Company Registration No. 12407951 (England and Wales)
DEARNESIDE (HOLDINGS) LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
DEARNESIDE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr P J Grant
Mr J J Young
Company number
12407951
Registered office
Trafalgar Works
Wallace Road
Sheffield
S3 9SR
Auditor
BK Plus Audit Limited
Cannon House
Rutland Road
Sheffield
South Yorkshire
S3 8DP
Bankers
Barclays Bank PLC
2nd Floor
1 St Pauls Place
121 Norfolk Street
Sheffield
S1 2JW
DEARNESIDE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 39
DEARNESIDE (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the Dearneside (Holdings) Limited Group for the year ended 31 March 2026.

Review of the business

The Group specialises in architectural metalwork and general steel fabrication, operating across the Residential, Leisure, Retail, and Commercial sectors. The Group also invest in Commercial Properties let on long FRI leases t o tenants from a variety of sectors.

During the year, material prices continued to stabilise following the significant increases experienced in previous periods. Gross profit margin has improved to 30.7% compared to 26.2% in the prior year. The Group continues to focus on maintaining margins and actively seeks opportunities to improve them through ongoing review processes.

Turnover for the year has reduced to £12.8m from £16.8m for the previous year. This reduction was driven primarily by delays associated with the Building Safety Act and the associated Gateway 2 approval process, which has created a significant bottleneck in the release and commencement of new projects. The slowdown in regulatory approvals delayed the commencement of several contracts during the year and consequently reduced revenue recognised in the year end 31 March 2026.

Despite a 24% reduction in turnover, operating profit remained strong at £2.2 million down from £2.3 million for 2025. The Directors are pleased with this performance, reflecting the business's resilience in managing external challenges while maintaining a robust level of profitability. They remain confident that results for the forthcoming financial year will be equally strong, supported by continued strategic planning and market positioning.

The Group views its relationships with supply chain partners, clients, and employees as critical to sustaining long-term growth. While the transition under the Building Safety Act has created short-term challenges, particularly through the Gateway 2 approval stage, the Directors are confident that once this regulatory process becomes more streamlined, it will provide greater clarity and consistency in the sector. To mitigate the current delays, the Group has adapted its approach by engaging more proactively at the design stage, collaborating closely with clients and consultants, to ensure projects are fully aligned with Gateway 2 requirements. This early engagement is designed to reduce approval risk, improve programme certainty, and ensure readiness as the regulatory framework settles.

In terms of secured orders, although the Gateway 2 process delayed some projects in the year, the Group still ended the year with approximately £20 million of secured orders. Since the balance sheet date, an additional £10m of projects have been secured, with numerous further high-value opportunities currently being priced.

The Directors continue to monitor the Marketplace which, as always, remains competitive. The Directors also ensure that they are aware of the Economic outlook to enable the Group to remain in a strong Position in the Marketplace. The Group benefits from collaborative working with its existing clients together with seeking new clients to continue to build upon its commercial relationships for the benefit of the business.

The Group continues to measure its results in line with strategic growth plans and remains pleased at the continual growth and strength of the organisation, with Group net assets increasing to £1 5.5 m at the reporting date up from £1 3.9 m following further expansion during the financial year to the company's investment property portfolio, acquiring additional Properties for c£4.5m supported by additional bank funding.

DEARNESIDE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Principal risks and uncertainties

The Group operates in the Construction Sector and the Directors and Senior Management are very much aware of the cyclical nature of the Sector and as such continually monitor the marketplace and key risks.

Directors together with the senior Management continually assess Internal controls to manage and mitigate key risks, identified as:

- Quality – the Group has many accreditations including CE Marking under the Construction Products Regulations 2011.

- Competitive Pricing – The Group continues to be very well positioned in the marketplace being successful on numerous prestigious developments across many sectors. It maintains a secured order book in excess of £20M, being in excess of One Years Turnover.

- Safety – The Group adheres to all latest Health and Safety legislation and proactively promotes safe working practices throughout its operations. The Group is once again pleased to report it has had no reportable incidents in the period under review nor up to the date of signing these Financial Statements.

- Liquidity – Robust controls are maintained and monitored to ensure the Group has sufficient resources to meet both its short and long term liabilities. The Group maintains substantial cash resources to be able to deal with any unforeseen issues that may arise. In addition, the Group also has access to immediately available funds in its Parent Company should the need arise.

The director's and senior management also assess external risks to ensure the Group is able to adapt to changes in the marketplace.

The group continues to respond to operational challenges affecting its manufacturing facilities and site installation activities. Its experienced management team and flexible operating structure enable it to assess emerging issues and implement appropriate measures promptly. The Group also maintains robust financial controls and significant liquid resources to withstand a short- or medium-term reduction in trading or cashflow. No such material reduction had arisen at the date of this report.

Credit Risk

All Clients of Dearneside Fabrications undergo a credit review prior to new Contracts being placed, and manages its risk via appropriate levels of credit insurances by accredited Credit Underwriters and constant monitoring of its debtor book and work in Progress Levels.

Liquidity Risk

The Directors closely monitor its liquid resources of the Group to ensure it can meet its ongoing obligations as and when they fall due and has sufficient available resources to withstand any short or medium term reduction in Cashflow should this arise. The Group holds c£4m of cash reserves at the Balance Sheet date

Key performance indicators

The Directors closely monitor Turnover, Gross Profit and Forward order Book levels, these are seen as key Financial Performance Indicators.

DEARNESIDE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

On behalf of the board

Mr P J Grant
Director
7 August 2026
DEARNESIDE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

The directors present their annual report and financial statements of the Company and the Group for the year ended 31 March 2026.

Principal activities

The principal activity of the Group is that of architectural metalwork and general steel fabrication. The principal activities of the company are that of a holding company and commercial property rental.

Results and dividends

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

Ordinary dividends were paid amounting to £240,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr P J Grant
Mr J J Young
Statement of directors' responsibilities

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 The review of the business, Key performance indicators, Principal risks and uncertainties.

DEARNESIDE (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
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 company 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 company is aware of that information.

On behalf of the board
Mr P J Grant
Director
7 August 2026
DEARNESIDE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEARNESIDE (HOLDINGS) LIMITED
- 6 -
Opinion

We have audited the financial statements of Dearneside (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 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 31 March 2026 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.

DEARNESIDE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEARNESIDE (HOLDINGS) LIMITED
- 7 -
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 group's and 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 group or 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.

- Considering the nature of the industry and sector and the business performance.

- Enquiry of management, and those charged with governance.

- Reviewing minutes of meetings of those charged with governance.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

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

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

There are inherent limitations in our audit procedures including those noted above, The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error and as they may involve deliberate concealment of 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.

DEARNESIDE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEARNESIDE (HOLDINGS) LIMITED
- 8 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Wade BA ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Cannon House
Rutland Road
Sheffield
South Yorkshire
S3 8DP
7 August 2026
DEARNESIDE (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
Notes
£
£
Turnover
3
12,808,790
16,802,855
Cost of sales
(8,877,727)
(12,400,527)
Gross profit
3,931,063
4,402,328
Administrative expenses
(2,799,199)
(2,816,223)
Other operating income
1,054,646
717,199
Operating profit
4
2,186,510
2,303,304
Interest receivable and similar income
8
110,158
96,523
Interest payable and similar expenses
9
(387,199)
(163,958)
Amounts written off investments
10
-
(28,411)
Profit before taxation
1,909,469
2,207,458
Tax on profit
11
(449,903)
(589,678)
Profit for the financial year
26
1,459,566
1,617,780
Profit for the financial year is all attributable to the owner of the parent company.
DEARNESIDE (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
£
£
Profit for the year
1,459,566
1,617,780
Other comprehensive income
Revaluation of tangible fixed assets
516,260
(175,000)
Tax relating to other comprehensive income
(129,065)
14,065
Other comprehensive income for the year
387,195
(160,935)
Total comprehensive income for the year
1,846,761
1,456,845
Total comprehensive income for the year is all attributable to the owner of the parent company.
DEARNESIDE (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,955,892
2,412,463
Investment property
14
12,985,722
9,367,622
15,941,614
11,780,085
Current assets
Stocks
17
735,292
813,680
Debtors
18
4,870,790
5,196,624
Cash at bank and in hand
4,124,337
2,319,046
9,730,419
8,329,350
Creditors: amounts falling due within one year
19
(3,214,983)
(3,459,710)
Net current assets
6,515,436
4,869,640
Total assets less current liabilities
22,457,050
16,649,725
Creditors: amounts falling due after more than one year
20
(6,205,079)
(2,072,137)
Provisions for liabilities
Deferred tax liability
23
782,613
714,991
(782,613)
(714,991)
Net assets
15,469,358
13,862,597
Capital and reserves
Called up share capital
25
400
400
Revaluation reserve
26
1,395,589
1,124,954
Other reserves
26
8,260,916
8,260,916
Profit and loss reserves
26
5,812,453
4,476,327
Total equity
15,469,358
13,862,597

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

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
Mr P J Grant
Director
Company registration number 12407951 (England and Wales)
DEARNESIDE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 12 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,191,260
1,675,000
Investment property
14
11,965,335
9,367,622
Investments
15
8,261,016
8,260,916
22,417,611
19,303,538
Current assets
Debtors
18
1,931,970
890,799
Cash at bank and in hand
2,006,490
289,414
3,938,460
1,180,213
Creditors: amounts falling due within one year
19
(903,345)
(1,063,097)
Net current assets
3,035,115
117,116
Total assets less current liabilities
25,452,726
19,420,654
Creditors: amounts falling due after more than one year
20
(6,197,946)
(2,072,137)
Provisions for liabilities
Deferred tax liability
23
611,421
521,231
(611,421)
(521,231)
Net assets
18,643,359
16,827,286
Capital and reserves
Called up share capital
25
400
400
Revaluation reserve
26
1,395,589
1,124,954
Other reserves
26
8,260,516
8,260,516
Profit and loss reserves
26
8,986,854
7,441,416
Total equity
18,643,359
16,827,286
DEARNESIDE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 13 -

As permitted by section 408 of the 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 £1,668,878 (2025 - £687,184 profit).

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 7 August 2026 and are signed on its behalf by:
07 August 2026
Mr P J Grant
Director
Company registration number 12407951 (England and Wales)
DEARNESIDE (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
Share capital
Revaluation reserve
Merger reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2024
400
1,285,889
8,260,916
3,433,547
12,980,752
Year ended 31 March 2025:
Profit for the year
-
-
-
1,617,780
1,617,780
Other comprehensive income:
Revaluation of tangible fixed assets
-
(175,000)
-
-
(175,000)
Tax relating to other comprehensive income
-
14,065
-
-
0
14,065
Total comprehensive income
-
(160,935)
-
1,617,780
1,456,845
Dividends
12
-
-
-
(575,000)
(575,000)
Balance at 31 March 2025
400
1,124,954
8,260,916
4,476,327
13,862,597
Year ended 31 March 2026:
Profit for the year
-
-
-
1,459,566
1,459,566
Other comprehensive income:
Revaluation of tangible fixed assets
-
516,260
-
-
516,260
Tax relating to other comprehensive income
-
(129,065)
-
-
0
(129,065)
Total comprehensive income
-
387,195
-
1,459,566
1,846,761
Dividends
12
-
-
-
(240,000)
(240,000)
Transfers
-
(116,560)
-
116,560
-
Balance at 31 March 2026
400
1,395,589
8,260,916
5,812,453
15,469,358
DEARNESIDE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
Share capital
Revaluation reserve
Merger reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2024
400
1,285,889
8,260,516
7,329,232
16,876,037
Year ended 31 March 2025:
Profit for the year
-
-
-
687,184
687,184
Other comprehensive income:
Revaluation of tangible fixed assets
-
(175,000)
-
-
(175,000)
Tax relating to other comprehensive income
-
14,065
-
-
0
14,065
Total comprehensive income
-
(160,935)
-
687,184
526,249
Dividends
12
-
-
-
(575,000)
(575,000)
Balance at 31 March 2025
400
1,124,954
8,260,516
7,441,416
16,827,286
Year ended 31 March 2026:
Profit for the year
-
-
-
1,668,878
1,668,878
Other comprehensive income:
Revaluation of tangible fixed assets
-
516,260
-
-
516,260
Tax relating to other comprehensive income
-
(129,065)
-
-
0
(129,065)
Total comprehensive income
-
387,195
-
1,668,878
2,056,073
Dividends
12
-
-
-
(240,000)
(240,000)
Transfers
-
(116,560)
-
116,560
-
Balance at 31 March 2026
400
1,395,589
8,260,516
8,986,854
18,643,359
DEARNESIDE (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
3,344,353
2,314,290
Interest paid
(387,199)
(163,958)
Income taxes paid
(581,031)
(511,157)
Net cash inflow from operating activities
2,376,123
1,639,175
Investing activities
Purchase of tangible fixed assets
(368,393)
(18,195)
Proceeds from disposal of tangible fixed assets
108,816
8,663
Purchase of investment property
(1,693,100)
(976,372)
Proceeds from disposal of investment property
2,000,000
-
Loans made to other entities
-
(28,411)
Repayment of loans
(819,937)
-
Interest received
110,158
96,523
Net cash used in investing activities
(662,456)
(917,792)
Financing activities
Proceeds from new bank loans
651,918
500,000
Repayment of bank loans
(262,017)
(283,509)
Payment of finance leases obligations
(58,277)
(25,089)
Dividends paid to equity shareholders
(240,000)
(575,000)
Net cash generated from/(used in) financing activities
91,624
(383,598)
Net increase in cash and cash equivalents
1,805,291
337,785
Cash and cash equivalents at beginning of year
2,319,046
1,981,261
Cash and cash equivalents at end of year
4,124,337
2,319,046
DEARNESIDE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
34
(404,229)
1,453,467
Interest paid
(385,901)
(160,599)
Income taxes paid
(158,531)
(73,661)
Net cash (outflow)/inflow from operating activities
(948,661)
1,219,207
Investing activities
Purchase of investment property
(672,713)
(976,372)
Proceeds from disposal of investment property
2,000,000
-
0
Purchase of subsidiaries
(100)
-
0
Loans made
-
0
(28,411)
Interest received
48,649
28,753
Dividends received
1,140,000
240,000
Net cash generated from/(used in) investing activities
2,515,836
(736,030)
Financing activities
Proceeds from new bank loans
651,918
500,000
Repayment of bank loans
(262,017)
(283,509)
Dividends paid to equity shareholders
(240,000)
(575,000)
Net cash generated from/(used in) financing activities
149,901
(358,509)
Net increase in cash and cash equivalents
1,717,076
124,668
Cash and cash equivalents at beginning of year
289,414
164,746
Cash and cash equivalents at end of year
2,006,490
289,414
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
1
Accounting policies
Company information

Dearneside (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is, Trafalgar Works, Wallace Road, Sheffield, S3 9SR.

The group consists of Dearneside (Holdings) Limited and all of its subsidiaries.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dearneside (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 March 2026. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

The nature of the Group's underlying business is such that there can be considerable unpredictable variation in the timing of cash inflows and the economic conditions during the period of these accounts have created some uncertainty in the market, but the directors have reviewed the Group's forecasts and projections and have considered the effect of possible changes in trading performance, and level of cash balances which totalled £4.12m. On the basis of these projections the directors consider that the Group has sufficient financial resources.

After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue operations in the future, at least up to and beyond the current projections. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

1.5
Revenue

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

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

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

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Not depreciated
Leasehold land and buildings
Not depreciated
Plant and equipment
12.5% per annum reducing balance, 20% reducing balance on trailers
Fixtures and fittings
20% per annum straight line, 25% per annum straight line on computer equipment and 10% per annum straight line on heaters
Motor vehicles
25% per annum reducing balance on cars and 20% per annum reducing balance on HGV's

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
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

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

1.11
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.

1.12
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.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 22 -
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.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

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

1.13
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.

1.14
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.

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

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

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 24 -
1.17
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
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.

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.

The key estimates included in the consolidated group financial statements for the year ending 31 March 2026 are in respect of the carrying value of land and buildings, investment properties, work in progress provisions and deferred income . However, the directors believe that no further adjustments to the respective carrying values of these balances are required at 31 March 2026.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 25 -
3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Revenue from construction contracts
12,808,790
16,802,855
2026
2025
£
£
Turnover analysed by geographical market
UK
12,808,790
16,802,855
2026
2025
£
£
Other revenue
Interest income
110,158
96,523
Rental income
1,008,353
822,056
Other miscellaneous income
48,007
-
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
233,410
210,668
Depreciation of tangible fixed assets held under finance leases
13,392
23,000
Profit on disposal of tangible fixed assets
(14,394)
(3,765)
Cost of stocks recognised as an expense
5,385,712
8,599,722
Operating lease charges
63,000
63,000
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,250
5,000
Audit of the financial statements of the company's subsidiaries
14,750
17,450
20,000
22,450
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Directors
4
4
2
2
Administration
27
28
-
-
Manufacture / production
62
62
-
-
Total
93
94
2
2

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
3,917,351
4,308,330
43,835
34,300
Social security costs
445,886
391,479
6,042
3,671
Pension costs
151,560
132,456
-
0
-
0
4,514,797
4,832,265
49,877
37,971
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
513,948
579,675
Company pension contributions to defined contribution schemes
86,644
60,385
600,592
640,060
The number of directors of the group for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2025 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
207,892
211,006
Company pension contributions to defined contribution schemes
7,979
8,773
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
102,312
72,403
Other interest income
7,846
24,120
Total income
110,158
96,523
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
102,312
72,403
9
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
385,901
160,599
Other finance costs:
Interest on finance leases and hire purchase contracts
1,298
3,359
Total finance costs
387,199
163,958
10
Amounts written off investments
2026
2025
£
£
Amounts written back to/(written off) current loans
-
(28,411)

During the year ended 31 March 2025, the company partially reversed a provision for impairment against a loan due from a connected company in which the directors are shareholders.

11
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
511,346
611,560
Deferred tax
Origination and reversal of timing differences
(61,443)
(21,882)
Total tax charge
449,903
589,678
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
11
Taxation
(Continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,909,469
2,207,458
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
477,367
551,865
Effects of:
Expenses that are not deductible in determining taxable profit
1,965
8,128
Unutilised tax losses carried forward
426
-
0
Permanent capital allowances in excess of depreciation
(29,685)
29,685
Deferred tax adjustments in respect of prior years
(170)
-
0
Taxation charge in the financial statements
449,903
589,678

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:

2026
2025
£
£
Deferred tax arising on:
Revaluation of property
129,065
(14,065)
12
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Interim paid
240,000
575,000
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2025
1,675,000
66,956
1,306,588
510,505
875,358
4,434,407
Additions
-
0
36,014
14,279
9,298
308,802
368,393
Disposals
-
0
-
0
(5,181)
-
0
(241,737)
(246,918)
Revaluation
516,260
-
0
-
0
-
0
-
0
516,260
At 31 March 2026
2,191,260
102,970
1,315,686
519,803
942,423
5,072,142
Depreciation and impairment
At 1 April 2025
-
0
66,955
1,030,787
420,391
503,811
2,021,944
Depreciation charged in the year
-
0
-
0
80,331
33,187
133,284
246,802
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(152,496)
(152,496)
At 31 March 2026
-
0
66,955
1,111,118
453,578
484,599
2,116,250
Carrying amount
At 31 March 2026
2,191,260
36,015
204,568
66,225
457,824
2,955,892
At 31 March 2025
1,675,000
1
275,801
90,114
371,547
2,412,463
Company
Freehold land and buildings
£
Cost or valuation
At 1 April 2025
1,675,000
Revaluation
516,260
At 31 March 2026
2,191,260
Depreciation and impairment
At 1 April 2025 and 31 March 2026
-
0
Carrying amount
At 31 March 2026
2,191,260
At 31 March 2025
1,675,000
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
13
Tangible fixed assets
(Continued)
- 30 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Motor vehicles
115,168
100,845
-
0
-
0

Freehold land and buildings of the Group and Company with a carrying amount of £2,191,260 (2025 - £1,675,000) have been pledged to secure borrowings of the company.

Land and buildings of the Group and Company with a carrying amount of £2,191,260 were revalued in June 2026 by Messrs SMC Brownhill Vickers, independent valuers not connected with the company, on an open market value basis and in accordance with UKGAAP. The directors consider that the valuation represents a true reflection of the value of the property at 31 March 2026.

The land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2026
2025
£
£
Group
Cost
1,278,250
1,278,250
Company
Cost
1,278,250
1,278,250
Carrying value
1,278,250
1,278,250
14
Investment property
Group
Company
2026
2026
£
£
Fair value
At 1 April 2025
9,367,622
9,367,622
Additions
5,618,100
4,597,713
Disposals
(2,000,000)
(2,000,000)
At 31 March 2026
12,985,722
11,965,335
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
14
Investment property
(Continued)
- 31 -

Investment properties of the Group and Company b/fwd at 1 April 2025 are included at market value in accordance with valuation reports dated May and June 2025 undertaken by Messrs SMC Brownhill Vickers, independent valuers not connected with the company.

Investment properties acquired by the Group and Company during the year end 31 March 2026 are included at a cost of £5,618,100 for the Group and £4,597,713 for the company respectively.

The valuations are based on market value. The valuation s conform to UK Valuation Standards and were based on recent market transactions on an arm's length basis for similar properties.

The directors consider that the carrying value of all investment properties remain a true reflection of their fair value at 31 March 2026 based on current rental yields received compared to rental yields when the properties were revalued.

15
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
8,261,016
8,260,916
Fixed asset investments not carried at market value

Investments are valued at cost less provision for impairment.

Investments b/fwd from 31 March 2025 of £8,260,916 relates to shares in the company's wholly owned subsidiary undertaking, Dearneside Fabrications Limited which was acquired by a share for share exchange and is valued at net book value of net assets acquired. The directors have reviewed this valuation and believe it remains fair.

On 27 March 2026 the company acquired 100% of the issued share capital of PJG Holdings Limited for £100.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025
8,260,916
Additions
100
At 31 March 2026
8,261,016
Carrying amount
At 31 March 2026
8,261,016
At 31 March 2025
8,260,916
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 32 -
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dearneside Fabrications Limited
Trafalgar Works, Wallace Road, Sheffield, S3 9SR
Ordinary
100.00
PJG Holdings Limited
Trafalgar Works, Wallace Road, Sheffield, S3 9SR
Ordinary
100.00
17
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Raw materials and consumables
3,500
3,500
-
-
Work in progress
731,792
810,180
-
-
735,292
813,680
-
-
18
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,265,946
2,632,868
20,452
12,600
Amounts owed by group undertakings
-
0
-
0
1,815,000
-
0
Other debtors
1,755,074
1,470,052
70,000
860,000
Prepayments and accrued income
337,520
364,085
26,518
18,199
4,358,540
4,467,005
1,931,970
890,799
Amounts falling due after more than one year:
Trade debtors
512,250
729,619
-
0
-
0
Total debtors
4,870,790
5,196,624
1,931,970
890,799

Group trade debtors falling due under one year includes £2,245,494 (2025 - £2,620,268) in respect of amounts due from customers for contract work.

Group trade debtors falling due over one year are in respect of amounts due from customers for contract work.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 33 -
19
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans
21
298,140
109,048
298,140
109,048
Obligations under finance leases
22
5,751
71,161
-
0
-
0
Trade creditors
1,648,214
1,719,815
4,505
-
0
Amounts owed to group undertakings
-
0
-
0
110,000
610,674
Corporation tax payable
321,489
391,174
214,974
158,505
Other taxation and social security
202,337
165,024
49,098
53,704
Other creditors
51,319
78,572
1,534
1,434
Accruals and deferred income
687,733
924,916
225,094
129,732
3,214,983
3,459,710
903,345
1,063,097

Bank loan liabilities are secured against the property to which they relate in addition to a fixed and floating charge over all assets of the group.

Finance lease liabilities are secured against the assets to which they relate.

20
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans and overdrafts
21
6,197,946
2,072,137
6,197,946
2,072,137
Obligations under finance leases
22
7,133
-
0
-
0
-
0
6,205,079
2,072,137
6,197,946
2,072,137

Bank loan liabilities are secured against the property to which they relate in addition to a fixed and floating charge over all assets of the group.

Finance lease liabilities are secured against the assets to which they relate.

21
Loans and overdrafts
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans
6,496,086
2,181,185
6,496,086
2,181,185
Payable within one year
298,140
109,048
298,140
109,048
Payable after one year
6,197,946
2,072,137
6,197,946
2,072,137

The bank loans are secured against the property to which they relate in addition to a fixed and floating charge over all assets of the Group.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 34 -
22
Finance lease obligations
Group
Company
2026
2025
2026
2025
Amounts due:
£
£
£
£
Current liabilities
5,751
71,161
-
0
-
0
Non-current liabilities
7,133
-
0
-
0
-
0
12,884
71,161
-
-
Group
Company
2026
2025
2026
2025
Future minimum lease payments due:
£
£
£
£
Within one year
5,751
71,161
-
0
-
0
In two to five years
7,133
-
0
-
0
-
0
12,884
71,161
-
-

Finance lease payments represent rentals payable by the group for two motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
171,192
193,760
Revaluations
611,421
521,231
782,613
714,991
Liabilities
Liabilities
2026
2025
Company
£
£
Revaluations
611,421
521,231
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
23
Deferred taxation
(Continued)
- 35 -
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
714,991
521,231
Credit to profit or loss
(61,443)
(38,875)
Charge to other comprehensive income
129,065
129,065
Liability at 31 March 2026
782,613
611,421

24
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,560
132,456

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.

25
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400
400
400
400
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 36 -
26
Reserves
Profit and loss reserves

The Group profit and loss reserves represents the cumulative profits and losses of the parent entity and the post acquisition cumulative profits and losses of its subsidiary undertakings.

The company profit and loss reserves represents the cumulative profits and losses.

Merger reserves

The company acquired 100% of the issued ordinary share capital of Dearneside Fabrications Limited by a share for share exchange in August 2020. The Group merger reserve represents the fair value of the net assets of Dearneside Fabrications Limited on acquisition.

Revaluation reserves
Revaluation reserves represent gains / losses in the carrying value of land and buildings and investment properties since they were acquired based on valuations obtained from independent professional valuer.
27
Contingent liabilities

The members of the Group, Dearneside (Holdings) Limited and Dearneside Fabrications Limited have provided a cross guarantee and debenture to Barclays Bank PLC in respect of borrowings from Barclays Bank PLC.

At 31st March 2026 the total borrowings owed by the Group to Barclays Bank PLC amounted £6,496,085 (2025 £2,181,185).

28
Operating lease commitments
As 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
2026
2025
2026
2025
£
£
£
£
Within 1 year
79,000
60,000
-
-
Years 2-5
316,000
240,000
-
-
After 5 years
158,000
180,000
-
-
553,000
480,000
-
-
As lessor - operating leases

The Group owns 9 investment properties (2025 - 7) for rental purposes, of which the Company owns 8 (2025 - 7). However, 2 are rented within the Group. The leases are all for varying terms up to 10 years. Some of the operating lease contracts contain break and market review clauses in the event that the lessee exercises its option to renew.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
28
Operating lease commitments
(Continued)
- 37 -
Group
Company
2026
2025
2026
2025
Future amounts receivable:
£
£
£
£
Within 1 year
1,052,394
593,809
932,394
650,809
Years 2-5
2,694,459
882,796
2,414,459
882,796
After 5 years
1,012,900
-
1,012,900
-
4,759,753
1,476,605
4,359,753
1,533,605
29
Events after the reporting date

Subsequent to the year end, the Group acquired an additional investment property for consideration of £1,2 36,000. The acquisition completed after the reporting date and, accordingly, no adjustment has been made to the amounts recognised in these financial statements.

The directors consider this transaction to be a non-adjusting event after the reporting date as defined by FRS 102. The investment property will form part of the company's property investment portfolio and will be recognised in the financial statements for the year ending 31 March 2027.

30
Related party transactions

During the year ended 31 March 2026 the Group paid rent of £60,000 (2025 - £60,000) to the SIPP of a director. The rent is calculated at market value. Included in lessee operating lease commitments payable at 31 March 20 2 6 is £4 2 0,000 (2025 - £480,000) in respect of rents payable to the SIPP. (See note 28).

Within other debtors at 31 March 2026 are amounts due to the Group of £960,000 (2025 - £8 60,000) from connected Companies in which one of the directors is a shareholder. Where agreed, interest was being charged at what the directors consider to be a market rate, with interest received in the year ending 31 March 2026 of £7,846 (2025 - £24,120).

During the year the company released part of a provision of £Nil (2025 - £28,411) against amounts owed by a connected company in which the directors are shareholders.

The company received rents of £63,569 (2025 - £146,667) from a connected company in which the directors are shareholders.

During the year the company sold an investment property to a connected company in which the directors are shareholders. The property was sold for consideration of £2,000,000 (2025 - £Nil) and the sale was undertaken on commercial terms.

The company has taken advantage of the exemption under FRS102 section 33.1A from disclosing transactions with group companies which are eliminated on consolidation, where the consolidated financial statements are prepared.

31
Directors' transactions

Dividends totalling £240,000 (2025 - £575,000) were paid in the year in respect of shares held by the company's directors.

DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 38 -
32
Controlling party

The company is under the control of P Grant, a director of the company.

33
Cash generated from group operations
2026
2025
£
£
Profit after taxation
1,459,566
1,617,780
Adjustments for:
Taxation charged
449,903
589,678
Finance costs
387,199
163,958
Investment income
(110,158)
(96,523)
Gain on disposal of tangible fixed assets
(14,394)
(3,765)
Depreciation and impairment of tangible fixed assets
246,802
233,668
Other gains and losses
-
28,411
Movements in working capital:
Decrease/(increase) in stocks
78,388
(62,318)
Decrease in debtors
1,145,771
1,286,188
Decrease in creditors
(298,724)
(1,442,787)
Cash generated from operations
3,344,353
2,314,290
34
Cash (absorbed by)/generated from operations - company
2026
2025
£
£
Profit after taxation
1,668,878
687,184
Adjustments for:
Taxation charged
176,125
158,532
Finance costs
385,901
160,599
Investment income
(1,188,649)
(268,753)
Other gains and losses
-
28,411
Movements in working capital:
(Increase)/decrease in debtors
(1,041,171)
51,355
(Decrease)/increase in creditors
(405,313)
636,139
Cash (absorbed by)/generated from operations
(404,229)
1,453,467
DEARNESIDE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 39 -
35
Analysis of changes in net funds/(debt) - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
2,319,046
1,805,291
4,124,337
Borrowings excluding overdrafts
(2,181,185)
(4,314,901)
(6,496,086)
Payment of finance leases obligations
(71,161)
58,277
(12,884)
66,700
(2,451,333)
(2,384,633)
36
Analysis of changes in net debt - company
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
289,414
1,717,076
2,006,490
Borrowings excluding overdrafts
(2,181,185)
(4,314,901)
(6,496,086)
(1,891,771)
(2,597,825)
(4,489,596)
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