Company registration number 09400686 (England and Wales)
PRIMECH BUILDING SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PRIMECH BUILDING SERVICES LTD
COMPANY INFORMATION
Directors
Mr D Ausher
Mr J Shewring
Company number
09400686
Registered office
2 Ambley Green
Gillingham Business Park
Gillingham
Kent
ME8 0NJ
Auditor
Azets
2nd Floor
32-33 Watling Street
Canterbury
Kent
England
CT1 2AN
PRIMECH BUILDING SERVICES LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
PRIMECH BUILDING SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

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

Introduction

Primech Building Services Limited is a multidisciplinary mechanical and electrical contractor headquartered in the South of England, delivering major projects across the whole of England.

The company provides services across design, installation, and maintenance of building systems, focusing on sustainable and high-quality solutions. Primech has built a reputation for client satisfaction, quality workmanship, and innovation in renewable energy adoption.

Financial Highlights

Primech Building Services had a strong year with Revenue increasing from £2 5.6 m to £27 m (6% increase), which is an achievement given the uncertainty within the Construction Industry along with the wider economy.

Over the past few years, Senior Leadership has focussed on diversifying our revenue streams, taking on new projects and new clients. Our continued commitment to quality, innovation and client satisfaction has enabled us to retain existing clients whilst broadening our wider client base.

Gross profit increased from £4.9m to £6.2m, a rise of 26.6%. Performance in the prior year was affected by a limited number of underperforming projects; the lessons learned from these have driven targeted investment in systems, processes and capability, and the improvement in gross margin this year reflects those changes, leaving the business better positioned for the year ahead.

Net profit margin increased to 10.3% (2024/25: 6.9%), reflecting strong operational performance and remaining in line with industry norms. During the year the business made targeted strategic hires in line with Primech’s five year plan. This investment supports sector diversification, builds the required technical expertise and underpins the company’s commitment to maintaining high standards of delivery.

Net assets remain in a strong position, totalling £10.4m at the year end, giving the company a solid foundation from which to keep building.

Going Concern and Financial Risk Management

The directors have considered the company’s financial position at the year end, including net current assets of £9.4m, cash at bank of £6.7m and a secured order book providing eighteen months of work. On this basis, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future and have adopted the going concern basis in preparing these financial statements.

The company manages credit risk through the careful assessment of new clients, agreed payment terms and the active monitoring of amounts due. Liquidity risk is managed through regular cash flow forecasting, prudent working capital management and the maintenance of strong cash reserves, ensuring the business remains resilient, flexible and well funded.

PRIMECH BUILDING SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Future Developments

During the 2024/25 financial year, Primech Building Services Limited invested in its people, systems and processes. While this contributed to a temporary reduction in profitability in that year, these investments have delivered improved gross margin and net profit performance in 2025/26 and have positioned the business to capitalise on expected future growth.

The company enters the 2026/27 financial year with a strong pipeline, with eighteen months of work secured and new tenders being submitted regularly.

We continue to invest in and develop our staff, with a number of individuals enrolled on apprenticeship schemes and several internal promotions made during the period.

Primech Building Services Limited is actively developing opportunities in emerging MEP markets, centred on the modernisation of existing assets and the delivery of solutions that help clients progress towards their sustainability targets.

As part of Primech’s five year plan, the Board is preparing the business for the next stage of its evolution. Work is underway to develop a group structure that will allow our growing divisions (including Facilities Management and Small Works), to flourish as distinct businesses, whilst sharing the expertise, systems and values that have driven Primech’s success to date. The directors believe this structure will strengthen governance, support sector diversification and create a platform for sustainable long-term growth, ensuring the business is aligned, focussed and confident going into the years ahead.

Principle risks and uncertainties

The company faces several risks that could impact its performance:

1. Economic risks: Ongoing cost inflation, tighter client budgets and slower commitment to major schemes may delay new project awards. The company mitigates this by maintaining a diversified pipeline and prioritising essential, technically driven MEP works that remain resilient in challenging market conditions.

2. Supply chain disruption: Shortages of key materials or delays in deliveries could impact project schedules. To address this, the company has strengthened supplier relationships and increased stock levels for critical components.

3. Health and safety risks: Construction work carries inherent health and safety risks. The company manages these through strict compliance with regulations, supported by regular training, audits and recognised accreditations. During the year, Primech Building Services Limited strengthened its approach further by bringing dedicated health and safety expertise in house, providing greater oversight and reducing this area of risk.

4. Staff recruitment and retention: There is an ongoing shortage of the skilled and experienced labour essential for delivering projects on time and to a high standard. To mitigate this, the company has implemented targeted apprenticeship programmes, enhanced employee benefits and professional development opportunities to attract and retain top talent in the industry.

Key achievements in the year

Key achievements for the year include:

- Revenue growth of 6%, increasing turnover from £25.6m to £27.2m. Despite missing our 15% target due to project start dates being moved into the next financial year.

- Facilities Management grew by 26% and Small Works grew by 6% in this financial year, reflecting our push for diversification.

- Grew our workforce by 12% (74 to 83 employees), strengthening our capacity to deliver against our current order book, with an eye to supporting Primech's future growth.

- Continued Investment in the local community through donations and fundraising events.

- Further reduction in Primech’s carbon emissions through investment in our HQ, more efficient plant and further electric vehicle added to our fleet.

PRIMECH BUILDING SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
Key Performance indicators

Primech Building Services Limited monitors its performance using the following KPIs:

- Turnover growth – 6%

- Gross profit margin – 2 3%

- Net Profit – 10%

- Cash at bank - £6,679,965

On behalf of the board

Mr D Ausher
Director
5 August 2026
PRIMECH BUILDING SERVICES LTD
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 activities of the company continued to be that of mechanical and electrical engineering.

Results and dividends

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

Ordinary dividends were paid amounting to £520,758. 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:

Mr D Ausher
Mr J Shewring
Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PRIMECH BUILDING SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
On behalf of the board
Mr D Ausher
Director
5 August 2026
PRIMECH BUILDING SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRIMECH BUILDING SERVICES LTD
- 6 -
Opinion

We have audited the financial statements of Primech Building Services Ltd (the 'company') for the year ended 31 March 2026 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' 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.

PRIMECH BUILDING SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRIMECH BUILDING SERVICES LTD (CONTINUED)
- 7 -
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 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, 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.

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 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.

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.

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.

PRIMECH BUILDING SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRIMECH BUILDING SERVICES LTD (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

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

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Catherine Cooper FCCA (Senior Statutory Auditor)
For and on behalf of Azets, Statutory Auditor
Chartered Accountants
2nd Floor
32-33 Watling Street
Canterbury
Kent
CT1 2AN
10 August 2026
PRIMECH BUILDING SERVICES LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
Notes
£
£
Turnover
3
27,193,773
25,643,440
Cost of sales
(20,960,783)
(20,720,947)
Gross profit
6,232,990
4,922,493
Administrative expenses
(2,826,805)
(2,769,762)
Other operating income
7,602
69,907
Operating profit
4
3,413,787
2,222,638
Interest receivable and similar income
6
189,511
48,815
Interest payable and similar expenses
7
(36,271)
(24,191)
Profit before taxation
3,567,027
2,247,262
Tax on profit
8
(753,839)
(470,080)
Profit for the financial year
2,813,188
1,777,182

The income statement has been prepared on the basis that all operations are continuing operations.

PRIMECH BUILDING SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
£
£
Profit for the year
2,813,188
1,777,182
Other comprehensive income
-
-
Total comprehensive income for the year
2,813,188
1,777,182
PRIMECH BUILDING SERVICES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,940,384
2,116,281
Current assets
Stocks
11
31,460
37,035
Debtors
12
8,105,873
5,867,982
Cash at bank and in hand
6,679,965
6,018,577
14,817,298
11,923,594
Creditors: amounts falling due within one year
13
(5,354,373)
(4,724,137)
Net current assets
9,462,925
7,199,457
Total assets less current liabilities
11,403,309
9,315,738
Creditors: amounts falling due after more than one year
14
(332,092)
(575,424)
Provisions for liabilities
Deferred tax liability
16
304,743
266,270
(304,743)
(266,270)
Net assets
10,766,474
8,474,044
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
10,765,474
8,473,044
Total equity
10,766,474
8,474,044

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2026 and are signed on its behalf by:
Mr D Ausher
Director
Company registration number 09400686 (England and Wales)
PRIMECH BUILDING SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
1,000
7,042,092
7,043,092
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,777,182
1,777,182
Dividends
9
-
(346,230)
(346,230)
Balance at 31 March 2025
1,000
8,473,044
8,474,044
Year ended 31 March 2026:
Profit and total comprehensive income
-
2,813,188
2,813,188
Dividends
9
-
(520,758)
(520,758)
Balance at 31 March 2026
1,000
10,765,474
10,766,474
PRIMECH BUILDING SERVICES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,570,227
5,033,502
Interest paid
(36,271)
(24,191)
Income taxes paid
(373,414)
(1,152,670)
Net cash inflow from operating activities
2,160,542
3,856,641
Investing activities
Purchase of tangible fixed assets
(583,540)
(1,408,410)
Proceeds from disposal of tangible fixed assets
198,484
131,526
Repayment of loans
(701,945)
(7,584)
Interest received
189,511
48,815
Net cash used in investing activities
(897,490)
(1,235,653)
Financing activities
Repayment of bank loans
-
0
(21,157)
Payment of finance leases obligations
(80,906)
(12,575)
Dividends paid
(520,758)
(346,230)
Net cash used in financing activities
(601,664)
(379,962)
Net increase in cash and cash equivalents
661,388
2,241,026
Cash and cash equivalents at beginning of year
6,018,577
3,777,551
Cash and cash equivalents at end of year
6,679,965
6,018,577
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
1
Accounting policies
Company information

Primech Building Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Ambley Green, Gillingham Business Park, Gillingham, Kent, ME8 0NJ.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has 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.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
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
20% - 25% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
20%-33.3% reducing balance
Motor vehicles
25% reducing balance
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

1.6
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.

1.7
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.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company 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 company after deducting all of its liabilities.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
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. A m ounts 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.

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 s ubsequently 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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 statement of financial position 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 s asset are consumed.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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.

Critical judgements

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

Amounts Recoverable on Long-Term Contracts

The directors assess the stage of completion of long-term contracts and the expected costs to complete to determine the amounts recoverable. This involves estimation regarding project progress, future costs, and potential variations. Estimates are reviewed regularly, and any necessary adjustments are reflected in the financial statements as they arise.

Deferred Tax

The measurement of deferred tax liabilities involves significant judgement in determining the timing of future taxable profits and the temporary differences that will reverse over time. Estimating the future tax rates applicable to these differences and the likelihood of changes in tax legislation introduces inherent uncertainty.

Client retentions represent amounts withheld by customers under contract terms, pending satisfactory completion of the project or after specific defect liability periods. The recoverability of these amounts is assessed based on past experience, the financial standing of customers, and the likelihood of disputes. Any uncertainty is considered in the estimation of recoverable amounts.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Building Services
23,458,236
21,611,986
Facilities Management
1,753,763
1,390,227
Fit Out
299,430
1,059,145
Small Works
1,682,344
1,582,082
27,193,773
25,643,440
2026
2025
£
£
Turnover analysed by geographical market
UK
27,193,773
25,643,440
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
3
Turnover and other revenue
(Continued)
- 20 -
2026
2025
£
£
Other revenue
Interest income
189,511
48,815
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Exchange losses
110
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
20,250
Depreciation of owned tangible fixed assets
521,179
361,207
Loss on disposal of tangible fixed assets
39,774
26,607
Operating lease charges
27,483
-
5
Employees

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

2026
2025
Number
Number
Directors
2
2
Primech Building Services
49
46
Primech Small Works
8
6
Primech Fit Out
-
2
Primech Facilities Management
13
11
Administration
11
7
Total
83
74

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
3,802,094
3,133,533
Social security costs
474,514
372,098
Pension costs
57,424
86,195
4,334,032
3,591,826
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
6
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
189,511
48,815
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
189,511
48,815
7
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,353
1,594
Other finance costs:
Interest on finance leases and hire purchase contracts
25,918
22,597
36,271
24,191
8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
964,574
440,446
Adjustments in respect of prior periods
(249,208)
-
0
Total current tax
715,366
440,446
Deferred tax
Origination and reversal of timing differences
38,473
29,634
Total tax charge
753,839
470,080
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
8
Taxation
(Continued)
- 22 -

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
3,567,027
2,247,262
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
891,757
561,816
Tax effect of expenses that are not deductible in determining taxable profit
23,561
27,675
Tax effect of utilisation of tax losses not previously recognised
-
0
(3,095)
Permanent capital allowances in excess of depreciation
38,945
(152,172)
Other non-reversing timing differences
10,311
6,222
Under/(over) provided in prior years
(249,208)
-
0
Deferred tax adjustments in respect of prior years
38,473
29,634
Taxation charge for the year
753,839
470,080
9
Dividends
2026
2025
£
£
Final paid
520,758
346,230
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2025
1,042,531
61,299
406,753
1,240,801
2,751,384
Additions
-
0
-
0
49,712
533,828
583,540
Disposals
-
0
-
0
(12,136)
(482,356)
(494,492)
At 31 March 2026
1,042,531
61,299
444,329
1,292,273
2,840,432
Depreciation and impairment
At 1 April 2025
90,426
24,616
97,288
422,773
635,103
Depreciation charged in the year
212,369
8,425
83,160
217,225
521,179
Eliminated in respect of disposals
-
0
-
0
(10,552)
(245,682)
(256,234)
At 31 March 2026
302,795
33,041
169,896
394,316
900,048
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
(Continued)
- 23 -
Carrying amount
At 31 March 2026
739,736
28,258
274,433
897,957
1,940,384
At 31 March 2025
952,105
36,683
309,465
818,028
2,116,281
11
Stocks
2026
2025
£
£
Finished goods and goods for resale
31,460
37,035
12
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
3,313,469
2,211,223
Corporation tax recoverable
-
0
79,885
Other debtors
2,576,362
1,761,390
Prepayments and accrued income
2,216,042
1,815,484
8,105,873
5,867,982
13
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Obligations under finance leases
15
333,381
170,955
Trade creditors
1,938,872
1,238,185
Corporation tax
262,067
-
0
Other taxation and social security
554,397
658,209
Deferred income
17
-
0
940,966
Other creditors
2,205,630
1,668,072
Accruals and deferred income
60,026
47,750
5,354,373
4,724,137

Primech Building Services has a debenture with Natwest Bank over all assets of the company. The client also holds guarantees for third parties amounting to £1,333,437 secured over the property.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
14
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Obligations under finance leases
15
332,092
575,424
15
Finance lease obligations
2026
2025
Future minimum lease payments due under finance leases:
£
£
Within one year
333,381
170,955
In two to five years
332,092
575,424
665,473
746,379

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

16
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
304,743
266,270
2026
Movements in the year:
£
Liability at 1 April 2025
266,270
Charge to profit or loss
38,473
Liability at 31 March 2026
304,743
17
Deferred income
2026
2025
£
£
Other deferred income
-
940,966
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 25 -
18
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,424
86,195

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
958
958
958
958
Ordinary "B" Shares of £1 each
40
40
40
40
Ordinary "C" Shares of £1 each
1
1
1
1
Ordinary "D" Shares of £1 each
1
1
1
1
1,000
1,000
1,000
1,000

Ordinary shares, Ordinary "B" Shares and Ordinary "C" shares have full and equal rights to participate in voting in all circumstances and in dividends and capital disctributions, whether on a winding up or otherwise.

Ordinary "C" has full rights in the company with respect to voting, dividends and distributions.

A dividend or dividends may be declared (or paid as interim dividends) on one or several classes of shares to the exclusion of any class or classes and dividends at different rates may be declared on the respective classes of shares. The share are not reedeemable.

20
Operating lease commitments
As lessee
PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
20
Operating lease commitments
(Continued)
- 26 -

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

2026
2025
£
£
Within 1 year
168,000
168,000
Years 2-5
672,000
672,000
After 5 years
672,000
803,638
1,512,000
1,643,638

The operating leases represent leases of property from third parties. The leases are negotiated over a term of 10 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

21
Events after the reporting date

After the year end the shareholding of the company was transferred to Synttra Group Limited.

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Declan Ausher is also a director and controlling shareholder of Ausher Shewring Limited. Included within debtors is an amount due from Ausher Shewring of £489,976 (2025: £482,102). During the year, the company paid rent to Ausher Shrewing Limited amounting to £120,000 (2025: £120,000).

Declan Ausher is also a director and controlling shareholder of Ausher Estates and Investments Limited. Included within debtors is an amount due from Ausher Estates and Investments Limited of £270,808 (2025: £46,048).

Declan Ausher is also a director and significant shareholder of Ausher White Limited. At the reporting date, Ausher White Limited owed £200 to Primech Building Services (2025: £1,617 owed to Ausher White Limited).

23
Directors' transactions

Dividends totalling £520,758 (2025 - £346,230) were paid in the year in respect of shares held by the company's directors.

PRIMECH BUILDING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
24
Cash generated from operations
2026
2025
£
£
Profit after taxation
2,813,188
1,777,182
Adjustments for:
Taxation charged
753,839
470,080
Finance costs
36,271
24,191
Investment income
(189,511)
(48,815)
Loss on disposal of tangible fixed assets
39,774
26,607
Depreciation and impairment of tangible fixed assets
521,179
361,207
Movements in working capital:
Decrease/(increase) in stocks
5,575
(10,675)
(Increase)/decrease in debtors
(1,615,831)
1,145,058
Increase in creditors
1,146,709
347,701
(Decrease)/increase in deferred income
(940,966)
940,966
Cash generated from operations
2,570,227
5,033,502
25
Analysis of changes in net funds
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
6,018,577
661,388
6,679,965
Lease liabilities
(746,379)
80,906
(665,473)
5,272,198
742,294
6,014,492
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