Company registration number 00387371 (England and Wales)
KIND & CO. (BUILDERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
KIND & CO. (BUILDERS) LIMITED
COMPANY INFORMATION
Directors
W H Bassenger
S J Juson
J G Lennon
Company number
00387371
Registered office
Bridge House
530 High Road
Leytonstone
London
United Kingdom
E11 3EQ
Auditor
Henton & Co LLP
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
KIND & CO. (BUILDERS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
KIND & CO. (BUILDERS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Founded in 1945, Kind & Co. (Builders) Limited is a multi‑award‑winning contractor with a long-established reputation for delivering high-quality construction projects. The Company benefits from a loyal and highly skilled workforce, supported by long-standing supply chain relationships developed over many years. Continued investment in training, systems, and processes ensures the business remains well positioned to meet future market demands and maintain consistent delivery standards.

The company strives to deliver schemes that it can be proud of and that stand the test of time, with meeting the clients’ needs and expectations at the forefront, whilst aligning with our core objectives.

Review of the business

Despite a reduction in turnover during the year, the Company delivered a significantly improved financial performance, reflecting enhanced project margins, disciplined cost management, and a continued focus on selective procurement of work aligned with the Company’s expertise and risk profile. Gross margin increased to £820,000 (2024: £340,000), representing a 141% year‑on‑year increase, despite a continuation of challenging trading conditions.

The year has seen the securing of several large projects paving the way for strong growth in turnover in the coming years, built upon repeat work with several blue-chip clients, highlighting our focus on client satisfaction and our continued drive for multi sector growth.

The directors believe the performance indicators noted below give a brief overview of the company's position.

|  | 202 5 | 202 4 |
Turnover |  | £35.5 m | £40.3 m |
Turnover increase/(decrease) |  | (£4.8)m | (£1.3)m |
Turnover increase/(decrease) % |  | (11.9)% | (3.1)% |
Gross profit |  | £6.4 m | £6.0 m |
Gross profit % |  | 1 8.0% | 1 4.9% |
Current ratio |  | 1.31:1 | 1.25:1 |
Debtor days |  | 22 | 22 |
Projects started |  | 6 | 5 |

The Company continues to maintain a comfortable excess of current assets over current liabilities, with good cash flow and working capital management with no reliance on external borrowing facilities, supported by robust working capital management. Debtor days are consistent with expectations in the construction industry.

The Company has successfully completed six projects designed to Passivhaus standards, achieving full accreditation from the Passivhaus Trust, with a further project currently underway. This experience, together with two award‑winning schemes, provides a competitive advantage in a growing market sector.

The Company also focus' on non-financial metrics, with a strong emphasis on Health & Safety, and client satisfaction.

KIND & CO. (BUILDERS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Business Risk

The principal risk facing the business remains the ability to secure an appropriate volume of new work at acceptable margins. This risk is mitigated through diversification across sectors, participation in established frameworks, and maintaining strong client relationships supported by consistently high standards of delivery.

Order Book and Future Outlook

The year has seen the securing of several significant projects, providing increased visibility of future turnover growth. This pipeline is underpinned by repeat business from established blue-chip clients alongside new client relationships, reflecting the Company’s strong reputation for quality, reliability, and client satisfaction, which helps to maximise future tendering opportunities.

Health & Safety

The Company maintains a strong focus on health and safety, supported by external auditing and continuous monitoring, including environmental inspections, with reports reviewed at senior management level to identify trends and address issues on an ongoing basis.

Sustainability and Social Value

As Company controlled by Employee Ownership Trust, the Company places long-term sustainability at the centre of its decision-making. This includes investment in employee wellbeing, skills development, and health and safety, alongside responsible supply chain management and a commitment to reducing environmental impact through efficient design and construction practices.

Pension

As with all companies which have a defined benefit pension scheme, the company has an ongoing level of risk associated with the funding of the scheme which is continually under review with the company's advisors.

Staff

Employees remain central to the Company’s success. With a strong track record of recruiting and developing apprentices and trainees, combined with promotion from within, the Company continues to achieve low staff turnover and high employee engagement. The average length of service now stands at 10.4 years, reflecting strong retention and organisational stability.

Supply Chain

The supply chain plays a critical role in the successful delivery of projects. The Company prioritises long-term, relationship-based engagement with suppliers and subcontractors, underpinned by fair but robust competency and financial checks. Timely payment and performance monitoring remain key to maintaining supply chain resilience and quality standards. A relationship based on shared values, fostering a good working relationship.

Liquidity Risk

The company actively manages financial, liquidity, and credit risks through prudent cash management and rigorous customer credit assessment. in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit Risk

The company places its cash with creditworthy institutions and performs ongoing credit evaluations of its debtors' financial position. New customers who wish to enter into contracts with the company are subject to credit verification procedures and relevant guarantees and undertakings are sought where appropriate. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

On behalf of the board

W H Bassenger
S J Juson
Director
Director
11 August 2026
11 August 2026
KIND & CO. (BUILDERS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a building contractor.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

W H Bassenger
S J Juson
J G Lennon
Qualifying third party indemnity provisions

The Company has indemnified, by means of Directors' and Officers' liability insurance, one or more Directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and is in force as at the date of approving the Directors' Report.

Research and development

The company is involved in a variety of research and development projects across a number of its sites, as it seeks to improve efficiencies and health and safety across the construction industry.

Auditor

In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.

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.

KIND & CO. (BUILDERS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
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.

On behalf of the board
W H Bassenger
S J Juson
Director
Director
11 August 2026
KIND & CO. (BUILDERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF KIND & CO. (BUILDERS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Kind & Co. (Builders) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

KIND & CO. (BUILDERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF KIND & CO. (BUILDERS) LIMITED (CONTINUED)
- 6 -
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.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and applicable tax legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance concerning compliance with such laws and regulations and any actual or potential litigation or claims; inspection of minutes and relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

KIND & CO. (BUILDERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF KIND & CO. (BUILDERS) LIMITED (CONTINUED)
- 7 -

Auditor's responsibilities for the audit of the financial statements - continued

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Stuart Heaney (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
12 August 2026
KIND & CO. (BUILDERS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
35,376,661
40,346,610
Cost of sales
(28,921,053)
(34,303,047)
Gross profit
6,455,608
6,043,563
Administrative expenses
(5,749,881)
(5,732,692)
Other operating income
26,185
12,754
Operating profit
4
731,912
323,625
Interest receivable and similar income
7
45,391
17,817
Interest payable and similar expenses
8
(65)
-
0
Profit before taxation
777,238
341,442
Tax on profit
10
(188,484)
(63,786)
Profit for the financial year
588,754
277,656
Other comprehensive income
First time recognition of defined benefit pension asset
1,236,000
-
Tax relating to other comprehensive income
(309,000)
-
0
Total comprehensive income for the year
1,515,754
277,656

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

KIND & CO. (BUILDERS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
139,568
112,430
Current assets
Stocks
12
1,061,007
1,307,383
Debtors
13
8,472,777
10,737,285
Cash at bank and in hand
6,411,592
4,062,916
15,945,376
16,107,584
Creditors: amounts falling due within one year
14
(12,203,906)
(12,860,341)
Net current assets
3,741,470
3,247,243
Total assets less current liabilities
3,881,038
3,359,673
Creditors: amounts falling due after more than one year
15
(625,198)
(708,875)
Provisions for liabilities
Deferred tax liability
16
25,082
8,794
(25,082)
(8,794)
Net assets excluding pension surplus
3,230,758
2,642,004
Defined benefit pension surplus
17
927,000
-
0
Net assets
4,157,758
2,642,004
Capital and reserves
Called up share capital
18
175,000
175,000
Profit and loss reserves
19
3,982,758
2,467,004
Total equity
4,157,758
2,642,004

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 11 August 2026 and are signed on its behalf by:
W H Bassenger
S J Juson
Director
Director
Company registration number 00387371 (England and Wales)
KIND & CO. (BUILDERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
175,000
2,209,348
2,384,348
Year ended 31 December 2024:
Profit and total comprehensive income
-
277,656
277,656
Dividends
9
-
(20,000)
(20,000)
Balance at 31 December 2024
175,000
2,467,004
2,642,004
Year ended 31 December 2025:
Profit
-
588,754
588,754
Other comprehensive income:
Tax relating to other comprehensive income
-
(309,000)
(309,000)
Total comprehensive income
-
279,754
279,754
First time recognition of defined benefit pension asset
-
1,236,000
1,236,000
Balance at 31 December 2025
175,000
3,982,758
4,157,758
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Kind & Co. (Builders) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge House, 530 High Road, Leytonstone, London, United Kingdom, E11 3EQ.

1.1
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’

The company's results are included in the consolidated financial statements of Kind Management Limited which are available to the public from Companies House via their website at www.companieshouse.co.uk.

1.2
Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The directors consider that the company will be able to generate and maintain sufficient levels of cash in order to meet its liabilities as they fall due for true a period of at least twelve months from the date when the financial statements were authorised for issue. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received from the value of long-term contract work completed, and is stated net of discounts and value added tax.

The company recognises turnover when the risks and rewards of ownership have transferred to the buyer, usually on the completion of a contract, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated on a cost completion basis. Full provision is made for losses on all contracts in the year in which they are first foreseen.

1.4
Research and development expenditure

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

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated 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:

Plant and equipment
3 to 7 years on cost
Office equipment
3 to 7 years on cost
Motor vehicles
25% on cost

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.6
Stocks

Work in progress is valued at direct cost less amounts transferred to the profit and loss account in respect of work carried out, less foreseeable losses and payments on account. Direct cost is calculated as the cost of raw materials, subcontractors, direct labour and other building costs but excludes indirect overheads and interest.

Building material stocks relating to building contracts are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in first out basis. Estimated selling price less costs to complete and sell represents the amount recoverable on eventual sale less any costs incurred in getting the materials from their current location and condition.

1.7
Cash and cash equivalents

Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk to changes in value.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

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

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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

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

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

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

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.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

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
Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

The directors periodically evaluate the position taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. They establish provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in the periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing differences.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Retirement benefits

The company operates a defined contribution pension scheme. A defined contribution scheme is a pension scheme under which the company makes fixed contributions into a separate entity. Once the contributions have been paid then the company has no further payment obligations. Contributions payable for the year are charged in the profit and loss account in the period to which they relate. Amounts due in respect of the year but not paid are shown in accruals in the balance sheet. The assets of the scheme are held separately from those of the company in independently administered funds.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

The company participates in two pension schemes:

- A defined contribution scheme (the "stakeholder" scheme)

- A defined benefit scheme (the "multi-employer" scheme) which is accounted for in the company's financial statements as a defined contribution scheme in accordance with FRS 102: Section 28 - Employee Benefits.

The assets of each scheme are held separately from those of the company.

Contributions payable to the "stakeholder" scheme for the year are charged in the profit and loss account in the period to which they relate.

Contributions to the "multi-employer" scheme are paid as recommended by the scheme's actuary and are charged to the profit and loss account in the period they are paid. When the scheme is in deficit the participating employer companies recognise a liability for payments due under the recovery plan .

The company also makes contributions to the personal pensions of certain directors and employees.

1.11
Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals applicable to operating leases where substantially all of the benefits of ownership remain with the lessor are charged to profit and loss account on a straight line basis over the term of the lease.

1.12

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 effective interest method, less any impairment.

1.13

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.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
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 and estimates

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

The directors have made key assumptions regarding the stage of completion, future costs to complete and recoverability of the costs on long term contracts.

The directors make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The company operates a defined benefit pension scheme which has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation, or asset, in the balance sheet. The assumptions reflect the historical experience and current trends. See note 1 7 for the disclosure relating to the defined benefit pension scheme.

3
Turnover and other revenue

The turnover and loss before taxation are attributable to the one principal activity of the company.

2025
2024
£
£
Other revenue
Interest income
45,391
17,817
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
38,000
40,000
Depreciation of tangible fixed assets
59,983
35,877
Profit on disposal of tangible fixed assets
(1,137)
(43,163)
Operating lease charges
136,000
136,000
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
5
Employees

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

2025
2024
Number
Number
Directors
3
4
Administration
57
56
Site staff
42
44
Total
102
104

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,076,309
6,215,308
Social security costs
701,181
630,451
Pension costs
346,785
389,352
7,124,275
7,235,111

Further details about the company's pension commitments, including contributions paid under the recovery plan for the multi-employer defined benefit scheme, are included in note 17 to the financial statements.

Included within the other pension costs charge are:

2025
2024
£
£
"Stakeholder" scheme - normal contributions
315,991
297,683
"Group" scheme - additional funding agreed
-
-
"Group" scheme - administration costs
18,683
69,894
Contribution to personal pension schemes
12,111
21,775
346,785
389,352
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
432,233
541,928
Company pension contributions to defined contribution schemes
27,830
27,086
460,063
569,014

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 4).

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
200,130
175,916
Company pension contributions to defined contribution schemes
12,202
11,876
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
45,391
17,817
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
65
-
0
9
Dividends
2025
2024
£
£
Interim paid
-
0
20,000
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
181,612
63,786
Adjustments in respect of prior periods
(9,416)
-
0
Total current tax
172,196
63,786
Deferred tax
Origination and reversal of timing differences
16,288
-
0
Total tax charge
188,484
63,786
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 19 -

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:

2025
2024
£
£
Profit before taxation
777,238
341,442
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
194,310
85,361
Effects of:
Expenses that are not deductible in determining taxable profit
(2,308)
8,133
Group relief
-
0
(10,344)
Tax under/(over) provided in prior years
(9,416)
-
0
Capital allowances in excess of depreciation
5,898
(19,364)
Taxation charge in the financial statements
188,484
63,786

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
309,000
-
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
525,559
421,390
35,874
982,823
Additions
99,345
-
0
-
0
99,345
Disposals
(13,071)
-
0
-
0
(13,071)
At 31 December 2025
611,833
421,390
35,874
1,069,097
Depreciation and impairment
At 1 January 2025
430,647
403,872
35,874
870,393
Depreciation charged in the year
49,692
10,291
-
0
59,983
Eliminated in respect of disposals
(847)
-
0
-
0
(847)
At 31 December 2025
479,492
414,163
35,874
929,529
Carrying amount
At 31 December 2025
132,341
7,227
-
0
139,568
At 31 December 2024
94,912
17,518
-
0
112,430
12
Stocks
2025
2024
£
£
Work in progress
1,061,007
1,307,383
Long term contract balances
72,899,107
132,822,711
Less: Amounts transferred to profit and loss account
(71,838,100)
(131,515,328)
Work in progress
1,061,007
1,307,383
13
Debtors
Restated
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,145,927
2,454,772
Amounts recoverable on contracts
1,854,408
1,892,555
Amounts owed by group undertakings
1,482,219
1,508,591
Other debtors
257,162
295,683
Prepayments and accrued income
2,733,061
4,585,684
8,472,777
10,737,285

Accrued income includes £936,311 (2024: £1,317,019) which is recoverable after more than one year.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
14
Creditors: amounts falling due within one year
Restated
2025
2024
£
£
Trade creditors
3,294,307
3,633,537
Corporation tax
181,612
65,897
Other taxation and social security
293,646
176,531
Other creditors
385,175
463,094
Accruals and deferred income
8,049,166
8,521,282
12,203,906
12,860,341
15
Creditors: amounts falling due after more than one year
Restated
2025
2024
£
£
Accruals and deferred income
625,198
708,875
16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
25,082
8,794
2025
Movements in the year:
£
Liability at 1 January 2025
8,794
Charge to profit or loss
16,288
Liability at 31 December 2025
25,082
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
346,785
389,352

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.

KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Retirement benefit schemes
(Continued)
- 22 -
Defined benefit schemes

The Kind & Co (Holdings) Limited 1972 Pension and Life Assurance Scheme (the "Scheme") is a multi-employer defined benefit pension scheme. Kind & Co (Builders) Limited is the Scheme's principal employer and Kind & Co (Holdings) Limited was the other participating employer until its cessation of participation during the year. The Scheme's trustees and members approved the cessation of further accruals to members' benefits with effect from 30 November 2007.

The assets of the Scheme are held under trust within a non-segregated fund. In prior years, it was not possible to allocate the assets and liabilities of the Scheme to each participating employer on a reasonable and consistent basis. Accordingly, the Company accounted for the Scheme in accordance with paragraph 28.11 of FRS 102 Section 28, Employee Benefits, and treated the Scheme as if it were a defined contribution scheme for accounting purposes. Contributions payable were recognised in profit or loss in the period to which they related, and no defined benefit asset or liability was recognised in the Company's balance sheet.

During the year ended 31 December 2025, an employer cessation event occurred in respect of Kind & Co (Holdings) Limited. Following this event, a Section 75 debt was calculated and settled, and an actuarial valuation was prepared under FRS 102 as at 31 December 2025. As a result of these developments, sufficient information became available to enable the Company to assess reliably the Scheme's assets and liabilities and determine its interest in the Scheme for financial reporting purposes.

The actuarial valuation prepared as at 31 December 2025 showed Scheme assets of £6.323 million and defined benefit obligations of £5.087 million, giving rise to a surplus of £1.236 million. Having considered the requirements of FRS 102 and the recoverability of the surplus, the directors have recognised a net defined benefit pension asset of £1.236 million in the financial statements.

Contributions to the Scheme are determined on the basis of actuarial valuations carried out by an independent qualified actuary. Historically, the Scheme funding position was assessed by reference to both:

Ongoing Basis – assumes the Scheme will continue in existence for the foreseeable future and that commutation options at retirement are financially neutral.

Solvency Basis – assumes the Scheme is discontinued and benefits are secured through the purchase of insurance contracts from an insurer.

2025
2024
Key assumptions
%
%
Discount rate
5.24
-
Price inflation (RPI)
2.67
-
Price inflation (CPI)
1.97
-
Mortality table
S4PMA, CMI 2024
-
1.5% long term;
-
S4PFA, CMI 2024
-
1.25% long term
-
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Retirement benefit schemes
(Continued)
- 23 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
Liabilities/(assets):
£
£
Present value of defined benefit obligations
5,087,000
-
Fair value of plan assets
(6,323,000)
-
Surplus in scheme
(1,236,000)
-
Deferred tax liability
309,000
-
Total (asset)/liability recognised
(927,000)
-
2025
Movements in the present value of defined benefit obligations
£
Liabilities at 1 January 2025
-
First time recognition of defined benefit pension
5,087,000
At 31 December 2025
5,087,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2025
Movements in the fair value of plan assets
£
Fair value of assets at 1 January 2025
-
First time recognition of defined benefit pension
6,323,000
At 31 December 2025
6,323,000

2025
2024
Fair value of plan assets
£
£
Bonds
5,382,000
-
Cash
873,000
-
Annuities
68,000
-
6,323,000
-
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
175,000
175,000
175,000
175,000
19
Profit and loss reserves

As at 31 December 2025 there were non-distributable reserves comprising the pension scheme surplus less deferred taxation amounting to £927,000 (2024: £Nil).

20
Contingent liabilities

The company is subject to the normal post-sales contingencies attaching to building contractors.

21
Operating lease commitments
As lessee

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:

2025
2024
£
£
Within 1 year
68,000
138,337
68,000
138,337
22
Related party transactions
Transactions with related parties

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

2025
2024
Amounts due to related parties
£
£
Other related parties
6,000
6,000

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
7,384
7,384
KIND & CO. (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
23
Ultimate parent company and controlling party

Kind Management Limited has been the parent and ultimate parent company throughout the current and previous year.

No single party has had ultimate control of the company during the current or the previous year.

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