Company registration number 07252278 (England and Wales)
CITYSIDE ELECTRICAL CO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
CITYSIDE ELECTRICAL CO LTD
COMPANY INFORMATION
Directors
Mr Lee Compton
Mr Duncan McArthur
Secretary
Mr Duncan McArthur
Company number
07252278
Registered office
1st Floor
25 Camperdown Street
London
England
E1 8DZ
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
CITYSIDE ELECTRICAL CO LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 37
CITYSIDE ELECTRICAL CO LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -
Review of the business

Cityside Electrical Co Limited operates in the competitive construction industry, providing high-quality Mechanical and Electrical, data & security solutions across various market sectors. In 2025, the group demonstrated positive financial performance, marked by significant revenue growth, which reflects strong market demand and effective business operations.

The group has been active in sectors including Data Centres, Life Sciences, Commercial Offices, Hotels and Leisure, and Rail. Turnover has increased to £379 million, with gross margin returning to previously seen levels of 13.5%. We maintain strong relationships with our existing clients, comprising main contractors and end-users in London, as well as from our regional office in Cambridge. This investment in the regional office has allowed us to diversify into a new market, delivering the same high-quality engineering solutions in and around Cambridge that we have provided in London for the past 94 years.

Following the group's successful return to Europe in 2024, the business is now delivering multiple data centres in a number of different jurisdictions. The wider European data centre market continues to see significant investment and growth which is providing the group with further opportunities for growth in this sector. Previous experience in the European market has equipped the group to deliver projects that meet the high standards that underpin the group’s core values.

The group has a very impressive secured forward orderbook of over £1,000m, the highest in the group’s history. This substantial order book is expected to drive revenue over £400 million for 2026, with further growth in revenues expected in 2027 and 2028. Demand in the targeted market sectors remains steady, contributing to continued growth and profitability for the business in the coming financial years. This forward orderbook has been supported by continued strong work winning in the core London market as well as growth in regional work within the UK and data centres both in the UK and Europe.

Market diversification, efficient cost control, effective pricing strategies, and a commitment to innovation provide stability within the forward order book margins. This indicates a positive forecast for the year ending September 2026.

Principal risks and uncertainties

We continue to be selective with our customer base. A thorough quality assurance process is undertaken for all companies that the group trade with to ensure risk and uncertainty is avoided throughout.

Cashflow and liquidity of the group are monitored at a project and group level on a regular basis, with any risks and uncertainty addressed when identified.

Financial risk management objectives and policies

A strict policy of the group is to closely monitor the performance of each project so that we have sight of any emerging risks very early. Each project is reviewed in detail monthly by the Directors to ensure that we mitigate any unexpected risks as they occur.

CITYSIDE ELECTRICAL CO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Key performance indicators

- Forward Secured Orderbook of over £1,000m

- Average staff number up to 497 from 458

- Staff retention rate of 90%

- Accident Frequency Rate down to 0.48 from 0.65

- Turnover Growth:

  - The group reported a turnover of £379m in 2025, an increase from £323m in 2024, representing 17% growth.

- Profitability:

  - Gross profit increased from £37m in 2024 to £53m in 2025.

  - Operating profit grew significantly from £16m in 2024 to £27m

  - Net profit after tax rose from £11m in 2024 to £21m in 2025, a 78% increase.

- Asset Growth:

  - Total assets increased to £181m in 2025 from £129m in 2024.

  - Cash at bank improved significantly from £30m to £58m, enhancing liquidity.

- Liabilities Management:

  - Short-term liabilities rose to £108m from £81m due to the growth in turnover.

  - Long-term liabilities increased from £1m to £5m, these are primarily subcontractor retention payments due

- Equity Growth:

  - Shareholder equity increased to £67m from £48m, driven by retained earnings.

Section 172 Statement

Section 172 of the Companies Act 2006 requires that the directors act in a way that they consider to be in good faith, would be most likely to promote the success of the group for the benefit of its shareholders and in doing so have regard to:

• The likely consequences of any decision in the long term;

• The interests of the Group’s employees;

• The need to foster the Group’s business relationships with suppliers, customers and others;

• The impact of the Group’s operations on the community and the environment;

• The desire of the group to maintain a reputation for high standards of business conduct;

• The need to act fairly between members of the Group

The Directors have complied with these requirements. A regular strategic board meeting is held with all key decisions taken with a view to the long term health of the Group. The group regards the satisfaction and retention of staff, clients and suppliers as a key factor in the continued success of the Group, with decisions being taken that consider the views of all of these stakeholders.

On behalf of the board

Mr Duncan McArthur
Director
12 August 2026
CITYSIDE ELECTRICAL CO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The Directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the group is Mechanical and Electrical Engineering and Construction Services. Our main work sectors are Commercial, Data Centres, Education, Public sector and some Residential schemes.

Results and dividends

The results for the year are set out on pages 11-13.

No interim dividend was 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:

Mr Lee Compton
Mr Duncan McArthur
Research and development

The group has carried out innovative energy and cost saving engineering for mechanical and electrical design which has resulted in R&D tax credits.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

The group will continue to invest in growing sales through its existing customer base and exploring new customers.

Auditor

The auditors, HJS Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting

CITYSIDE ELECTRICAL CO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Energy and carbon report

This report was undertaken in accordance with the Streamlined Energy and Carbon (“SECR”) Reporting requirements outlined in the Companies Act (2006) for large quoted and unlisted companies which requires the group to report on its Greenhouse Gas (GHG) emissions.

This report contains details on annual GHG emissions, total energy consumption covering our offices, transport assets, and energy efficiency and environmental management actions implemented during the reporting year. This report contains our SECR disclosure for the 2025 reporting year (1st October 2024 –

30th September 2025).

Methodology

Scope of analysis and data collection

Over 2024/25 we have collected primary data for our buildings and company vehicle activities including: electricity consumption (kWh), gas consumption (kWh), company car mileage, and grey fleet mileage. All primary data used within this report is from 1st October 2024 – 30th September 2025.

Calculation Methodology

We have used the Greenhouse Gas Protocol Corporate Reporting Standard (GHG Protocol) methodology for compiling this GHG data and have calculated our GHG emissions in accordance with the UK Government’s reporting guidelines for Company Reporting. To ensure consistency in our reporting we are reporting all GHG emissions in units of CO2e (carbon dioxide equivalent), and have used 2025 GHG Conversion Factors for Company Reporting, published annually by Defra and DESNZ.

GHG Emissions Scopes

The following reporting scopes (as outlined by the Greenhouse Gas Protocol) are included within this disclosure:

- Scope 1 GHG Emissions: direct emissions from sources which the company owns or controls. This includes natural gas consumption in our buildings and emissions arising from travel in company vehicles (diesel/petrol).

- Scope 2 GHG Emissions: indirect emissions relating solely to the generation of purchased electricity that is consumed by the company, as well as emissions arising from travel in company vehicles (electric).

- Scope 3 GHG Emissions: indirect emissions relating to the transmission & distribution losses of purchased electricity, as well as emissions arising from business travel in privately-owned vehicles.

Energy Consumption

The table below displays our annual energy consumption for electricity, natural gas, and company vehicles for the 2025 reporting year. As per SECR reporting requirements this information is presented in Kilowatt hours (kWh).

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
463,297
235,912
- Electricity purchased
278,253
202,637
- Fuel consumed for transport
91,160
59,416
832,710
497,965
CITYSIDE ELECTRICAL CO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
84.76
43.15
- Fuel consumed for owned transport
5.83
9.53
90.59
52.68
Scope 2 - indirect emissions
- Electricity purchased
50.22
43.10
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
16.34
7.05
Total gross emissions
157.15
102.83
Intensity ratio
CO2e per £m turnover
0.49
0.32
Quantification and reporting methodology
Intensity measurement

Total GHG Emissions for Scopes 1, 2 and 3 for the reporting period 1st October 2024 – 30th September 2025 are 157.15 tonnes CO2e. Of our total GHG emissions Scope 1 accounts for 57.6%, Scope 2 for 32.0% and Scope 3 for 10.4%. Our GHG Emissions Intensity per £M turnover is 0.49 tonnes CO2e, and our GHG Emissions Intensity per employee is 0.28 tonnes CO2e.

During the reporting period, the group has been in a significant growth phase, with both employee numbers and financial turnover increasing considerably. As part of this expansion, the company took over an additional floor at its Camperdown Street head office and occupied two new units at its Cambridge site. The increased operational footprint and higher occupancy levels resulted in greater energy demand across the business, particularly for electricity and natural gas usage. Consequently, this expansion contributed to an increase in overall emissions compared with the previous reporting year, reflecting the company’s continued business growth and site development activities.

Measures taken to improve energy efficiency

During the reporting year, we have continued to strengthen our approach to energy efficiency and environmental management across our operations. A key initiative has been the ongoing expansion of our electric vehicle leasing programme, supporting employees in transitioning away from petrol and diesel vehicles. This has contributed to reducing emissions associated with business travel and commuting, while reinforcing our commitment to lower-carbon transport solutions.

We have also engaged with our landlord to explore potential opportunities to improve the energy performance of our leased premises. In addition, plans are being developed for the refurbishment of our head office space, which will incorporate energy efficiency improvements, including upgraded lighting, to help reduce operational energy demand.

In recognition of the importance of value chain emissions, we have onboarded a carbon accounting platform to strengthen the measurement and management of our Scope 3 emissions. This will enable more robust data collection, improved emissions visibility, and enhanced engagement with suppliers and internal stakeholders, supporting more informed decision-making and targeted reduction strategies over time.

These initiatives demonstrate our ongoing commitment to continuous improvement in energy and carbon management. Through a combination of operational enhancements, digital capability, and stakeholder collaboration, we are taking practical steps to reduce our environmental impact and support progress towards our Net Zero ambitions.

CITYSIDE ELECTRICAL CO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of true risks.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit

information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the

necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit

information and to establish that the auditor of the group is aware of that information.

Other Risks

Pricing

This year prices have eased a little and we have been securing work at slightly better margins although there are still signs that some competitors are being aggressive with their pricing. With a strong order book we are able to decline any business that is too competitive.

In order to maintain the balance of winning work at reasonable margins we have to manage our relationships better than ever and ensure that we maintain an excellent performance throughout the life of the contract and during the tender process. We have commenced a process of customer feedback on every project at various stages to enable us to focus on improving our service level. Ensuring we have the right supply chain and constantly monitoring operational and overhead costs enables us to work effectively in the market.

Credit

The company is exposed to credit risk on its trade and other receivables due to the credit terms offered to its customers, this risk is managed as set out in the accounting policy notes (Note 1). In the opinion of the directors there is no particular credit risk in any one customer. It is confirmed that the fair value of trade receivables is not materially different from the carrying value. Trade receivables are not interest bearing.

Liquidity

The company has policies that require appropriate credit checks on potential customers before sales are made.

Cash Flow

Financial management of our projects is critical to improving our cash flow so careful review of both upstream and downstream accounts is essential ensuring that our accounts are paid in line with terms. Our board spends a great deal of their time managing this well. The company is exposed to exchange rate risk due to their work overseas. To reduce this risk the company forward buys foreign exchange contracts to offset the income being received and reduce the impact of adverse exchange rate movements.

Financial risk management objectives and policies

Risks are a constant agenda item and are formally and regularly reviewed by the Board with appropriate processes in place to monitor and mitigate them.

On behalf of the board
Mr Duncan McArthur
Director
13 August 2026
CITYSIDE ELECTRICAL CO LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

CITYSIDE ELECTRICAL CO LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITYSIDE ELECTRICAL CO LTD
- 8 -
Opinion

We have audited the financial statements of Cityside Electrical Co Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

CITYSIDE ELECTRICAL CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITYSIDE ELECTRICAL CO LTD
- 9 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of Directors

As explained more fully in the Directors' r esponsibilities s tatement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The capability of the audit in detecting irregularities, including fraud. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as Employment Law and Health & Safety regulations. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

- Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;

- Identifying and testing journal entries based on risk criteria;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

- Testing transactions entered into outside of the normal course of the company's business;

- Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

CITYSIDE ELECTRICAL CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITYSIDE ELECTRICAL CO LTD
- 10 -

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

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

Angela Trainor (Senior Statutory Auditor)
For and on behalf of HJS Accountants Limited, Statutory Auditor
Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
SO14 3TJ
United Kingdom
13 August 2026
CITYSIDE ELECTRICAL CO LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£ 000's
£ 000's
Turnover
3
378,558
322,577
Cost of sales
(325,179)
(285,057)
Gross profit
53,379
37,520
Administrative expenses
(26,841)
(23,325)
Other operating income
-
0
1,250
Operating profit
4
26,538
15,445
Interest receivable and similar income
8
696
389
Interest payable and similar expenses
9
(6)
-
0
Profit before taxation
27,228
15,834
Tax on profit
10
(5,675)
(4,399)
Profit for the financial year
21,553
11,435
Profit for the financial year is all attributable to the owner of the parent company.

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

CITYSIDE ELECTRICAL CO LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
2025
2024
£ 000's
£ 000's
Profit for the year
21,553
11,435
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
21,553
11,435
Total comprehensive income for the year is all attributable to the owner of the parent company.
CITYSIDE ELECTRICAL CO LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 13 -
2025
2024
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Fixed assets
Goodwill
12
249
845
Tangible assets
13
40
58
289
903
Current assets
Stocks
17
91
91
Debtors falling due after more than one year
18
7,969
1,122
Debtors falling due within one year
18
114,635
97,088
Cash at bank and in hand
57,851
30,169
180,546
128,470
Creditors: amounts falling due within one year
19
(107,336)
(80,507)
Net current assets
73,210
47,963
Total assets less current liabilities
73,499
48,866
Creditors: amounts falling due after more than one year
20
(4,755)
(1,005)
Provisions for liabilities
21
(1,293)
(21)
Net assets
67,451
47,840
Capital and reserves
Called up share capital
23
8
8
Equity reserve
1
(45)
Capital redemption reserve
2
2
Profit and loss reserves
67,440
47,875
Total equity
67,451
47,840
The financial statements were approved by the board of directors and authorised for issue on 13 August 2026 and are signed on its behalf by:
13 August 2026
Mr Duncan McArthur
Director
CITYSIDE ELECTRICAL CO LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 14 -
2025
2024
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Fixed assets
Investments
14
30,073
30,073
30,073
30,073
Current assets
Debtors
18
3,002
1,292
Cash at bank and in hand
2,269
908
5,271
2,200
Creditors: amounts falling due within one year
19
(1,761)
(2,390)
Net current assets/(liabilities)
3,510
(190)
Net assets
33,583
29,883
Capital and reserves
Called up share capital
23
8
8
Capital redemption reserve
2
2
Profit and loss reserves
33,573
29,873
Total equity
33,583
29,883

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £5,527,000 (2024 - £162,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 August 2026 and are signed on its behalf by:
13 August 2026
Mr Duncan McArthur
Director
Company registration number 07252278 (England and Wales)
CITYSIDE ELECTRICAL CO LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
Share capital
Equity reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£ 000's
£ 000's
£ 000's
£ 000's
£ 000's
Balance at 1 October 2023
8
(30)
2
36,440
36,420
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
11,435
11,435
Other movements
-
(15)
-
-
(15)
Balance at 30 September 2024
8
(45)
2
47,875
47,840
Year ended 30 September 2025:
Profit and total comprehensive income for the year
-
-
-
21,553
21,553
Dividends
11
-
-
-
(1,988)
(1,988)
Other movements
-
46
-
-
46
Balance at 30 September 2025
8
1
2
67,440
67,451
CITYSIDE ELECTRICAL CO LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Balance at 1 October 2023
8
2
29,711
29,721
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
162
162
Balance at 30 September 2024
8
2
29,873
29,883
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
5,688
5,688
Dividends
11
-
-
(1,988)
(1,988)
Balance at 30 September 2025
8
2
33,573
33,583
CITYSIDE ELECTRICAL CO LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
2025
2024
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Cash flows from operating activities
Cash generated from operations
29
33,559
12,692
Interest paid
(6)
-
0
Income taxes paid
(3,703)
(3,431)
Net cash inflow from operating activities
29,850
9,261
Investing activities
Repayment of loans
(831)
6,378
Interest received
696
389
Net cash (used in)/generated from investing activities
(135)
6,767
Financing activities
Purchase of derivatives
(44)
-
Dividends paid to equity shareholders
(1,988)
-
0
Net cash used in financing activities
(2,032)
-
Net increase in cash and cash equivalents
27,683
16,028
Cash and cash equivalents at beginning of year
30,168
14,140
Cash and cash equivalents at end of year
57,851
30,168
CITYSIDE ELECTRICAL CO LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
2025
2024
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Cash flows from operating activities
Cash absorbed by operations
30
(1,353)
(6,739)
Income taxes paid
(420)
-
0
Net cash outflow from operating activities
(1,773)
(6,739)
Investing activities
Repayment of loans
(1,331)
6,893
Interest received
-
0
6
Dividends received
6,453
-
0
Net cash generated from investing activities
5,122
6,899
Financing activities
Dividends paid to equity shareholders
(1,988)
-
Net cash used in financing activities
(1,988)
-
Net increase in cash and cash equivalents
1,361
160
Cash and cash equivalents at beginning of year
908
748
Cash and cash equivalents at end of year
2,269
908
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
1
Accounting policies
Company information

Cityside Electrical Co Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, 25 Camperdown Street, London, England, E1 8DZ.

The group consists of Cityside Electrical Co Ltd and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cityside Electrical Co Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the group 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.

1.5
Turnover

Construction contracts

Revenue is derived from construction contracts.

Contract revenue is measured at the fair value of the consideration received or receivable and includes the initial amount of revenue agreed in the contract, plus variations, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being measured reliably. Revenue is stated net of discounts, VAT and other sales related taxes.

Interest income

Interest income is accrued on a time basis in accordance with the effective interest rate method.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

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

Fixtures and fittings
25% straight line and reducing balance
Computers
33% straight line
Motor vehicles
25% straight line and reducing balance

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

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.8
Fixed asset investments

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

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

Tangible fixed assets are reviewed annually by the directors for impairment. Any impairment is taken to the profit and loss account.

1.10
Stocks

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

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

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

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.11
Construction contracts

When the outcome of a construction contract can be estimated reliably, contract revenue and costs are recognised by reference to the degree of completion of each contract, as measured by quantity surveyors.

Incentive payments and variations arising from construction contracts are included where they have been agreed with the client.

When 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 these costs will be recoverable.

The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract by contract basis. These focus on revenues and costs to complete and enable an assessment to be made of the final out turn of each contract. Consistent contract review procedures are in place in respect of contract forecasting.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as expenses in the period within which they have incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as due from customers on construction contracts within trade and other receivables. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on construction contracts within trade and other payables.

1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

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

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

Basic financial assets

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

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.

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

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

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.16
Taxation

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

Current tax

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

Deferred tax

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

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

1.17
Employee benefits

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

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

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

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 25 -
1.18
Retirement benefits

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

1.19
Leases

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

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.21

Research and development

Research expenditure is expensed through the profit and loss in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Construction contracts

The main area of estimation uncertainty are the construction contracts. Firstly profit is only recognised when the outcome of the project can be reliably estimated. There is uncertainty here that the outcome is incorrectly considered to be profitable.

Secondly when the project outcome can be reliably estimated the stage of completion is based on the billing to date and costs are recognised in order to include profit at the forecast overall margin on the job. There is some uncertainty over estimating future costs and any additional work or extras which may occur.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£ 000's
£ 000's
Turnover analysed by class of business
Electrical engineering
378,558
322,577
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Turnover and other revenue
(Continued)
- 26 -
2025
2024
£ 000's
£ 000's
Turnover analysed by geographical market
UK
328,163
304,387
Europe
50,395
18,190
378,558
322,577
2025
2024
£ 000's
£ 000's
Other revenue
Interest income
696
389
4
Operating profit
2025
2024
£ 000's
£ 000's
Operating profit for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
37
37
Depreciation of owned tangible fixed assets
18
101
Amortisation of intangible assets
596
596
Operating lease charges
1,547
939
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£ 000's
£ 000's
For audit services
Audit of the financial statements of the group and company
29
20
Audit of the financial statements of the company's subsidiaries
48
45
77
65
For other services
All other non-audit services
20
20
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Contracting
414
400
-
-
Admin
81
58
-
-
Directors
2
-
2
-
Total
497
458
2
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£ 000's
£ 000's
£ 000's
£ 000's
Wages and salaries
53,952
47,196
1,629
-
0
Social security costs
6,294
5,493
2
-
Pension costs
2,466
2,025
-
0
-
0
62,712
54,714
1,631
-
0
7
Directors' remuneration
2025
2024
£ 000's
£ 000's
Remuneration for qualifying services
7,766
6,525
Company pension contributions to defined contribution schemes
23
26
7,789
6,551
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£ 000's
£ 000's
Remuneration for qualifying services
1,740
2,521

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
8
Interest receivable and similar income
2025
2024
£ 000's
£ 000's
Interest income
Interest on bank deposits
696
389
2025
2024
Investment income includes the following:
£ 000's
£ 000's
Interest on financial assets not measured at fair value through profit or loss
696
389
9
Interest payable and similar expenses
2025
2024
£ 000's
£ 000's
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
6
-
0
10
Taxation
2025
2024
£ 000's
£ 000's
Current tax
UK corporation tax on profits for the current period
5,018
2,940
Adjustments in respect of prior periods
(615)
(4)
Total UK current tax
4,403
2,936
Foreign current tax on profits for the current period
-
0
1,463
Total current tax
4,403
4,399
Deferred tax
Origination and reversal of timing differences
1,272
-
0
Total tax charge
5,675
4,399
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10
Taxation
(Continued)
- 29 -

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
£ 000's
£ 000's
Profit before taxation
27,228
15,834
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
6,807
3,959
Tax effect of expenses that are not deductible in determining taxable profit
(411)
374
Adjustments in respect of prior years
(161)
(4)
Group relief
(54)
-
0
Research and development tax credit
(1,224)
-
0
Other permanent differences
1
(1,393)
Effect of overseas tax rates
-
0
1,463
Foreign Taxation
717
-
Taxation charge
5,675
4,399
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£ 000's
£ 000's
Final paid
1,988
-
12
Intangible fixed assets
Group
Goodwill
£ 000's
Cost
At 1 October 2024 and 30 September 2025
5,965
Amortisation and impairment
At 1 October 2024
5,120
Amortisation charged for the year
596
At 30 September 2025
5,716
Carrying amount
At 30 September 2025
249
At 30 September 2024
845
The company had no intangible fixed assets at 30 September 2025 or 30 September 2024.
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
12
Intangible fixed assets
(Continued)
- 30 -
13
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£ 000's
£ 000's
£ 000's
£ 000's
Cost
At 1 October 2024 and 30 September 2025
392
348
89
829
Depreciation and impairment
At 1 October 2024
380
327
64
771
Depreciation charged in the year
5
8
5
18
At 30 September 2025
385
335
69
789
Carrying amount
At 30 September 2025
7
13
20
40
At 30 September 2024
12
21
25
58
The company had no tangible fixed assets at 30 September 2025 or 30 September 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Investments in subsidiaries
15
-
0
-
0
30,073
30,073
Movements in fixed asset investments
Company
Shares in subsidiaries
£ 000's
Cost or valuation
At 1 October 2024 and 30 September 2025
30,073
Carrying amount
At 30 September 2025
30,073
At 30 September 2024
30,073
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Phoenix ME Limited
1
Ordinary
100.00
-
Phoenixtrescray Ltd
1
Ordinary
0
100.00
Phoenix ME (Europe) Limited
2
Ordinary
0
100.00
Phoenix ME Norway AS
3
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
First Floor, 25 Camperdown Street, London, England, E1 8DZ
2
29 Earslfort Terrace, Dublin 2, Ireland
3
Evert van de Beekstraat 1, Office 134, 1118CL Schiphol
16
Joint ventures

Details of joint ventures at 30 September 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Indirect
Price Phoenix HS2 JV Limited
Central House, 25 Camperdown Street, London, England, E1 8DZ
Ordinary
0
50.00

This company is dormant and therefore no transactions are noted in the financial statements for this joint venture.

17
Stocks
Group
Company
2025
2024
2025
2024
£ 000's
£ 000's
£ 000's
£ 000's
Finished goods and goods for resale
91
91
-
0
-
0
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 32 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£ 000's
£ 000's
£ 000's
£ 000's
Trade debtors
58,322
28,767
-
0
-
0
Gross amounts owed by contract customers
34,623
47,844
-
0
-
0
Corporation tax recoverable
366
-
0
366
-
0
Other debtors
19,594
19,367
2,636
1,292
Prepayments and accrued income
1,730
1,110
-
0
-
0
114,635
97,088
3,002
1,292
Amounts falling due after more than one year:
Trade debtors
7,952
1,122
-
0
-
0
Other debtors
17
-
0
-
0
-
0
7,969
1,122
-
-
Total debtors
122,604
98,210
3,002
1,292
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£ 000's
£ 000's
£ 000's
£ 000's
Trade creditors
36,124
51,842
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,168
1,577
Corporation tax payable
3,741
2,675
-
0
215
Other taxation and social security
5,179
3,568
593
598
Other creditors
4,129
5,086
-
0
-
0
Accruals and deferred income
58,163
17,336
-
0
-
0
107,336
80,507
1,761
2,390

Included within trade creditors are retentions held totalling £11,595,886 (2024 - £7,077,834 ).

20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£ 000's
£ 000's
£ 000's
£ 000's
Trade creditors
4,755
1,005
-
0
-
0

Included within trade creditors due in more than one year is retentions held totalling £4,755,350 (2024 - £1,004,738).

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 33 -
21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£ 000's
£ 000's
Accelerated capital allowances
21
21
Long term construction contracts (Norway)
1,272
-
1,293
21
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£ 000's
£ 000's
Liability at 1 October 2024
21
-
Charge to profit or loss
1,272
-
Liability at 30 September 2025
1,293
-

T he majority of the deferred tax liability set out above is expected to be released upon conclusion of the Norway contracts.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£ 000's
£ 000's
Charge to profit or loss in respect of defined contribution schemes
2,466
2,025

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

There were contributions of £344,186 (2024: £269,601) owed to the scheme at the balance sheet date.

23
Share capital
Group and company
2025
2024
Ordinary share capital
£ 000's
£ 000's
Issued and fully paid
7,800 Ordinary of £1 each
8
8

The company has one class of ordinary shares which carry no right to fixed income.

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 34 -
24
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee as security for the bank borrowings of the group.

The bank has a fixed and floating charge over the investments, property and assets of Cityside Electrical Co Ltd, Phoenix ME Limited and PhoenixTrescray Ltd.

25
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£ 000's
£ 000's
£ 000's
£ 000's
Within one year
481
780
-
-
Between two and five years
636
658
-
-
In over five years
6
48
-
-
1,123
1,486
-
-

Operating lease payments represent rentals payable by the company for its office premises and storage facilities.

CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 35 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£ 000's
£ 000's
Aggregate compensation
6,677
6,552
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£ 000's
£ 000's
Group
Entities over which key management has control, joint control or significant influence
17,406
12,944

Other information

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

27
Controlling party

The ultimate controlling party is that of the director, Mr L Compton, due to his majority shareholding.

28
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£ 000's
£ 000's
£ 000's
Mr Lee Compton -
-
738
1,330
2,068
738
1,330
2,068
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 36 -
29
Cash generated from group operations
2025
2024
£ 000's
£ 000's
Profit for the year after tax
21,553
11,435
Adjustments for:
Taxation charged
5,675
4,399
Finance costs
6
-
0
Investment income
(696)
(389)
Amortisation and impairment of intangible assets
596
596
Depreciation and impairment of tangible fixed assets
19
101
Increase in provisions
1,900
-
Movements in working capital:
Increase in debtors
(23,196)
(33,641)
Increase in creditors
29,513
30,191
Decrease in deferred income
(1,811)
-
Cash generated from operations
33,559
12,692
30
Cash absorbed by operations - company
2025
2024
£ 000's
£ 000's
Profit after taxation
5,688
162
Adjustments for:
Taxation (credited)/charged
(161)
54
Investment income
(6,453)
(6)
Movements in working capital:
Increase in debtors
(13)
(1)
Decrease in creditors
(414)
(6,948)
Cash absorbed by operations
(1,353)
(6,739)
31
Analysis of changes in net funds - group
1 October 2024
Cash flows
30 September 2025
£ 000's
£ 000's
£ 000's
Cash at bank and in hand
30,168
27,683
57,851
CITYSIDE ELECTRICAL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 37 -
32
Analysis of changes in net funds - company
1 October 2024
Cash flows
30 September 2025
£ 000's
£ 000's
£ 000's
Cash at bank and in hand
908
1,361
2,269
33
Post balance sheet events

One of companies within the group is working with R&D specialists to finalise the 2025 R&D claim. At the time of signing the consolidated financial statements the value of the R&D claim has been placed in as an estimate. Funds are expected to be confirmed and received during the next financial year.

Subsequent to the Reporting Date, the Group has entered discussions with a third party with a view to acquiring a percentage of the share capital of Phoenix ME and its subsidiaries, these discussions were finalised on the 5 August 2026. The Directors do not consider that the sale of shares will have an adverse impact on the group.

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