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Registered number: NI020460 MCALLISTER BROS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
MCALLISTER BROS LIMITED COMPANY INFORMATION
Directors | Mr Daniel John Watson
| Mr Michael Evan Vellano (appointed 5 April 2025)
| Mr Paul John Brooker (appointed 5 April 2025)
| Mr Quin Breland (appointed 5 April 2025)
Company secretary | Mr Philip Chislett-Trim (appointed 5 April 2025)
Registered number | NI020460
Registered office | 91 Drumalane Road
| Newry
| Co. Down
| BT35 8QJ
Independent auditors |
| AAB Group Accountants Limited
| Dromalane Mill
| The Quays, Newry
| Co. Down
| BT35 8QS
Bankers |
| AIB
| 42-44 Hill Street
| Newry
| Co. Down
| BT34 1AU
| AIB
| 96 Clanbrassil Street
| Dundalk
| Co Louth
| Danske Bank
| 58 Hill Street
| Newry
| Co. Down
| BT34 1AR
Solicitors |
| Tughans Solicitors
| Marlborough House
| 30 Victoria Street, Belfast
| Co. Antrim
| BT1 3GS
| Fisher & Fisher Solicitors
| 9 John Mitchel Place, Newry
| Co.Down
| BT35 8QJ
MCALLISTER BROS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Directors' responsibilities statement | 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Statement of cash flows | 13 - 14
Notes to the financial statements | 15 - 36
MCALLISTER BROS LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the period ended 31 December 2025.
Business review
The shares of the company were sold on 5th April 2025 to Vortex International US Inc, a company incorporated in the US. During the 16 month period ended 31 December 2025, turnover increased by £21.8m to £53.6m compared to turnover of £31.8m achieved during the year ended 31 August 2024. The company during the period ended 31 December 2025 achieved a gross profit margin of 31.7%, which is consistent with the gross profit margin of 31.4% achieved during the year ended 31 August 2024. As at the balance sheet date the net assets of the company were £6.3m in comparison to £9.2m as at 31 August 2024. The directors are satisfied with the performance of the company for the period ended 31 December 2025.
Principal risks and uncertainties
The company uses financial instruments throughout its business. The core risks associated with the company's financial instruments (i.e. its interest-bearing loans, cash, short-dated liquid investments and finance leases, on the operational level trade receivables and payables) are currency risk, interest rate risk, liquidity risk, credit risk, regulatory risk and the current inflation risk. The board reviews and agrees policies for the prudent management of these risks as follows: Currency risk - The company's activities in Europe are conducted primarily in Euros and the company's activities in the United Kingdom are conducted in Sterling. Variances affecting operational activities in this regard are reflected in cost of sales in the profit and loss account in the years in which they arise. Finance and Interest rate risk - The company's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. Liquidity and cash flow risk - The company's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due. To achieve this the company ensures that its liquid investments are in highly rated counterparties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing. Credit risk - The company has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. Regulatory Risk - The company strives to adhere to all laws and regulations on any political or environmental changes which may have an impact on the company. Inflation risk - As a result of the rising rate of inflation the company has seen the impact of this through rising costs mainly in relation to wages and salaries, motor and machinery expenses and heat and light. McAllister Bros Limited have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible. Page 1
MCALLISTER BROS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Financial key performance indicators
The financial key performance indicators used by the company are turnover, gross profit margins, operating profit and EBITDA. 2025 2024 16 months 12 months Turnover £53,555,729 £31,776,979 Gross Profit Margin 31.7% 31.4% Operating Profit £5,429,041 £2,519,020 The Directors anticipate that the company will continue to trade profitably and successfully in 2026.
Development and performance
The company secured a number of profitable contracts in 2024/2025 and based on budgets prepared by management, it is projected that the performance of the company will continue to be profitable. Based on this, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. The directors are committed to long term creation of shareholder value by increasing the group's market share. From review of the post year management accounts these early results are satisfactory and the directors expect another good year.
Research and Development
The management at McAllister Bros Limited are committed to the growth of the company. To ensure the long-term success of the company it is currently heavily involved in research and development. This report was approved by the board on 2 June 2026 and signed on its behalf.
Mr Daniel John Watson Director
Page 2
MCALLISTER BROS LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Principal activity
The principal activity of the company is civil engineering including drain and sewer planned and reactive maintenance, pipeline cleaning, CCTV pipeline surveys, liquid waste management, sewer mapping, sewer rehabilitation using no-dig technologies, in Northern Ireland, Republic of Ireland and the UK.
Results and dividends
The profit for the period, after taxation, amounted to £4,207,730 (2024 - £2,002,232). Ordinary dividends were paid amounting to £7,158,886. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the period were:
Mr Daniel John Watson
Mr Michael Evan Vellano (appointed 5 April 2025)
Mr Paul John Brooker (appointed 5 April 2025)
Mr Quin Breland (appointed 5 April 2025)
Future developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
Research and development activities
The company has developed, and continues to develop, various new innovative solutions to customer dilemmas. The company is committed to product development as they are constantly looking for new innovative ideas to grow, develop and protect the company.
Branches outside the United Kingdom
The company has overseas branch operations in the Republic of Ireland.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
MCALLISTER BROS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Statement of corporate governance arrangements
Management at McAllister Bros Limited take their corporate responsibilities very seriously as the work carried out may impact the environment, employees, clients and the general public it serves. They are aware of the impact their works can have on the environment and as a responsible contractor, they strive to minimise these negative impacts and maximise the positive opportunities they can create. They are fully committed to doing so in a way that is fair, transparent and above all, safe and sustainable. The company have policies in place to ensure that business is conducted in a fair, professional and ethical manner. McAllister Bros Limited is certified to a number of internationally recognised standards including: - Occupational Health and Safety : ISO 45001:2018 - Environmental Management System : ISO 14001:2015 - Quality Management System : ISO 9001:2015 McAllister Bros Limited is an accredited environmental services contractor, committed to maintaining a reputation for clean, sustainable work. The company maintains an integrated management system that covers quality, environment, and health and safety. The system is monitored by Auva, an independent certifying body regulated by UKAS. Management value their people as their professional development only strengthens the business. The Department of Employment and Learning (DELNI) has recognised McAllister Bros Limited as an Investors in People Company since 2014.
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 company.
Auditors
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 2 June 2026 and signed on its behalf.
Mr Daniel John Watson Director
Page 4
MCALLISTER BROS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
MCALLISTER BROS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCALLISTER BROS LIMITED
Opinion
We have audited the financial statements of MCALLISTER BROS LIMITED (the 'Company') for the period ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 period 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 6
MCALLISTER BROS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCALLISTER BROS LIMITED (CONTINUED)
Opinion 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 Directors' report for the financial period 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.
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 Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 5, 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.
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Page 7
MCALLISTER BROS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCALLISTER BROS LIMITED (CONTINUED) 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙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. 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. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 8
MCALLISTER BROS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCALLISTER BROS LIMITED (CONTINUED)
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 Auditors' 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. Teresa Campbell (Senior statutory auditor) for and on behalf of AAB Group Accountants Limited Chartered Accountants & Statutory Audit Firm Dromalane Mill The Quays, Newry Co. Down BT35 8QS 2 June 2026 Page 9
MCALLISTER BROS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025
| 31 December | 31 August
| 2025 | 2024
Note | £ | £
Turnover | 4 | 53,555,729 | 31,776,979
Cost of sales |  | (36,575,539) | (21,799,150)
Gross profit |  | 16,980,190 | 9,977,829
Administrative expenses |  | (11,546,701) | (7,478,809)
Other operating income | 5 | 11,667 | 20,000
Operating profit | 6 | 5,445,156 | 2,519,020
(Loss)/profit on disposal of investments |  | (16,115) | -
Interest receivable and similar income | 10 | 103,860 | 157,230
Interest payable and similar expenses | 11 | (227,164) | (137,611)
Profit before tax |  | 5,305,737 | 2,538,639
Tax on profit | 12 | (1,098,007) | (536,407)
Profit for the financial period |  | 4,207,730 | 2,002,232
Total comprehensive income for the period |  | 4,207,730 | 2,002,232
The notes on pages 15 to 36 form part of these financial statements.
Page 10
MCALLISTER BROS LIMITED REGISTERED NUMBER: NI020460 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 31 December |  | 31 August
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,921,713 |  | 2,190,889
Investment property | 15 |  | - |  | 141,114
|  |  | 2,921,713 |  | 2,332,003
Current assets |  |  |  |  |
Stocks | 16 | 512,757 |  | 333,698 |
Debtors: amounts falling due after more than one year | 17 | 167,639 |  | 49,059 |
Debtors: amounts falling due within one year | 17 | 10,214,545 |  | 7,402,228 |
Cash at bank and in hand | 18 | 5,170,816 |  | 8,405,759 |
|  | 16,065,757 |  | 16,190,744 |
Creditors: amounts falling due within one year | 19 | (10,525,071) |  | (7,849,520) |
Net current assets |  |  | 5,540,686 |  | 8,341,224
Total assets less current liabilities |  |  | 8,462,399 |  | 10,673,227
Creditors: amounts falling due after more than one year | 20 |  | (1,652,944) |  | (1,043,592)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (520,220) |  | (389,244) |
|  |  | (520,220) |  | (389,244)
Net assets |  |  | 6,289,235 |  | 9,240,391
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 10,100 |  | 10,100
Capital redemption reserve |  |  | 90,000 |  | 90,000
Profit and loss account |  |  | 6,189,135 |  | 9,140,291
|  |  | 6,289,235 |  | 9,240,391
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2026.
Mr Daniel John Watson | Mr Paul John Brooker
Director | Director
The notes on pages 15 to 36 form part of these financial statements. Page 11
MCALLISTER BROS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 September 2023 | 10,100 | 90,000 | 9,476,860 | 9,576,960
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,002,232 | 2,002,232
Total comprehensive income for the year | - | - | 2,002,232 | 2,002,232
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,338,801) | (2,338,801)
Total transactions with owners | - | - | (2,338,801) | (2,338,801)
At 1 September 2024 | 10,100 | 90,000 | 9,140,291 | 9,240,391
Comprehensive income for the period |  |  |  |
Profit for the period | - | - | 4,207,730 | 4,207,730
Total comprehensive income for the period | - | - | 4,207,730 | 4,207,730
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (7,158,886) | (7,158,886)
Total transactions with owners | - | - | (7,158,886) | (7,158,886)
At 31 December 2025 | 10,100 | 90,000 | 6,189,135 | 6,289,235
| The notes on pages 15 to 36 form part of these financial statements.
Page 12
MCALLISTER BROS LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | 31 December | 31 August
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 4,207,730 | 2,002,232
Adjustments for: |  |
Depreciation of tangible assets | 1,942,566 | 1,356,235
Loss on disposal of tangible assets | (238,962) | (72,661)
Interest paid | 227,164 | 137,611
Interest received | (103,860) | (157,230)
Taxation charge | 1,098,007 | 536,407
(Increase) in stocks | (179,059) | (149,695)
(Increase)/decrease in debtors | (3,635,638) | 2,243,936
Increase in creditors | 2,779,539 | 945,049
Corporation tax (paid)/received | (442,407) | 334,773
Finance costs | - | (137,611)
Net cash generated from operating activities | 5,655,080 | 7,039,046
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,864,421) | (922,915)
Sale of tangible fixed assets | 446,108 | 72,662
Sale of investment properties | 141,114 | -
(Loss)/profit on disposal of investments | (16,115) | -
Interest received | 103,860 | 157,230
HP interest paid | (227,164) | (137,611)
Net cash from investing activities | (2,416,618) | (830,634)
Page 13
MCALLISTER BROS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
|  | 31 December | 31 August
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of/new finance leases | 685,481 | (915,317)
Dividends paid | (7,158,886) | (2,338,801)
Net cash used in financing activities | (6,473,405) | (3,254,118)
Net (decrease)/increase in cash and cash equivalents | (3,234,943) | 2,954,294
Cash and cash equivalents at beginning of period | 8,405,759 | 5,451,465
Cash and cash equivalents at the end of period | 5,170,816 | 8,405,759
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 5,170,816 | 8,405,759
| 5,170,816 | 8,405,759
The notes on pages 15 to 36 form part of these financial statements.
Page 14
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
McAllister Bros Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 91 Drumalane Road, Newry, Co. Down, BT35 8QJ, Northern Ireland, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. These financial statements have been prepared for the 16-month period ended 31 December 2025 following a change in the company’s year end date. Comparative figures for the 12-month period ended 31 August 2024 are therefore not directly comparable. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 16
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The 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.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 17
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The best estimate directors use for depreciation is based on a full year depreciation on purchase and none on disposal.. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | Straight Line
|  |  |  | Motor vehicles | - | 20% | Straight Line
|  |  |  | Fixtures and fittings | - | 20% | Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.13 | 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. Page 18
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 19
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance sheet 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Page 20
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 21
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.21 | 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.
| 2.22 | Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
| 2.23 | Research and development
Research expenditure is written off to the Profit and Loss Account in the year in which it is incurred. Page 22
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies 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. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Amounts recoverable under contracts The company makes an estimate of the valuation of the amounts recoverable under contracts, including any provisions that should be included in the financial statements against this estimate. These valuations are based on an assessment of the value of work carried out on each of the company's contracts at the relevant assessment date. These valuations are conducted by qualified personnel with relevant industry knowledge and experience. Page 23
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Inspection, maintenance & renovation of sewers | 53,555,729 | 31,776,979
|  | 53,555,729 | 31,776,979
Analysis of turnover by country of destination:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 48,399,367 | 29,219,034
| Republic of Ireland | 5,156,362 | 2,557,945
|  | 53,555,729 | 31,776,979
| Turnover attributable to geographical markets outside the United Kingdom amounted to 9.6% (2024: 8.0%) for the year.
5. | Other operating income
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 11,667 | 20,000
|  | 11,667 | 20,000
Page 24
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 646,198 | 326,211
| Depreciation of tangible fixed assets held under finance leases | 1,296,369 | 1,030,024
| Other operating lease rentals | 469,479 | 399,308
| Exchange differences | (7,815) | 5,844
| Profit/loss on disposal | 238,962 | 72,661
| Profit/loss on diposal of investment property | (16,115) | -
7. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 16,500 | 15,795
Page 25
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 12,753,355 | 8,353,745
| Social security costs | 1,613,136 | 929,346
| Cost of defined contribution scheme | 444,607 | 470,983
|  | 14,811,098 | 9,754,074
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 31 December | 31 August
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Direct | 110 | 118
|  | Administration | 66 | 50
|  |  | 176 | 168
9. | Directors' remuneration
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 464,596 | 88,500
| Company contributions to defined contribution pension schemes | 66,989 | 241,386
|  | 531,585 | 329,886
| During the period retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
Page 26
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
10. | Interest receivable
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest on bank deposits | 103,860 | 157,230
|  | 103,860 | 157,230
11. | Interest payable and similar expenses
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 227,164 | 137,611
|  | 227,164 | 137,611
12. | Taxation
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 967,031 | 600,699
|  | 967,031 | 600,699
| Total current tax | 967,031 | 600,699
| Deferred tax |  |
| Origination and reversal of timing differences | 130,976 | (64,292)
| Total deferred tax | 130,976 | (64,292)
| Tax on profit | 1,098,007 | 536,407
Page 27
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,305,737 | 2,538,639
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,326,434 | 634,660
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 32,637 | 3,397
| Capital allowances for period/year in excess of depreciation | (138,435) | 45,744
| Other timing differences leading to an increase (decrease) in taxation | 130,976 | (64,292)
| Non-taxable income | - | (104)
| Changes in provisions leading to an increase (decrease) in the tax charge | 1,842 | 649
| Double taxation relief | (255,447) | (83,647)
| Total tax charge for the period/year | 1,098,007 | 536,407
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim Paid | 7,158,886 | 2,338,801
|  | 7,158,886 | 2,338,801
Page 28
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 September 2024 | 8,595,733 | 2,186,815 | 269,985 | 11,052,533
| Additions | 2,132,703 | 731,718 | - | 2,864,421
| Disposals | (617,697) | (585,224) | - | (1,202,921)
| At 31 December 2025 | 10,110,739 | 2,333,309 | 269,985 | 12,714,033
| Depreciation |  |  |  |
| At 1 September 2024 | 6,998,767 | 1,674,303 | 188,574 | 8,861,644
| Charge for the period on owned assets | 1,479,987 | 426,589 | 35,990 | 1,942,566
| Disposals | (601,765) | (410,125) | - | (1,011,890)
| At 31 December 2025 | 7,876,989 | 1,690,767 | 224,564 | 9,792,320
| Net book value |  |  |  |
| At 31 December 2025 | 2,233,750 | 642,542 | 45,421 | 2,921,713
| At 31 August 2024 | 1,596,966 | 512,512 | 81,411 | 2,190,889
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 1,434,776 | 1,123,865
| Motor vehicles | 516,718 | 369,392
|  | 1,951,494 | 1,493,257
Page 29
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
15. | Investment property
|  | Freehold investment property
|  | £
| At 1 September 2024 | 141,114
| Disposals | (141,114)
| At 31 December 2025 | -
16. | Stocks
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 512,757 | 333,698
|  | 512,757 | 333,698
| The replacement cost of stock did not differ significantly from the figures shown.
Page 30
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
17. | Debtors
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts recoverable on long term contracts | 167,639 | 49,059
|  | 167,639 | 49,059
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 2,933,211 | 2,730,746
| Amounts owed by group undertakings | 147,545 | 1,673
| Other debtors | 9,160 | 669,167
| Prepayments and accrued income | 868,805 | 750,389
| Amounts recoverable on long-term contracts | 6,106,587 | 3,159,301
| Tax recoverable | 149,237 | 90,952
|  | 10,214,545 | 7,402,228
| All trade debtors are due within one year and are due within the company's normal terms. Trade debtors are stated after provisions for impairment of £Nil (2024: £95,486). No interest is charged on the group undertakings debt, is deemed to be repayable on demand and unsecured.
18. | Cash and cash equivalents
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 5,170,816 | 8,405,759
|  | 5,170,816 | 8,405,759
Page 31
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,989,983 | 2,767,386
| Amounts owed to group undertakings | 1,778,227 | -
| Corporation tax | 108,518 | 288,635
| Other taxation and social security | 733,172 | 1,025,890
| Obligations under finance lease and hire purchase contracts | 1,068,871 | 992,742
| Other creditors | 99,194 | 82,154
| Accruals and deferred income | 2,747,106 | 2,692,713
|  | 10,525,071 | 7,849,520
| The repayment of trade creditors vary between on demand and ninety days. No interest is payable on trade creditors. McAllister Bros Limited is indebted to Danske Bank who hold security for the company's borrowing. Borrowings are secured against the assets of the company.
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 1,652,944 | 1,043,592
|  | 1,652,944 | 1,043,592
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 1,068,871 | 992,742
| In two to five years | 1,652,944 | 1,043,533
|  | 2,721,815 | 2,036,275
| Finance lease payments represent rentals payable by the company for certain items of motor vehicles and 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
22. | Deferred taxation
|  | 2025
|  | £
| At beginning of period | (389,244)
| Charged to profit or loss | (130,976)
| At end of period | (520,220)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (520,220) | (389,244)
|  | (520,220) | (389,244)
| The deferred tax liability set out above is expected to reverse within a period of 60 months and relates to accelerated capital allowances that are expected to mature within the same period.
23. | Share capital
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,100 Ordinary Shares shares of £1.00 each | 10,100 | -
|  | 10,000 Ordinary A Shares shares of £1.00 each | - | 10,000
|  | 1000 Ordinary B Shares shares of £0.10 each | - | 100
|  |  | 10,100 | 10,100
| On the 5th April 2025, 100% of the share capital of McAllister Bros Limited was acquired by Vortex International US Inc, a company incorporated in the US. The 10,000 ordinary A shares of £1.00 and the 1000 ordinary B shares of £0.10 were re-denominated into 10,100 ordinary shares of £1.00.
Page 33
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
24. | Analysis of net debt
|  | At 1 September 2024 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 8,405,759 | (3,234,943) | 5,170,816
| Finance leases | (2,036,334) | (685,481) | (2,721,815)
|  | 6,369,425 | (3,920,424) | 2,449,001
25. | Capital commitments
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Acquisition of tangible fixed assets | - | 36,600
|  | - | 36,600
26. | Pension commitments
The charge to profit or loss in respect of defined contribution schemes was £444,607 (2024: £470,983). 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.
27. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 December | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 132,448 | 154,000
| Later than 1 year and not later than 5 years | 177,000 | 478,333
| Later than 5 years | - | 54,000
|  | 309,448 | 686,333
28. | Financial commitments, guarantees and contingent liabilities.
A contingent liability exists to repay grants should certain conditions under which they were awarded, as stated in the Letter of Offer, cease to be met. Page 34
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
29. | Related party transactions
| Included in the financial statements is an amount of £47,040 (2024: £53,280) in respect of rent payable to a related party. It is considered a related party due to common control and is for the benefit of a number of directors. During the year, dividends totalling £6,191,000 (2024: £2,338,801) were paid to a company which was previously a member of the group. As at 31 December 2025 McAllister Bros Limited is owed £Nil (2024: £1,673) from a company which was previously a fellow group company. This balance is included within debtor amounts falling due within one year. These balances are considered repayable on demand, are interest free and unsecured. As at 31 December 2025 an amount of £Nil (2024: £309,799) was owed from a related party and is included within debtor amounts falling due within one year. This entity is considered a related party due to common control. This balance is considered repayable on demand, is interest free and unsecured. During the year, an investment property was sold to a related party for £125,000. This entity is considered a related party due to common control. The valuation was based on an external market valuation. McAllister Bros Limited is indebted to Danske Bank who hold security for the company's borrowing. Borrowings are secured against the assets of the company which are pledged by the Directors on behalf of the company. Remuneration of key management personnel The remuneration of key management personnel is as follows
|  | 31 December | 31 August
|  | 2025 | 2024
|  | £ | £
| Aggregate compensation | 1,650,407 | 720,899
|  | 1,650,407 | 720,899
| Key management includes the Directors and members of senior management and the figures above represent the compensation paid or payable to key management, including the Directors, for employee services.
30. | Post balance sheet events
There are no circumstances or events arising after the balance sheet date which could materially affect the financial statements.
31. | Directors' Transactions
Dividends totalling £153,300 (2024: £Nil) were paid in the year in respect of shares held by the company's directors. These dividends were paid before the sale of the company. Included in other creditors is amounts owed from directors of £5,432 (2024: £356,460). The maximum outstanding balance in relation to the director advances during the year ended 31 December 2025 were £594,748 (2024: £358,509). The above loans are interest free, unsecured and are repayable on demand. Page 35
MCALLISTER BROS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
32. | Controlling party
The company's immediate and ultimate parent is Vortex International US, Inc. The largest group in which the results of the company are consolidated is that headed by Vortex International US, Inc. The smallest group in which the results of the company are consolidated is that headed by Vortex International US, Inc.
33. | Parent Company
The company's immediate and ultimate parent is Vortex International US, Inc.
34. | Capital Redemption Reserve
The capital redemption reserve resulted from a company buy back of shares.
35. | Patents
The company has expensed all patent costs through the profit and loss account, which are therefore not reflected in the balance sheet of the company.
36. | Auditor's liability limitation agreement
The directors, on behalf of the company have entered into a limited liability agreement on 2nd March 2026, with their Auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company legislation.
Page 36