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

Change of company name

On 18th June 2026 the Company was renamed from Thomas Sinden (Holdings) Limited to Sinden Holdings Limited. This change was implemented as part of a wider re-branding to better communicate to our customers who we are and what we can do for them.

Review of the business

The detailed results and financial position of the Group are as set out in the financial statements below.

Our chosen markets remain very active, enabling us to continue to be selective in what we bid for. Our strategy of building good long term relationships with customers continues to pay off, with a large proportion of our work coming from repeat business, and an increasing volume secured through pre-construction services agreements and negotiation.

We maintain resilience in our work profile through the diversity of sectors in which we operate, including: education, residential, healthcare, heritage, commercial, blue light, community and leisure. We have capability to undertake projects from under £1m up to circa £50m. During the year we established a dedicated management and tendering team for our Specialist Works team who undertake projects up to £2m.

The Building Safety Act Gateway process has this year continued to affect timescales for getting Higher Risk Buildings (HRBs) to site, but we are now starting to see some movement in unlocking these projects.

We continue to invest in our information technology and management systems to provide best in class tools to our project teams, remove inefficient manual processes and allow our staff to focus on value adding activities.

Trading this year at £66.6m was a slight increase on last year.

Our Board continue to focus on controlled and sustainable growth to dilute our fixed overhead costs, resulting in an improvement to net margins. Our existing management team have capability to take turnover to £100m with only marginal increase to overhead.

The rate of construction business failures throughout the year has remained high. Through a selective and rigorous approach to bidding, coupled with diligent attention to delivery, we have achieved a pre-tax profit margin of 3.2%.

Our cash position has further strengthened during the year with year end net cash of £13.6m. A £4m loan to fund the corporate restructure undertaken in 2021 was paid off during the year, 17 months early.

We continue to pay our supply chain promptly, frequently paying before the due date. We recognise the importance of this to ensure that we maintain excellent relationships with our supply chain partners, who are key to our ability to deliver schemes meeting customer time, cost and quality objectives.

We have seen a further shift towards procurement by clients via two stage negotiation. We see this as a positive thing for both us and our clients as we are better able to assess and manage risk by being brought onto the project earlier, which in turn enables us to provide the client with greater certainty around delivery and cost at the point of entering into the construction contract.

Two stage negotiation involves more up front work by our delivery teams which yields reduced turnover during the pre-construction phase, which typically lasts 3-12 months depending on the scope and complexity of the project and whether Building Safety Regulator gateway approvals need to be obtained. As a result of the number of two stage negotiations awarded towards the end of 2025/26 we expect to see a slight dip in turnover for 2026/27, followed by a significant step up in 2027/28, nonetheless the outlook for the coming year is positive with a strong order book.

Principal Risks to our business are categorised as follows, together with brief details of the mitigation measures we employ against each risk:

• maintaining high levels of health and safety of our staff and subcontractors, mitigated through investment in training, our health and safety team, and maintaining industry leading processes

• uncertainty in the economic climate, including inflation and interest rates, mitigated through inclusion of risk allowances within contract prices

• continued supply of profitable work opportunities, mitigated through diversity of sectors in which we operate and sizes of project which we undertake

• capacity within the supply chain, mitigated through maintaining excellent relationships with our preferred suppliers, and ensuring we pay on time, so that we are their preferred client

• retention and recruitment of high calibre technical staff, mitigated by providing competitive remuneration and opportunities for training and development to provide job satisfaction

• client and subcontractor financial stability given the economic climate, mitigated through regular monitoring of financial metrics and putting in place financial security measures where possible, such as cross company guarantees and escrows.

• the threat of fraud and social engineering in light of the volume of cyber attacks that are taking place in the world mitigated through staff training and use of strong cyber security protocols.

Sinden recognise the responsibilities it has in reducing the impact we have on the environment through our operations and the opportunities we have to engage with Local Communities, promote Equality and Diversity, deliver real training and development initiatives and promote a safe working environment for our own workforce and other stakeholders on the projects we work on.

We promote Safety, Health, Environment and Quality through our group ethos and reinforced by our management systems which are ISO45001, ISO14001 and ISO9001 accredited.

The Directors have put in place a strategy for the business to achieve Net Zero by 2040, with targets and initiatives in place to monitor and reduce our carbon emissions from now until that goal is met.

Staff engagement, equality, diversity, training and development are all core values within our business, and these are reinforced through individual Personal Development Plans, regular reviews, an open-door policy to line managers and reinforced through our Investors in People Gold Accreditation.

Our dedicated Social Value Manager coordinates our engagement with the communities with whom we work. We are regularly involved in local employment, training and apprenticeship schemes, work with community groups, businesses and schools, use local suppliers wherever possible and ensure that we work with our clients to deliver sustainable buildings and leaving a positive legacy. During the year we have implemented a dashboard that enables us to drive procurement of local labour and track performance.

We are one of only a handful of platinum members of the 5% Club, which exists to promote the aim of employers reaching a target of 5% of their workforce being in apprenticeships, on graduate or formal training programmes or employed as sponsored students. Throughout the year we have had in excess of 10% of our workforce in 'earn and learn' roles. We remain committed to continued investment in developing the next generation of construction professionals.

We support a number of charities through staff and site organised events and ensure that all of our operations and activities are carried out in a considerate, sustainable and ethical manner.

We have set out below the KPI's we use to manage the business. Each of these KPI's are being reviewed and actively managed.

Site audit scores - sites are generally audited by the SHEQ team at least once per month and scores/trends analysed to provide feedback on performance and guide training

Energy, fuel and water usage and total carbon emissions - this is monitored per £1m of project value to ensure we are driving reduction in our environmental footprint

Completion of projects to time - monitored to ensure that we are driving to achieve or improve against client expectations.

Customer and consultant feedback - we monitor feedback received closely to highlight any potential improvements we can make to our delivery

Percentage of work from repeat customers - we monitor this to ensure that we are maintaining a strong pipeline of work built on long term relationships

Profitability - ongoing contracts are reviewed on monthly basis to ensure profitability is sufficient to cover overheads in the short to medium term and provide a reasonable return for our shareholders.

Cash flow Management - the cashflow is monitored on a rolling 12 month forward looking basis to ensure we have sufficient liquidity to cover our obligations in the short to medium term.

Long term decisions and actions

The Group has a strong, driven Board of Directors with a significant level of experience in the construction industry. The Board meet on a monthly basis to discuss key aspects of the business including health and safety, operations, sales, finance and overall strategy. During these meetings the Board considers how decisions taken will affect key stakeholders of the business such as shareholders, employees, customers, suppliers, local communities, regulators and the wider environment.

The directors have acted and continue to act in a way that they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole.

The interests of our employees

At the year end the Group had 144 employees. The Board considers the Group's employees as the key asset of the business. The Group invests heavily in training and development of staff, which has been recognised through award of Platinum status by the 5% Club and Investors In People Gold accreditation. Wherever possible staff are promoted from within. Employees are encouraged to share their ideas to support continuous improvement of the business, and regular updates are provided to employees about what is happening across the Group via the Group 'TeamLink' intranet.

Given the nature of the Group's activities, health and safety is of paramount importance and regular updates, training and briefings are held with the workforce.

Engagement with suppliers, customers and the environment

Members of the Board and senior management team regularly meet with key suppliers and customers to enhance relationships and ensure the best interests of all parties are met. Our relationships with key suppliers are vitally important and are the responsibility of the Board and senior management. A key aspect of our supply chain policy is to ensure that suppliers are paid on time, or early, to ensure that we are a favoured customer.

The Board ensures that other stakeholders such as the Group's bankers and sureties are kept informed of the Group's activities through regular issue of management information and face to face meetings.

The Board recognise that a responsible business requires a firm commitment to protecting the environment and supporting local communities. The Board have prioritised procurement of renewable or zero-carbon energy contracts for its head office and key sites, installed electric vehicle charging facilities and invested in hybrid and electric vehicles. The Group undertakes a wide range of community support projects, including work placements, apprenticeships, school and university careers events, and prioritising local employment.

High standards of business conduct

The Group upholds high standards in the way it conducts its business, both in dealings with external stakeholders and in the way it treats its employees. The Board pride themselves on having highly skilled and motivated employees throughout the business. The Group is an equal opportunities employer with no barriers on age, sex, disability, religion or sexual orientation. Employees are judged on ability and application and are treated with respect, honesty, consistency and compassion.

The Group adheres to all relevant legislation and ensures robust business processes and procedures through its ISO 9001, 14001 and 45001 accreditations, which are independently audited by the British Standards Institute.

On behalf of the board

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

The principal activity of the group continued to be that of a construction services provider, carrying out new build, refurbishment and fit out projects primarily across the following sectors:

• Residential

• Education

• Re-cladding and fire remediation

• Heritage

• Healthcare

• Commercial

• Blue light

• Community and leisure

We have established a reputation for delivering high quality projects for clients with a strong track record of working with local authorities, housing associations, charities and private sector clients.

We have developed strong teams, both internally and in partnership with our supply chain, to work collaboratively to deliver customer focussed solutions and quality driven projects under both traditional and design and build contract arrangements.

The results for the year are set out on page 13.

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

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

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

The group's current policy concerning the payment of trade creditors is to adhere to the Fair Payment Code published by The Office of the Small Business Commissioner, an independent public body established by the UK Government.  A copy of the Code is available online at: https://www.smallbusinesscommissioner.gov.uk/new-fair-payment-code

The group's current policy concerning the payment of trade creditors is to:

• Agree payment terms with suppliers and put them in writing, before work begins, in clear plain English contracts

• Aim to avoid disputes and embed conflict avoidance mechanisms in contract management processes

• Pay in accordance with the group's contractual and other legal obligations

Trade creditors of the group at the year end were equivalent to 31 days purchases, based on the average daily amount invoiced by suppliers during the year.

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Sinden calculates its greenhouse gas emissions (emissions) in line with GHG Protocol guidance. The group uses SmartWaste to monitor and record Scope 1, Scope 2 and selected Scope 3 emissions, covering key emissions sources, including:

• Electricity (both procured by Sinden and by the Client).

  • Emissions from electricity consumption are reported on using both market-based and location-based calculation methods, to align with GHG Protocol requirements.

• Fuel use (including for transport and plant, both procured by Sinden and by subcontractors).

This methodology ensures that energy consumption and associated emissions are measured accurately across the organisation’s operations, and reporting in accordance with GHG Protocol requirements, capturing both Scope 1 and 2 (over which Sinden has operational control over) and Scope 3 (which Sinden does not have operational control over).

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO₂e per full time employee, the recommended ratio for the sector.

During the 2025-2026 financial year, Sinden has implemented several key energy efficiency measures as part of its ongoing commitment to reducing emissions and improving energy performance across its operations.

During this period, the group has prioritised energy-efficient site accommodation, which, paired with renewable energy procurement, has significantly reduced energy requirements on sites and ultimately emissions.

The AI-integrated Measurable Energy ports that were installed in the group’s head office in the previous period continue to be optimised and in combination with the replacement of several air conditioning systems has resulted in decreases in the head office’s electricity consumption compared to last year.

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 group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

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

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Information on the risks to the business and its future development is included in the Strategic Report.

We have audited the financial statements of Sinden Holdings Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2026 which comprise the consolidated income statement, the consolidated and company statement of financial position, the consolidated and company statement of changes in equity, the consolidated statement of cash flows and the consolidated and company notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

• the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2026 and of the group's profit for the year then ended;

• the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

• the financial statements 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:

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

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept 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.

As explained more fully in the directors' responsibilities statement, 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.

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Review of the control environment

- Meeting key personnel responsible for specific functions relating to laws and regulations

- Review of legal fees incurred

- Agreeing the financial statement disclosures to underlying supporting documentation

- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation.

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 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.

The notes on pages 22 to 42 form part of these group financial statements.

The notes on pages 22 to 42 form part of these group financial statements.

The notes on pages 22 to 42 form part of these group financial statements.

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £0 (2025 - £0 profit).

The notes on pages 22 to 42 form part of these group financial statements.

The notes on pages 22 to 42 form part of these group financial statements.

Sinden Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH. The company's principal activities and nature of its operations are disclosed in the directors' report.

The company is the holding company of a group.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest pound.

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

The consolidated group financial statements consist of the financial statements of the parent company Sinden Holdings Limited 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 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 group.

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.

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup 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.

Other than investment income, the group derives its revenue from its activity as a multi-sector contractor within the construction industry.

Revenue from construction contracts is recognised in accordance with IFRS 15, Revenue from Contracts with Customers.

Revenue is recognised over time where the group has a right to payment for work performed to date.  Progress towards completion is measured using an output method recognised by reference to the stage of completion relative to the total contract value, determined by cost valuation reports prepared on a regular basis.  The contract value includes fixed consideration and variations to the extent that a significant reversal of revenue will not occur.

At the year-end date, amounts that have not been invoiced are treated as contract assets and amounts invoiced in advance of the stage completed are treated as contract liabilities.  Expected losses on contracts are recognised immediately when identified.

Goodwill was acquired when the company purchased the entire share capital of Sinden Construction Limited on 23 February 2021 and is capitalised as an intangible asset.

At each reporting date, goodwill is reviewed to determine whether there is any indication the asset has suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount is estimated and compared with the carrying amount and if lower, an impairment loss is recognised in the profit and loss account.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Software development - 5 years straight line

Property, plant and equipment 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:

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 income statement.

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

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.

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

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

The tax currently payable is based on taxable profit for the year and any other tax required by statute.

Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

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 inventories or non-current 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

Other financial liabilities, including loans, are measured at the transaction price and subsequently measured at amortised cost.

Fixed asset investments

Fixed asset investments comprise capital invested in a related LLP which is shown at historic cost and investments in wholly owned subsidiaries which are also shown at cost.

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

i) The stage of completion and expected profit margins on long term contracts, which may impact the carrying value of contract assets and liabilities at the balance sheet date.

ii) The company has entered into a long term lease with a related-party landlord thereby creating a right of use asset and corresponding lease liability. The hypothetical rate of interest that the group would have to pay to borrow the necessary funds to purchase an asset similar to that which is being leased has been estimated at the rate the company's bankers would charge, having regard to the credit worthiness of the company.

Revenue from contracts with customers

The revenue amount shown above represents amounts invoiced during the year, exclusive of VAT, plus the value of ongoing services for long term contracts, recognised by reference to the stage of completion determined by cost valuation reports prepared on a regular basis. Amounts that have not been invoiced are treated as contract assets and amounts invoiced in advance of the stage completed are treated as contract liabilities. All contracts are of a similar nature with no significant economic differences.

Contract balances

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2025 - 3).

The charge for the year can be reconciled to the loss per the income statement as follows:

Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax represents the movement on the deferred tax asset in the year.

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Group's banking facilities are secured by debentures over the assets of the relevant group companies, dated 30 June 2017 and 23 February 2021, together with a personal guarantee from G Sinden and unlimited cross-guarantees between the company and other entities within the Sinden Group.

All lease liabilities are due to be settled within the next 12 months.

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:

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

The deferred tax liability comprises timing differences between depreciation charged and capital allowances claimed.

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

Ordinary shares

The three classes of ordinary share rank equally in all respects except each class has its own right to dividends

Preference shares.

The preference shares carry no voting rights.

The company may declare a cumulative preferential dividend of 0.5% of the nominal value per share, which would be payable on either the transfer or redemption of those shares.

The company may redeem any of the preference shares at any time by serving written notice to all preference shareholders. The shares will be redeemed at nominal value.

During the year, a total of key management personnel compensation of £530,795 (2025: £632,447) was paid.

The company's subsidiaries comprise:

Sinden Construction Limited

Sinden Developments Limited

TS Civil Engineering Limited

During the year, the company made payments to Sinden Construction Limited of £1.24m. The balance due to Sinden Construction Limited at the year end was £7,491,284 (2024: £8,734,284).

The following amounts were outstanding at the reporting end date:

Amounts due from directors are shown in note 32.

The following advances and credits to a director subsisted during the years ended 31 March 2026 and 31 March 2025:

There were no terms attached to the loans and interest has been charged at the official rate.

The company's ultimate controlling party is G Sinden

Liquidity Risk

Liquidity risk is the risk that the company cannot meet its obligations as they fall due or can only do so at a cost. This is mitigated by maintaining a healthy cash position and ensuring there are sufficient cash resources to meet working capital requirements in the short to medium term using cashflow forecasts, which covers the costs and forecast revenue for a 6 - 12 month period. Note 22 includes a maturity analysis of lease liabilities.

Credit Risk

The company's main credit risk is client and subcontractor financial stability given the current economic climate. This is mitigated through regular monitoring of financial metrics and putting in place financial security measures where possible, such as cross company guarantees and escrows.

Price Risk

The company is subject to uncertainty in the economic climate in relation to inflation and interest rate changes. This is mitigated through inclusion of risk allowances within contract prices.

Capital Risk

The company's objectives when measuring capital are to safeguard its ability to continue as a going concern. The company is not subject to any externally imposed capital requirements.

Capital is regarded as total equity, as recognised in the statement of financial position.