of products and services coupled with strict financial controls. TriAgg has a programme of preventative maintenance, and safety inspection for all of our plant and equipment. TriAgg regularly review all operations, with suggestions, comments and initiative sought from every level of the cohesive supportive business. Identified improvements are acted upon at the earliest time,for the benefit of all.

Competition risk

TriAgg manage competition risk through close attention to customer service levels and strategic alliances. As professionals with long histories in the marketplace, TriAgg directors and staff are passionate about the 'business in hand', and as such will not be distracted by external or potentially damaging alternative or subversive forces.

Financial Risk management

TriAgg has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. TriAgg insures itself for credit risks with an industry specialist partner, and predominantly operates within this insurance cover.

Legislative risks

TriAgg closely monitors changes in legislation to ensure compliance at all levels. Similar to economic risk, rapid turnaround ensures any additional costs due to legislation are immediately included into the estimating and pricing process. TriAgg retain High Level third party Accountancy, Legal and Human Resource professionals, in order for themto be engaged at the earliest time when required, whilst not suffering the overhead or stigma of under-used full time employees.

TRIAGG GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

Weather risks

Bad weather at times within the TriAgg operational area is inevitable. Periods of bad weather can disrupt our ability to work and therefore could potentially reduce our sales and profits. However, UK climate tends to be similar from year to year, and the overall effect of the changing seasons and weather patterns is already firmly embedded into TriAggs DNA, costings and budgets.

Key Performance indicators

TriAgg consider that our key performance indicators are those that communicate the financial performance and strength of the Group as a whole. TriAgg KPI's are having responsible turnover, gross profit, overhead management, and strict cash management. During the year the Groups turnover was £30.6m and gross profit was £9.4m. Following our initial rapid rise to medium sized company, we have continued to consolidate nicely in this past year, and we expect the established growth curve to continue as we further consolidate our position in the market. TriAgg standards are 'set-in-stone' – please excuse the pun! TriAgg will not compromise on quality of anything simply to attain short term, un-sustainable profit or growth. TriAgg is a quality operation from bottom to top, and it is our intention to remain that way for generations to come.

Future Developments

TriAgg will encourage sustainability and diversity in the UK construction industry through progressive, reliable and collaborative operations and organic growth. TriAgg will continue to grow, with further investments in technology, plant, people, and opportunities. TriAgg will continue to extend our ever increasing and highly able and supportive supply chain partners.

TriAgg will invest in organic growth by recruiting high quality people that already have the skills or demonstrate the perceived potential to succeed. TriAgg will make investments as funds allow to take the business forward. TriAgg will continually up skill our highly valued team for their personal benefit and that of the business, and our ever appreciated customers.

TriAgg will continue to seek new opportunities and partnerships within, and allied to its current disciplines. TriAgg will also look to expand the portfolio with the introduction of new associated products, services, and offerings, which are continually sought from whatever source is discovered.

TriAgg is risk averse, and fully aware of its financial strengths and stability. TriAgg will not drift into areas where it does not have the required expertise and skill set.

TriAgg will continue to keep its eyes wide open for new innovations to encompass within our already wide catalogue of knowledge and skills.

TriAgg look forward to reporting upon the next challenging, and hopefully rewarding trading year.

TriAgg thank you for taking the time to read this report.

On behalf of the board

D M Dawe
Director
7 August 2026
TRIAGG GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

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

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is to build civil engineering projects, including car parks, new access paths, drainage solutions and asphalt surfacing.

Results and dividends

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

Ordinary dividends were paid amounting to £857,957. The directors do not recommend payment of a further dividend.

Directors

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

T Bell
D Dawe
D Foster
A Maidment
Auditor

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be re-appointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
D Dawe
Director
7 August 2026
TRIAGG GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 then apply them consistently;

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

- state whether applicable U nited K ingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRIAGG GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIAGG GROUP HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Triagg Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 March 2026 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

TRIAGG GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIAGG GROUP HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 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.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

TRIAGG GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIAGG GROUP HOLDINGS LIMITED
- 8 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Zafran Mohammed (Senior Statutory Auditor)
7 August 2026
For and on behalf of BK Plus Audit Limited
Statutory Auditor
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
TRIAGG GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
Notes
£
£
Turnover
3
30,615,899
30,287,275
Cost of sales
(21,206,712)
(20,959,321)
Gross profit
9,409,187
9,327,954
Administrative expenses
(6,444,785)
(6,655,968)
Operating profit
4
2,964,402
2,671,986
Interest payable and similar expenses
8
(92,233)
(110,889)
Gain on sale of investments
10
5,115
2,855
Profit before taxation
2,877,284
2,563,952
Tax on profit
9
(679,469)
(610,878)
Profit for the financial year
2,197,815
1,953,074
Profit for the financial year is all attributable to the owners of the parent company.

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

TRIAGG GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
£
£
Profit for the year
2,197,815
1,953,074
Other comprehensive income
-
-
Total comprehensive income for the year
2,197,815
1,953,074
Total comprehensive income for the year is all attributable to the owners of the parent company.
TRIAGG GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Negative goodwill
13
(1,802,173)
(2,072,499)
Tangible assets
14
5,900,929
6,013,300
Investment property
11
2,422,820
-
0
6,521,576
3,940,801
Current assets
Stocks
17
333,391
13,302
Debtors
18
8,245,260
5,385,811
Cash at bank and in hand
1,314,979
3,106,854
9,893,630
8,505,967
Creditors: amounts falling due within one year
19
(5,849,643)
(5,729,172)
Net current assets
4,043,987
2,776,795
Total assets less current liabilities
10,565,563
6,717,596
Creditors: amounts falling due after more than one year
20
(2,424,182)
(347,428)
Provisions for liabilities
Provisions
22
1,398,418
968,678
Deferred tax liability
23
1,141,591
1,168,128
(2,540,009)
(2,136,806)
Net assets
5,601,372
4,233,362
Capital and reserves
Called up share capital
26
200
200
Other reserves
25
(47,735)
(54,310)
Profit and loss reserves
5,648,907
4,287,472
Total equity
5,601,372
4,233,362
The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
D M Dawe
Director
Company registration number 14100875 (England and Wales)
TRIAGG GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 12 -
2026
2025
Notes
£
£
£
£
Fixed assets
Investments
12
8,536
6,616
Creditors: amounts falling due within one year
19
(200)
(200)
Net current liabilities
(200)
(200)
Net assets
8,336
6,416
Capital and reserves
Called up share capital
26
200
200
Other reserves
25
8,136
6,216
Total equity
8,336
6,416

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £857,957 (2025 - £420,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
D M Dawe
Director
Company registration number 14100875 (England and Wales)
TRIAGG GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
Share capital
Own shares
Share option reserve
Profit and loss reserves
Total
Note
£
£
£
£
£
Balance at 1 April 2024
200
(64,205)
3,630
2,730,553
2,670,178
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
1,953,074
1,953,074
Dividends
-
-
-
(396,795)
(396,795)
Own shares acquired
-
3,679
-
640
4,319
Increase of share option reserve
-
-
2,586
-
2,586
Balance at 31 March 2025
200
(60,526)
6,216
4,287,472
4,233,362
Year ended 31 March 2026:
Profit and total comprehensive income for the year
-
-
-
2,197,815
2,197,815
Dividends
-
-
-
(836,380)
(836,380)
Own shares
25
-
4,655
-
-
4,655
Increase of share option reserve
25
-
-
1,920
-
1,920
Balance at 31 March 2026
200
(55,871)
8,136
5,648,907
5,601,372
TRIAGG GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
Share capital
Share option reserve
Profit and loss reserves
Total
Note
£
£
£
£
Balance at 1 April 2024
200
3,630
-
0
3,830
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
420,000
420,000
Dividends
-
-
(420,000)
(420,000)
Increase of share option reserve
-
2,586
-
2,586
Balance at 31 March 2025
200
6,216
-
0
6,416
Year ended 31 March 2026:
Profit and total comprehensive income for the year
-
-
857,957
857,957
Dividends
-
-
(857,957)
(857,957)
Increase of share option reserve
25
-
1,920
-
1,920
Balance at 31 March 2026
200
8,136
-
0
8,336
TRIAGG GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
2026
2025
Note
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,348,351
4,390,731
Interest paid
(92,233)
(110,889)
Income tax paid
(466,346)
(734,268)
Net cash inflow from operating activities
789,772
3,545,574
Investing activities
Purchase of tangible fixed assets
(1,261,262)
(3,211,374)
Proceeds from disposal of tangible fixed assets
17,500
77,547
Purchase of investment property
(2,422,820)
-
Proceeds from disposal of investments
5,115
2,855
Net cash used in investing activities
(3,661,467)
(3,130,972)
Financing activities
Purchase of own shares
4,655
4,319
(Repayment of borrowings)/net proceeds from new loans
(90,752)
54,865
Net proceeds from bank loan
1,646,976
-
New leases/(payment of finance leases obligations)
355,321
(323,214)
Dividends paid to equity shareholders
(836,380)
(396,795)
Net cash generated from financing activities
1,079,820
(660,825)
Net decrease in cash and cash equivalents
(1,791,875)
(246,223)
Cash and cash equivalents at beginning of year
3,106,854
3,353,077
Cash and cash equivalents at end of year
1,314,979
3,106,854
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
1
Accounting policies
Company information

Triagg Group Holdings Ltd (“the company”) is a private company limited by shares and incorporated in England and Wales. The registered office is Triagg House Soho Mill Cottage, Town Lane, Wooburn Green, HP10 0PD.

The group consists of Triagg Group Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Triagg Group Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

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

1.4
Turnover

Turnover represents amounts receivable for services provided under contracts, net of VAT.

Contracts are assessed at the close of an accounting period to determine the stage of completion. Revenue earnt but not invoiced at the reporting date is included as accrued income on the Balance Sheet. Turnover and costs are then recognised in the Profit and Loss Account accordingly. Any loss making contracts are provided for, in full.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Profit and Loss account turnover and related costs as contract activity progresses.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
1.5
Negative goodwill

Negative goodwill represents the excess of the fair value of net assets over acquisition price.

It is initially recognised as a negative asset and is subsequently measured at this amount less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
10% reducing balance
Leasehold land and buildings
10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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

1.7
Investment properties

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

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

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

Basic financial assets

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

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
Other financial assets

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

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 21 -
1.16
Employee benefits

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

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

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

1.17
Retirement benefits

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

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.19
Leases

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

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

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

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 key sources of estimation uncertainty that have had the most significant effect on amounts recognised in the financial statements are outlined below:

Stage of completion estimation and sale provision

Management include a sale provision for contracts which, on balance, are determined as having probable additional costs due at a future date resulting from defects or necessary remedial work. This sale provision is reviewed continually during the year and assessed for accuracy using management's high level of expertise, on which the best estimate is based. Each provision is made on a contract-by-contract basis.

Revenue is recognised based on the estimated stage of completion of contracts. The determination of stage of completion requires management to estimate the extent of work performed, anticipated contract costs and expected contract outcomes, which impacts the amounts recognised as accrued income and deferred income at the reporting date.

There is significant estimation uncertainty over the stage of completion assessment and related accrued income, deferred income and sale provisions because the final outcome of contracts cannot be known at the time of estimating, and a range of possible outcomes may arise as contracts progress to completion.

Useful economic lives of tangible fixed assets

Estimations have been applied to determine the useful economic life and residual values of tangible fixed assets. The annual depreciation charge for tangible fixed assets is sensitive to changes in these variables. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates. The remaining useful economic life of the company's plant and equipment is considered a source of significant estimation uncertainty.

Bad debt provision

Management are required to estimate the recoverability of doubtful debts and assess the need to provision for bad debts. The recoverability of debts are assessed continually during the year based on customer communication and management experience. Where required, a bad debt provision is raised. Each provision is made on a debt-by-debt basis.

There is significant estimation uncertainty over the bad debt provision because the outcome cannot be known at the time of estimating, as well as the wide range of possible outcomes.

Deferred tax

Management are required to estimate the future tax consequences of timing differences arising between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. Deferred tax is calculated using tax rates that are expected to apply when the timing differences reverse, based on legislation enacted or substantively enacted at the reporting date.

There is estimation uncertainty over deferred tax due to the judgement involved in assessing the timing and extent of future reversals of timing differences, together with the application of future tax rates and tax legislation.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Construction of civil engineering projects
30,615,899
30,287,275
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
30,615,899
30,287,275
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,320,987
1,131,200
Loss on disposal of tangible fixed assets
35,146
10,559
Release of negative goodwill
(270,326)
(270,326)
Share-based payments
-
2,586
Operating lease charges
51,585
38,370
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,700
17,600
For other services
All other non-audit services
4,050
2,500
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
101
87
0
0

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
7,895,235
8,408,647
-
-
0
Social security costs
948,066
324,270
-
-
Pension costs
272,054
579,478
-
0
-
0
9,115,355
9,312,395
-
0
-
0
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
489,607
980,595
Company pension contributions to defined contribution schemes
61,812
398,875
551,419
1,379,470
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
32,720
-
Other finance costs:
Interest on finance leases and hire purchase contracts
59,513
110,889
Total finance costs
92,233
110,889
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
706,006
377,564
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
9
Taxation
2026
2025
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
(26,537)
233,314
Total tax charge
679,469
610,878

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:

2026
2025
£
£
Profit before taxation
2,877,284
2,563,952
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
719,321
640,988
Tax effect of net expenses that are not deductible in determining taxable profit
43,971
45,131
Tax effect of income not taxable in determining taxable profit
(7,019)
-
0
Effect of corporation tax rate differences
(306)
-
Permanent capital allowances in excess of depreciation
17,141
(240,907)
Share based payment charge
480
647
Deferred tax
(26,537)
233,314
Effect of release of negative goodwill
(67,582)
(67,582)
Impact of mid-period acquisition
-
0
(713)
Taxation charge
679,469
610,878
10
Investments
2026
2025
£
£
Gain on disposal of current asset investments
5,115
2,855
11
Investment property
Group
Company
2026
2026
£
£
Fair value
At 1 April 2025
-
-
Additions through external acquisition
2,422,820
-
At 31 March 2026
2,422,820
-

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
12
Fixed asset investments
Group
Company
2026
2025
2026
2025
Note
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,536
6,616
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025
6,616
Additions
1,920
At 31 March 2026
8,536
Carrying amount
At 31 March 2026
8,536
At 31 March 2025
6,616

The addition of £1,920 above relates to a capital contribution into its subsidiary undertaking, TriAgg Construction Limited. This capital contribution is in relation to a group share based payment scheme, as outlined in note 28.

13
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 April 2025 and 31 March 2026
(2,703,260)
Amortisation and impairment
At 1 April 2025
(630,761)
Amortisation charged for the year
(270,326)
At 31 March 2026
(901,087)
Carrying amount
At 31 March 2026
(1,802,173)
At 31 March 2025
(2,072,499)
The company had no intangible fixed assets at 31 March 2026 or 31 March 2025.
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2025
1,047,660
323,637
4,909,529
48,677
1,878,137
8,207,640
Additions
-
0
8,385
1,037,664
4,570
210,643
1,261,262
Disposals
-
0
-
0
-
0
-
0
(145,937)
(145,937)
At 31 March 2026
1,047,660
332,022
5,947,193
53,247
1,942,843
9,322,965
Depreciation and impairment
At 1 April 2025
-
0
55,844
1,622,316
25,169
491,011
2,194,340
Depreciation charged in the year
-
0
27,338
907,367
12,365
373,917
1,320,987
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(93,291)
(93,291)
At 31 March 2026
-
0
83,182
2,529,683
37,534
771,637
3,422,036
Carrying amount
At 31 March 2026
1,047,660
248,840
3,417,510
15,713
1,171,206
5,900,929
At 31 March 2025
1,047,660
267,793
3,287,213
23,508
1,387,126
6,013,300
The company had no tangible fixed assets at 31 March 2026 or 31 March 2025.

The net carrying value of Tangible Fixed Assets includes assets with a Net Book Value of £2,285,774 (2025: £1,960,045) which are held under hire purchase contracts.

15
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
TriAgg Construction Limited
England and Wales
Civil engineering projects
Ordinary
100.00
-
TriAgg Group Trustees Limited
England and Wales
Dormant
Ordinary
100.00
-
TriAgg Services Limited
England and Wales
Dormant
Ordinary
0
100.00
TriAgg Residential Lettings Limited
England and Wales
Real estate management
Ordinary
100.00
-
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 28 -
16
Acquisition of a business

On 25 July 2025 the group acquired 100 percent of the issued capital of TriAgg Residential Lettings Limited.

Fair Value
Net assets acquired
£
Cash and cash equivalents
1
Total identifiable net assets
1
Goodwill
-
Total consideration
1
The consideration was satisfied by:
£
Cash
1
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
26,186
Loss after tax
(2,079)
17
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Work in progress
68,260
13,302
-
-
Finished goods and goods for resale
265,131
-
0
-
0
-
0
333,391
13,302
-
-
18
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,354,870
4,588,758
-
0
-
0
Other debtors
606,915
648,046
-
0
-
0
Prepayments and accrued income
283,475
149,007
-
0
-
0
8,245,260
5,385,811
-
-
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
19
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Note
£
£
£
£
Bank loans
73,724
-
0
-
0
-
0
Obligations under finance leases
21
855,808
1,003,989
-
0
-
0
Other borrowings
-
0
90,752
-
0
-
0
Trade creditors
2,186,206
2,612,883
-
0
-
0
Corporation tax payable
417,224
177,564
-
0
-
0
Other taxation and social security
234,374
617,745
-
0
-
0
Deferred income
24
1,498,369
721,214
-
0
-
0
Other creditors
54,860
45,874
200
200
Accruals and deferred income
529,078
459,151
-
0
-
0
5,849,643
5,729,172
200
200
20
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Note
£
£
£
£
Bank loans and overdrafts
1,573,252
-
0
-
0
-
0
Obligations under finance leases
21
850,930
347,428
-
0
-
0
2,424,182
347,428
-
-

The group's bank loan with Lloyds Bank plc is secured by fixed and floating charges over certain assets of the group, including a legal charge over investment property held by subsidiary undertaking Triagg Residential Lettings Limited. The security arrangements also include a floating charge over the undertaking and assets of that subsidiary together with customary negative pledge provisions.

21
Finance lease obligations
Group
Company
2026
2025
2026
2025
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
855,808
1,003,989
-
0
-
0
In two to five years
850,930
347,428
-
0
-
0
1,706,738
1,351,417
-
-

The above h ire purchase contracts are secured on the assets concerned.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 30 -
22
Provisions for liabilities
Group
Company
2026
2025
2026
2025
£
£
£
£
Contract provisions
1,398,418
968,678
-
-
Movements on provisions:
Contract provisions
Group
£
At 1 April 2025
968,678
Additional provisions in the period
429,740
At 31 March 2026
1,398,418
23
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
1,141,591
1,168,128
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
1,168,128
-
Credit to profit or loss
(26,537)
-
Liability at 31 March 2026
1,141,591
-
24
Deferred income
Group
Company
2026
2025
2026
2025
£
£
£
£
Other deferred income
1,498,369
721,214
-
-
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 31 -
25
Share option reserve

The group participates in a group share based payment plan whereby certain employees are granted share options over shares in the ultimate parent company, TriAgg Group Holdings Limited. These shares are currently held by TriAgg Group Trustees Limited, a group member, until such time that the options are exercised.

At the Balance Sheet date, the cost of the shares held on trust by the group for the purpose of the share based payment plan was £55,871. This is shown as Own Shares within equity.

The options are granted with a fixed exercise price, equal to the fair value of the shares at the option grant date. They are exercisable in tranches, as set out below, and expire approximately 10 years after the grant date. Vesting of the options is subject to continued employment within the group. Employees are not entitled to dividends until the options are exercised.

On exercise of the options by the employees, a number of shares held by TriAgg Group Trustees Limited equal to the number of options exercised are transferred to the employees.

At the Balance Sheet date, there were 404,000 options in existence, with a vesting period ranging from 2026, through to 2034, as follows:

31/07/2026 | 25,000 Options
31/07/2027 | 25,000 Options
31/07/2028 | 25,000 Options
31/07/2029 | 25,000 Options
31/07/2030 | 25,000 Options
31/07/2031 | 25,000 Options
01/07/2026 | 11,000 Options
01/07/2027 | 11,000 Options
01/07/2028 | 11,000 Options
01/07/2029 | 11,000 Options
01/07/2030 | 11,000 Options
01/07/2031 | 11,000 Options
01/07/2032 | 11,000 Options
01/07/2033 | 12,000 Options
01/07/2026 | 8,000 Options
01/07/2027 | 7,000 Options
01/07/2028 | 7,000 Options
01/07/2029 | 7,000 Options
01/07/2030 | 7,000 Options
01/07/2031 | 7,000 Options
01/07/2032 | 7,000 Options
01/07/2033 | 7,000 Options
01/07/2026 | 12,000 Options
01/07/2027 | 12,000 Options
01/07/2028 | 12,000 Options
01/07/2029 | 12,000 Options
01/07/2030 | 12,000 Options
01/07/2031 | 12,000 Options
01/07/2032 | 12,000 Options
01/07/2033 | 12,000 Options
01/07/2034 | 12,000 Options

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
25
Share option reserve
(Continued)
- 32 -
A reconciliation of the share option movements over the year to 31 March 2026 is shown below:
Group
Number of share options
Weighted average exercise price
2026
2025
2026
2025
Number
Number
£
£
Outstanding at 1 April 2025
350,500
307,500
0.37
0.12
Granted
125,000
110,000
0.31
0.23
Forfeited
(25,500)
(22,000)
0.21
0.18
Exercised
(55,000)
(48,000)
0.18
0.14
Purchased back
9,000
3,000
0.22
0.21
Outstanding at 31 March 2026
404,000
350,500
-
-
Exercisable at 31 March 2026
-
-
-
-

The options outstanding at 31 March 2026 had an exercise price ranging from £0.09 to £0.31, and a remaining contractual life of approximately 6-8 years.

Group

The group is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the group’s share option scheme.

In the year ended 31 March 2026, a charge of £1,920 (2025: £2,586) was recognised in respect of these options. This is shown as a Share Option Reserve within equity.

Inputs were as follows:
2026
2025
Weighted average share price (£)
0.31
0.23
Weighted average exercise price (£)
0.31
0.23
Expected volatility (%)
35.00
35.00
Expected life (months)
108.00
108.00
Risk free rate (%)
4.73
4.50

The expected life input varied from 0 to 108 months (202 5: 0 to 10 8 months) depending on the exercise date, as detailed in the above exercise schedule.

TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 33 -
26
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
18,600,000
18,600,000
186
186
Ordinary A shares of 0.0014p each
1,000,000
1,000,000
14
14
19,600,000
19,600,000
200
200
27
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
272,054
579,478

A defined contribution pension scheme is operated for two of the directors. The assets of the scheme are held separately from those of the group in an independently administered fund.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within one year
54,353
45,270
-
-
Between two and five years
23,128
39,932
-
-
77,481
85,202
-
-
29
Controlling party
The ultimate controlling parties are the shareholders and directors of the Triagg Group Holdings Limited by virtue of their shareholdings in the company.
The registered office of TriAgg Group Holdings Limited is TriAgg House, Soho Mill Cottage, Town Lane, Wooburn Green, HP10 0PD. No individual shareholder exercises ultimate control.
TRIAGG GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 34 -
30
Cash generated from group operations
2026
2025
£
£
Profit for the year after tax
2,197,815
1,953,074
Adjustments for:
Taxation charged
679,469
610,878
Finance costs
92,233
110,889
Loss on disposal of tangible fixed assets
35,146
10,559
Amortisation and impairment of intangible assets
(270,326)
(270,326)
Depreciation and impairment of tangible fixed assets
1,320,987
1,131,200
Gain on sale of investments
(5,115)
(2,855)
Equity settled share based payment expense
1,920
2,586
Increase in provisions
429,740
968,678
Movements in working capital:
(Increase)/decrease in stocks
(320,089)
8,698
Increase in debtors
(2,859,449)
(1,264,119)
(Decrease)/increase in creditors
(731,135)
711,505
Increase in deferred income
777,155
419,964
Cash generated from operations
1,348,351
4,390,731
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