IRIS Accounts Production v26.1.10.60 05219420 Board of Directors 1.1.25 31.12.25 31.12.25 true false true true false false true false Ordinary 1.00000 A Ordinary 1.00000 Ordinary 1.00000 A Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05219420 2024-12-31 05219420 2025-12-31 05219420 2025-01-01 2025-12-31 05219420 2023-12-31 05219420 2024-01-01 2024-12-31 05219420 2024-12-31 05219420 ns15:EnglandWales 2025-01-01 2025-12-31 05219420 ns14:PoundSterling 2025-01-01 2025-12-31 05219420 ns10:Director1 2025-01-01 2025-12-31 05219420 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 05219420 ns10:FRS102 2025-01-01 2025-12-31 05219420 ns10:Audited 2025-01-01 2025-12-31 05219420 ns10:LargeCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 05219420 ns10:LargeCompaniesRegimeForAccounts 2025-01-01 2025-12-31 05219420 ns10:FullAccounts 2025-01-01 2025-12-31 05219420 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 05219420 ns10:OrdinaryShareClass2 2025-01-01 2025-12-31 05219420 ns10:Director2 2025-01-01 2025-12-31 05219420 ns10:Director3 2025-01-01 2025-12-31 05219420 ns10:Director4 2025-01-01 2025-12-31 05219420 ns10:Director5 2025-01-01 2025-12-31 05219420 ns10:Director6 2025-01-01 2025-12-31 05219420 ns10:Director7 2025-01-01 2025-12-31 05219420 ns10:CompanySecretary1 2025-01-01 2025-12-31 05219420 ns10:RegisteredOffice 2025-01-01 2025-12-31 05219420 ns5:CurrentFinancialInstruments 2025-12-31 05219420 ns5:CurrentFinancialInstruments 2024-12-31 05219420 ns5:Non-currentFinancialInstruments 2025-12-31 05219420 ns5:Non-currentFinancialInstruments 2024-12-31 05219420 ns5:ShareCapital 2025-12-31 05219420 ns5:ShareCapital 2024-12-31 05219420 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 05219420 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 05219420 ns5:ShareCapital 2023-12-31 05219420 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 05219420 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05219420 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 05219420 ns5:LeaseholdImprovements 2025-01-01 2025-12-31 05219420 ns5:PlantMachinery 2025-01-01 2025-12-31 05219420 ns5:FurnitureFittings 2025-01-01 2025-12-31 05219420 ns5:MotorVehicles 2025-01-01 2025-12-31 05219420 ns10:HighestPaidDirector 2025-01-01 2025-12-31 05219420 ns10:HighestPaidDirector 2024-01-01 2024-12-31 05219420 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2025-01-01 2025-12-31 05219420 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-01-01 2024-12-31 05219420 ns5:OwnedAssets 2025-01-01 2025-12-31 05219420 ns5:OwnedAssets 2024-01-01 2024-12-31 05219420 12 2025-01-01 2025-12-31 05219420 12 2024-01-01 2024-12-31 05219420 13 2025-01-01 2025-12-31 05219420 13 2024-01-01 2024-12-31 05219420 2 2025-01-01 2025-12-31 05219420 2 2024-01-01 2024-12-31 05219420 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 05219420 ns5:LeaseholdImprovements 2024-12-31 05219420 ns5:PlantMachinery 2024-12-31 05219420 ns5:FurnitureFittings 2024-12-31 05219420 ns5:MotorVehicles 2024-12-31 05219420 ns5:LeaseholdImprovements 2025-12-31 05219420 ns5:PlantMachinery 2025-12-31 05219420 ns5:FurnitureFittings 2025-12-31 05219420 ns5:MotorVehicles 2025-12-31 05219420 ns5:LeaseholdImprovements 2024-12-31 05219420 ns5:PlantMachinery 2024-12-31 05219420 ns5:FurnitureFittings 2024-12-31 05219420 ns5:MotorVehicles 2024-12-31 05219420 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 05219420 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 05219420 ns5:WithinOneYear 2025-12-31 05219420 ns5:WithinOneYear 2024-12-31 05219420 ns5:BetweenOneFiveYears 2025-12-31 05219420 ns5:BetweenOneFiveYears 2024-12-31 05219420 ns5:MoreThanFiveYears 2025-12-31 05219420 ns5:MoreThanFiveYears 2024-12-31 05219420 ns5:AllPeriods 2025-12-31 05219420 ns5:AllPeriods 2024-12-31 05219420 ns5:AcceleratedTaxDepreciationDeferredTax 2025-12-31 05219420 ns5:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05219420 ns5:DeferredTaxation 2024-12-31 05219420 ns5:DeferredTaxation 2025-01-01 2025-12-31 05219420 ns5:DeferredTaxation 2025-12-31 05219420 ns10:OrdinaryShareClass1 2025-12-31 05219420 ns10:OrdinaryShareClass2 2025-12-31 05219420 ns5:OtherRelatedParties 2025-01-01 2025-12-31

REGISTERED NUMBER: 05219420 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

THORP PRECAST LIMITED

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 7 |

| Report of the Independent Auditors | 9 |

| Statement of Comprehensive Income | 13 |

| Balance Sheet | 14 |

| Statement of Changes in Equity | 15 |

| Notes to the Financial Statements | 16 |

| THORP PRECAST LIMITED |

Company Information

for the year ended 31 December 2025

| Directors: | H R Thorp

| P Willett

| L Smerdon-White

| M Willis

| K J Murinas

| M Pniewski

| D Lockhart

| Secretary: | G Shaw

| Registered office: | Apedale Road

| Chesterton

| Staffordshire

| ST5 6BN

| Registered number: | 05219420 (England and Wales)

| Auditors: | S&W Audit

| Pall Mall

| 1 Pollen Square

| 59 King Street

| Manchester

| M2 4PD

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Strategic Report

for the year ended 31 December 2025

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

Review of business

The Directors are satisfied with the performance for the year. 2025 has delivered £37.5m in turnover. The company has continued to invest heavily in research and development during 2025. As a result, a gross profit rate of 40.5% has been achieved and net profit before tax is almost £6m.

Sales and pre-construction ended the 2025 period on a positive note with significant sales achieved during 2025 which set out an exceptionally strong forward order book for 2026 and 2027.

There remains good demand for masonry buildings across market sectors and for continued and growing demand for precast cladding generally across the industry.

There appears to be strong growth in the commercial office sector as companies pivot away from 'work-at-home' models and hybrid models and encourage employees back into work environments. Hand in hand with this growth is a strong desire for clients to invest heavily in high quality work environments, with corresponding levels of value in their facades. This is perhaps exemplified in two project awards - each won twelve months apart - in Project A (£13.8M) and Project B (£18.6M) which typify the level of investment being introduced into this sector.

Regulatory delay for high risk buildings is beginning to ease, with recent announcements in improved response times and determination periods adding some confidence into an ailing residential market. This also includes reforms to the process for new build and remediation build HRB submissions, which may further improve outcomes for the market. With residential projects marking around 50% of our annual turnover, focus must remain on delivering into this marketplace and making the best of the Gateway 2 process.

With a strong forward order book, the focus for sales and preconstruction is on longer term aspirations and workloads, looking towards projects with site dates for late 2027, 2028 and beyond. While residual risk remains with some projects as they enter regulatory periods, it appears that the majority of projects are pushing through Gateway 2 and into construction.

The focus now is on delivering out on the projects committed into over the past twelve months, and looking for that next tranche of high quality and/or high volume architectural masonry work as it begins the process from concept, planning, design and delivery.

Health & Safety performance, profitability and working capital remain strong and are the key performance indicators.

| 2025 |  | 2024 |

| £ |  | £ |

Turnover |  | 37,485,318 |  | 36,914,840 |

Profit before tax |  | 5,988,443 |  | 5,783,560 |

Net assets |  | 16,121,124 |  | 11,438,647 |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Strategic Report

for the year ended 31 December 2025

Principal risks and uncertainties

The company derives its revenues from the UK construction market. Whilst the industry remains competitive the company looks to offer innovative solutions and spread its workload between large residential, commercial, public sector and retail projects.

The company operates strong overall financial control and looks to minimise financial risk at all stages as a priority. The company continually tracks its cash flow with projections considered for 3-6 months in advance

The current order book remains strong with contracts booked to ensure the factory is at capacity for approximately 9 - 12 months in advance. The level of enquiries and tenders being submitted remains at a healthy level and well spread between market sectors.

The financial key performance indicators are turnover, gross margin and profit which are closely monitored year to year.

The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities when funds are available.

Trade debtors and related balances are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Section 172(1) statement

The Directors of Thorp Precast Limited consider that, both individually and collectively, they have acted in good faith to promote the success of the Company for the benefit of its members as a whole. In doing so the Directors have considered, amongst other matters, the following:

- Likely consequences of any decisions in the long term

- Interests of the Company's employees

- Need to foster the Company's relationships with suppliers, customers and others

- Impact of the Company's operations on the community and the environment

- Desirability of the Company maintaining a reputation for high standards of business conduct and

- Need to act fairly between members of the Company

The Board are actively involved in the day to day running of the business and are focussed on building a strong and sustainable business for the future. They believe that by delivering buildings of excellent quality and value for our customers and by coming up with innovative solutions enables us to be best placed to achieve these aims and objectives.

The company maintains good, long-term supplier relationships by contracting on standard business terms and prompt payment within agreed terms.

The Board receives regular performance updates on both established and new customer relationships to ensure any decision making takes into account the commercial and service requirements of the customer base.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Strategic Report

for the year ended 31 December 2025

Social

Being one of the larger employers in the local area the Company acknowledges the importance of its employees. Engagement takes place through meetings, e-mails and reviews etc with special emphasis on the Company channel on WhatsApp, where employees can see the fruits of their labours with pictures and commentaries from all the various projects that the Company undertakes.

Staff training and advancement of skills is core to the Company's success, whether it is fork lift truck training or sponsorship of degree studies and employees are free to submit their case for funding. By bringing in young people it not only allows Thorp Precast Limited to grow its own talent, but provides a succession planning pathway.

Despite not needing to legally look at its Gender Pay Gap, the Company has for some years been monitoring it and is consistently pleased to see the results are very good in relation to various competitors and main contractors who do publish their figures and against whom Thorp Precast Limited benchmarks itself.

The Company has many ties with the local community, be that through work experience offered to the local school, charitable donations to local causes or participating in specific campaigns such as Christmas toy and Easter egg collections for local children.

Thorp Precast Limited supports all of its employees in their own particular charitable fund-raising efforts, whether these are well known national charities or local ones, and always makes a contribution towards these, donating to 20 different charities in 2025.

Gender pay gap reporting

The Directors believe that there are no gender specific roles in construction and value all employees equally. Although construction remains a predominantly male dominated environment, the Company tries hard to attract females into the business through early engagement with local schools and colleges running work experience weeks where pupils/students are exposed to all areas of the business.

The Gender Pay Gap results for Thorp Precast Limited are:

| 2025 |  | 2024 |

Mean pay gap |  | 15.9% |  | 16.4% |

Median pay gap |  | 8% |  | 40% |

Mean bonus pay gap |  | 27.4% |  | 5.3% |

Median bonus pay gap |  | (150)% |  | (233.3)% |

All results are based on 5th April each year.

The Directors measure these results against a range of Companies from the construction industry and are pleased that they are in line with results from these peers.

Climate change

The Company takes the issue of climate change seriously, whilst at the same time recognising that concrete is one of the highest contributors to CO2 emissions. As part of its commitment to reducing CO2 emissions, the Company is continually investing in and researching low carbon cement and alternatives to traditional precast concrete.

Thorp Precast Limited is certified to ISO14001 environmental standards and has been for many years. It is the proud owner and guardian of a large pond on which a variety of birds live, nest and raise their young each year. It has planted hundreds of trees around the site, which help to maintain the biodiversity of the area.

Through its own ISO9001 certified Quality Management System it ensures that waste is both minimal and, where appropriate, segregated into waste streams for recycling.

The Company is certified to BES6001 responsible sourcing of products and the performance of some of our sub-contractors is especially critical to the continuing successful delivery of all of our projects. Therefore, these critical subcontractors are constantly monitored and evaluated on their overall performance with the very best of these having enjoyed a mutually beneficial relationship over many years.

Electric vehicles play a part in reducing the overall CO2 emissions of the Company, as does the use of Microsoft Teams to hold meetings and train travel to and from sites.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Strategic Report

for the year ended 31 December 2025

Streamlined energy and carbon reporting

Thorp Precast Limited takes its environmental responsibility seriously and to this end not only is it certified to ISO14001 but also registered with SBTi (Science Based Targets initiative).

The Company has already made the transition to electric and hybrid company vehicles and offers UHPFRC (ultra-high performance fibre reinforced concrete) as a lower carbon option.

The Directors have identified further opportunities to reduce CO2 emissions including:

- Installing solar panels

- Installing electric vehicle charging points

- Further R&D on low carbon cement usage

We have reported on all sources of greenhouse gases (GHG) and energy use as required under the regulations.

GHG emissions and energy usage data for the periods 1st Jan 2024 to 31st Dec 2025:

UK |  | 2025 |  | 2024 |

Emissions from Scope 1 (tonnes CO2) |  | 1,592.80 |  | 1,608.62 |

Emissions from Scope 1 (tonnes CO2) |  | 7.98 |  | 7.98 |

Emissions from electricity purchased Scope 2 (tonnes CO2) |  | 199.73 |  | 191.53 |

Emissions from Scope 3 (tonnes CO2) |  | 4,794.38 |  | 4,327.02 |

Total gross CO2e based on above |  | 6,594.89 |  | 6,135.15 |

Electricity consumption used to calculate above Kwh |  | 848,837 |  | 835.729 |

Gas consumption used to calculate above Kwh |  | 68,991 |  | 66,542 |

Intensity ratio

The emissions intensity ratio has been calculated using the total scopes 1 - 3 emissions per £m of sales revenue.

| 2025 |  | 2024 |

| 175.93 |  | 166.26 |

It should be noted that during the period our concrete batching capacity increased and we began to make a lot of moulds in-house and this explains the rise in Scope 3 Emissions.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Strategic Report

for the year ended 31 December 2025

Governance

The Directors are responsible for the development, approval and updating of the Company's strategies, policies and goals related to economic, environment and social topics. They are actively involved in the day to day running of the business and are focussed on building a strong and sustainable business for the future.

Current and future orders are key to business success and focus is on maintaining a strong, diverse and financially balanced order book, with repeat business from Blue Chip Main Contractors being a regular feature. The permanent presence of its own site managers as well as regular visits from its own H&S manager and Director(s) are key to the successful delivery of projects.

Financial controls are regularly reviewed as is the overall financial risk and strategy of the Company through weekly cash flow forecasts, monthly and quarterly reports, as well as monitoring external factors beyond the control of the Directors but which may have a direct impact on the business. The Company maintains a positive cash position, able to respond to investment needs without recourse to any bank loans or mortgages and remains debt free.

Health and Safety is one of the biggest risks within the business and therefore a lot of emphasis is put upon this at all levels of the business from employee inductions, SOP's and RAM's through to toolbox talks and regular training and updating of employee certifications. Therefore, the Directors take a hands on approach to the subject and ensure that a properly qualified H&S manager is employed and that all employees are trained in their tasks. Regular monitoring of employee's health is undertaken and, where appropriate, additional help is provided.

Certification is sometimes key in winning contracts and therefore the Company ensures that all certifications are kept up to date including ISO9001, ISO14001, ISO45001, BES6001 and Constructionline.

Industry awards are seen as a sign that the Company is doing a good job and we are proud to have been nominated at The Brick Development Awards for 5 years running and playing our part in the Innovation Winner this year 'Tide Bankside', where the judges commented that 'The use of water jet cut brick delivered a unique, timeless facade, with clever material efficiency and beautifully revealed fired faces adding to its lasting appeal'.

On behalf of the board:

H R Thorp - Director

6 August 2026

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Report of the Directors

for the year ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

Principal activity

The principal activity of the company in the year under review was that of the manufacture of precast concrete products.

Dividends

The total distribution of dividends for the year ended 31 December 2025 is £3,000,000.

Research and development

As part of its ongoing contract work the company is continuing research and development activity e.g. into new forms of materials and processes and a method of tracking panels.

Future developments

The company continues to tender for all appropriate work and has some significant contracts in place through to 2028.

Directors

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

H R Thorp

P Willett

L Smerdon-White

M Willis

K J Murinas

M Pniewski

D Lockhart

Disclosure in the strategic report

The items required by Schedule 7 Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S414C(11) Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | state whether applicable 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 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.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Report of the Directors

for the year ended 31 December 2025

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

H R Thorp - Director

6 August 2026

Report of the Independent Auditors to the Members of

Thorp Precast Limited

Opinion

We have audited the financial statements of Thorp Precast Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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 the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors 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 obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | 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.

Report of the Independent Auditors to the Members of

Thorp Precast Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Thorp Precast Limited

Auditors' 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 a Report of the Auditors 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:

We obtained a general understanding of the entity's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the entity's industry and regulation.

We understand that the company complies with the requirements of the framework through:

- subscribing to relevant updates from external experts and updating operating procedures, manuals and internal controls as legal and regulatory requirements change;

- employees are required to attend training on a regular basis and when requirements change;

- outsourcing tax compliance and advice to external experts;

- the close involvement of the directors in the day-to-day running of the business, meaning that any litigation or claims would be expected to come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the entity's ability to conduct business and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements;

- ISO9001/14001/45001 applicable to the design, production, supply and installation of precast concrete facade cladding;

- The Health and Safety at Work Act 1974 and associated regulations.

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- We obtained written management representations regarding the adequacy of procedures in place; and

- We reviewed inspection reports conducted by third parties to consider if any material non-compliance had arisen or if any material penalties were likely to arise.

The senior statutory auditor led a discussion with the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The procedures identified to gain evidence in the key areas included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other appropriate influence over the financial reporting process;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

- We have tested all sales contracts in the year, ensuring they have led to sales in the financial statements as well as increasing the risk when testing trade debtors which have been agreed to after date cash; and

- Assessing management estimates by evaluating the significant assumptions and the choice of data used, in particular with regard to anticipated costs to complete on contracts.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our 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 Report of the Auditors.

Report of the Independent Auditors to the Members of

Thorp Precast Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

David M Fort FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

6 August 2026

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Statement of Comprehensive

Income

for the year ended 31 December 2025

2025 | 2024 |

| Notes | £ | £

Turnover | 37,485,318 |  | 36,914,840 |  |

Cost of sales | (22,300,564 | ) | (21,971,814 | ) |

Gross profit | 15,184,754 |  | 14,943,026 |  |

Administrative expenses | (9,464,512 | ) | (9,380,926 | ) |

5,720,242 |  | 5,562,100 |  |

Other operating income | 31,283 |  | 20,402 |  |

Operating profit | 5 | 5,751,525 |  | 5,582,502 |  |

Interest receivable and similar income | 239,641 |  | 202,392 |  |

5,991,166 |  | 5,784,894 |  |

Interest payable and similar expenses | 6 | (2,723 | ) | (1,334 | ) |

Profit before taxation | 5,988,443 |  | 5,783,560 |  |

Tax on profit | 7 | 207,739 |  | (14,808 | ) |

Profit for the financial year | 6,196,182 |  | 5,768,752 |  |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 6,196,182 |  | 5,768,752 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Balance Sheet

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

Fixed assets

Tangible assets | 9 | 2,086,274 |  | 2,453,157 |  |

Current assets

Stocks | 10 | 1,369,584 |  | 1,762,685 |  |

Debtors | 11 | 12,789,732 |  | 5,006,895 |  |

Cash at bank and in hand | 7,685,255 |  | 8,823,544 |  |

21,844,571 |  | 15,593,124 |  |

Creditors

Amounts falling due within one year | 12 | 7,565,712 |  | 4,318,453 |  |

Net current assets | 14,278,859 |  | 11,274,671 |  |

Total assets less current liabilities | 16,365,133 |  | 13,727,828 |  |

Creditors

Amounts falling due after more than one year | 13 | - |  | (478,478 | ) |

Provisions for liabilities | 15 | (244,009 | ) | (324,408 | ) |

Net assets | 16,121,124 |  | 12,924,942 |  |

Capital and reserves

Called up share capital | 16 | 136,000 |  | 136,000 |  |

Retained earnings | 15,985,124 |  | 12,788,942 |  |

Shareholders' funds | 16,121,124 |  | 12,924,942 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

H R Thorp - Director

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Statement of Changes in Equity

for the year ended 31 December 2025

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 January 2024 | 136,000 |  | 13,020,190 |  | 13,156,190 |  |

Changes in equity

Dividends | - |  | (6,000,000 | ) | (6,000,000 | ) |

Total comprehensive income | - |  | 5,768,752 |  | 5,768,752 |  |

Balance at 31 December 2024 | 136,000 |  | 12,788,942 |  | 12,924,942 |  |

Changes in equity

Dividends | - |  | (3,000,000 | ) | (3,000,000 | ) |

Total comprehensive income | - |  | 6,196,182 |  | 6,196,182 |  |

Balance at 31 December 2025 | 136,000 |  | 15,985,124 |  | 16,121,124 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements

for the year ended 31 December 2025

1. | Statutory information

| Thorp Precast Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Statement of compliance

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirements of Section 7 Statement of Cash Flows.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| There are not considered to be any critical judgements in applying the company's accounting policies.

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

| (i) Work in progress valuation

| The valuation of work in progress involves a number of estimates including costs to complete, anticipated gross profit and the analysis of costs between the different stages of delivery.

| (ii) Provisions

| Provision is made for remedial work. This provision requires management's best estimate of the costs that will be incurred based on contractual requirements.

| Turnover

| Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers and the value of work performed on long term contracts, including any attributable profit.

| The company classifies as long term contracts those which relate to the construction of a number of precast structures under one contract where the contract activity extends over more than one accounting period. The length of these contracts can exceed twelve months. Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to the value of work performed to date as a percentage of total value for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

3. | Accounting policies - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | at varying rates on cost

| Plant and machinery | - | at varying rates on cost

| Fixtures and fittings | - | 33% straight line

| Motor vehicles | - | 25% straight line and 20% straight line

| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

| Stock and work in progress

| Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs.

| Work in progress represents costs incurred in excess of the proportion of total costs anticipated based on the work performed to date on a contract. Where costs incurred are less than the anticipated amount the shortfall is included in trade creditors.

| Amounts recoverable on long term contracts are stated at the net sales value of the work done after provision for contingencies and future losses on contracts less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| There are no assets which are initially measured at fair value.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

3. | Accounting policies - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

4. | Employees and directors

2025 | 2024 |

| £ | £

| Wages and salaries | 9,727,273 |  | 10,009,080 |  |

| Social security costs | 1,298,824 |  | 1,124,114 |  |

| Other pension costs | 583,735 |  | 540,709 |  |

11,609,832 |  | 11,673,903 |  |

| The average number of employees during the year was as follows:

2025 | 2024 |

| Administration and support | 54 |  | 53 |  |

| Production | 167 |  | 174 |  |

| Sales, marketing and distribution | 10 |  | 10 |  |

231 |  | 237 |  |

2025 | 2024 |

| £ | £

| Directors' remuneration | 1,309,511 |  | 1,289,887 |  |

| Directors' pension contributions to money purchase schemes | 210,258 |  | 162,863 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 6 |  | 6 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

4. | Employees and directors - continued

| Information regarding the highest paid director is as follows:

2025 | 2024 |

| £ | £

| Emoluments etc | 303,680 |  | 400,142 |  |

5. | Operating profit

| The operating profit is stated after charging/(crediting):

2025 | 2024 |

| £ | £

| Hire of plant and machinery | 24,368 |  | 60,696 |  |

| Depreciation - owned assets | 781,790 |  | 751,233 |  |

| Profit on disposal of fixed assets | (12,585 | ) | (45,541 | ) |

| Auditors' remuneration | 25,750 |  | 22,150 |  |

| Foreign exchange differences | 2,644 |  | (4,522 | ) |

| Property rental | 1,034,104 |  | 954,555 |  |

| Non audit fees | 172,548 |  | 129,260 |  |

6. | Interest payable and similar expenses |

2025 | 2024 |

| £ | £

| Other interest payable | 2,723 |  | 1,334 |  |

7. | Taxation

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the profit for the year was as follows:

2025 | 2024 |

| £ | £

| Current tax:

| UK corporation tax | 190,070 |  | - |  |

| (Over)/under provision PY | (317,410 | ) | - |  |

| Total current tax | (127,340 | ) | - |  |

| Deferred tax | (80,399 | ) | 14,808 |  |

| Tax on profit | (207,739 | ) | 14,808 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

7. | Taxation - continued

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 | 2024 |

| £ | £

| Profit before tax | 5,988,443 |  | 5,783,560 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,497,111 |  | 1,445,890 |  |

| Effects of:

| Expenses not deductible for tax purposes | 12,785 |  | 16,038 |  |

| Income not taxable for tax purposes | (6,808 | ) | - |  |

| Depreciation in excess of capital allowances | 15,673 |  | 40,883 |  |

| Adjustments to tax charge in respect of previous periods | (317,410 | ) | - |  |

| Tax relief claims | (1,409,090 | ) | (1,566,550 | ) |

| Group relief | - |  | 78,547 |  |

| Total tax (credit)/charge | (207,739 | ) | 14,808 |  |

| Factors affecting future tax charges

| Future tax liabilities will be reduced by Research and Development and Patent Box claims.

8. | Dividends

2025 | 2024 |

| £ | £

| Ordinary shares of £1 each |

| Interim | 3,000,000 |  | 6,000,000 |  |

9. | Tangible fixed assets

Fixtures |  |

Improvements | Plant and | and | Motor |  |

to property | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| Cost

| At 1 January 2025 | 2,133,127 |  | 2,805,262 |  | 318,305 |  | 71,245 |  | 5,327,939 |  |

| Additions | - |  | 323,298 |  | 45,992 |  | 51,032 |  | 420,322 |  |

| Disposals | (5,394 | ) | (11,040 | ) | (19,212 | ) | (45,350 | ) | (80,996 | ) |

| At 31 December 2025 | 2,127,733 |  | 3,117,520 |  | 345,085 |  | 76,927 |  | 5,667,265 |  |

| Depreciation

| At 1 January 2025 | 960,003 |  | 1,629,696 |  | 231,623 |  | 53,460 |  | 2,874,782 |  |

| Charge for year | 312,826 |  | 407,059 |  | 48,648 |  | 13,257 |  | 781,790 |  |

| Eliminated on disposal | (5,394 | ) | (11,040 | ) | (19,212 | ) | (39,935 | ) | (75,581 | ) |

| At 31 December 2025 | 1,267,435 |  | 2,025,715 |  | 261,059 |  | 26,782 |  | 3,580,991 |  |

| Net book value

| At 31 December 2025 | 860,298 |  | 1,091,805 |  | 84,026 |  | 50,145 |  | 2,086,274 |  |

| At 31 December 2024 | 1,173,124 |  | 1,175,566 |  | 86,682 |  | 17,785 |  | 2,453,157 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

10. | Stocks

2025 | 2024 |

| £ | £

| Stocks | 1,139,715 |  | 838,480 |  |

| Amounts recoverable on contracts | 229,869 |  | 924,205 |  |

1,369,584 |  | 1,762,685 |  |

11. | Debtors

2025 | 2024 |

| £ | £

| Amounts falling due within one year:

| Trade debtors | 4,721,713 |  | 955,256 |  |

| Amounts owed by group undertakings | 3,314,112 |  | 1,071,788 |  |

| Other debtors | 517,821 |  | 424,735 |  |

| Tax | 1,032,549 |  | 127,977 |  |

| VAT | 516,916 |  | 225,084 |  |

| Prepayments and accrued income | 1,013,656 |  | 506,331 |  |

11,116,767 |  | 3,311,171 |  |

| Amounts falling due after more than one year:

| Retentions | 1,672,965 |  | 1,695,724 |  |

| Aggregate amounts | 12,789,732 |  | 5,006,895 |  |

| Trade debtors are stated net of a provision of £379,241 (2024 - £174,538).

12. | Creditors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Trade creditors | 5,740,050 |  | 1,675,236 |  |

| Social security and other taxes | 478,591 |  | 569,791 |  |

| Other creditors | 280,966 |  | 330,635 |  |

| Directors' current accounts | 29,985 |  | 18,263 |  |

| Accruals and deferred income | 1,036,120 |  | 1,724,528 |  |

7,565,712 |  | 4,318,453 |  |

13. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

| £ | £

| Accruals and deferred income | - |  | 478,478 |  |

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

14. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| £ | £

| Within one year | 804,900 |  | 777,716 |  |

| Between one and five years | 2,582,570 |  | 2,623,976 |  |

| In more than five years | 723,872 |  | 1,229,657 |  |

4,111,342 |  | 4,631,349 |  |

15. | Provisions for liabilities

2025 | 2024 |

| £ | £

| Deferred tax

| Accelerated capital allowances | 244,009 |  | 324,408 |  |

Deferred tax |

| £

| Balance at 1 January 2025 | 324,408 |  |

| Credit to Statement of Comprehensive Income during year | (80,399 | ) |

| Balance at 31 December 2025 | 244,009 |  |

| The net deferred tax liability expected to reverse in 2026 is £115,000. This primarily relates to the reversal of timing differences on capital allowances.

16. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

value: |  | £ | £

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

| 36,000 | A Ordinary | £1 | 36,000 |  | 36,000 |  |

136,000 |  | 136,000 |  |

| All shares are entitled to dividends as declared for each class but A Ordinary shares are not entitled to vote and do not participate in any surplus.

17. | Ultimate parent company

| Rudheath Construction Services Limited, a private limited company, is regarded by the directors as being the company's ultimate parent company.

| Rudheath Construction Services Limited is the sole parent company of the group of which the company is a member and for which group accounts are prepared. Copies of the group accounts are available from Apedale Road, Chesterton, Staffordshire ST5 6BN.

| THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

18. | Directors' advances, credits and guarantees

| At 31 December 2025 the company owed £29,985 to the directors (2024 - £18,263).

| Interest is charged on credit balances at 11% per annum and debit balances at 3.25% per annum. During the year interest charged by the company was £nil (2024 - £nil) and interest charged to the company was £2,723 (2024 - £1,334).

| A director charged rent to the company of £38,022 (2024 - £31,242).

19. | Related party disclosures

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Pension scheme set up for the benefit of a director

2025 | 2024 |

| £ | £

| Rent charged by the scheme | 269,564 |  | 269,564 |  |

| Companies under common control owed Thorp Precast Limited £517,821 (2024 - £424,735) at the year end.

20. | Ultimate controlling party

| The ultimate controlling party is H R Thorp.

21. | Pension scheme

| The company operates defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £583,735 (2024 - £540,709).

| Contributions totalling £225,509 (2024 - £174,485) were payable to the schemes at the year end and are included in creditors.