REGISTERED NUMBER: 12334803 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 November 2025

for

Prestige Pipelaying JV Ltd

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

Directors:

Mr S P Cherry

Mr J J Melnyk

Registered office:

23 Dartford Road

March

Cambridgeshire

PE15 8AN

Registered number:

12334803 (England and Wales)

Independent auditors:

Stephenson Smart (East Anglia) Limited

9-10 The Crescent

Wisbech

Cambridgeshire

PE13 1EH

The directors present their strategic report for the year ended 30 November 2025.

Principal activity

The company's principal activity during the year continued to be the provision of specialist utility infrastructure and reinstatement services, including gas, water, electrical and district heating network installation and maintenance, delivered through open cut, trenching and horizontal directional drilling methods, together with associated backfill and reinstatement works across the East of England and wider UK.

Review of business

The directors where pleased to see growth with existing long-term clients as well as welcoming new clients and contracts within the water sector. The company added to their framework contract position as well as dynamic awards throughout the period.

The company continued to operate under long-standing framework arrangements with key utility clients, including Cadent Gas, Anglian Water and Affinity Water, and maintained its status as an Achilles UVDB approved contractor throughout the year.

Key performance indicators

The company uses a range of performance measures to monitor and manage the business effectively, including both financial and non-financial measures. The key financial performance indicators and their comparatives are as follows:

Year to 30-Nov-25

Year to 30-Nov-24

Year to 30-Nov-23

Turnover

22,787,775

20,686,212

16,401,277

Current assets

4,049,311

4,128,619

3,595,842

Current liabilities

2,437,940

2,000,082

1,813,874

Gross profit

5,410,561

4,628,982

2,930,918

Gross profit margin

24%

22%

18%

Net operating margin

13%

12%

9%

Current ratio

1.66

2.06

1.98

Gearing ratio

0.41

0.43

0.42

Principal risks and uncertainties

The directors consider the principal risks and uncertainties facing the company to be as follows:

- Contract and framework concentration risk - a significant proportion of revenue is derived from a limited number of framework clients. This is mitigated through long-standing relationships, consistent performance delivery and ongoing pursuit of new framework opportunities.

- Health and safety risk - the nature of utility infrastructure works carries inherent operational risk. This is managed through the company's ISO 45001:2018 certified occupational health and safety management system, site audits and staff training.

- Recruitment and retention of skilled labour - the utility sector faces an industry-wide shortage of qualified engineers. The company mitigates this through its apprenticeship programme and investment in staff development.

- Cost inflation - increases in fuel, plant and materials costs may affect margins. This is managed through procurement practices and, where applicable, contract indexation clauses.

- Regulatory and economic conditions - changes to utility regulator investment cycles (e.g. Ofgem, Ofwat) could affect future contract volumes.

Future developments

The directors are focused on achieving their objectives to add new clients and diversify their offerings within the utilities and reinstatement sectors. Expansion is expected to accelerate within the water sector during the Amp8 period as well as EV charging and renewable energy.

The directors have agreed a capital investment projects into its existing operating centres to prepare for expected growth and to ensure future resilience.

On behalf of the board:

Mr S P Cherry - Director

21 August 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

Dividends

No interim dividend was paid during the year. The directors recommend a final dividend of £1,553,600 per share.

The total distribution of dividends for the year ended 30 November 2025 will be £ 3,107,201 .

Directors

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Mr S P Cherry

Mr J J Melnyk

Political donations and expenditure

There have been no political donations in the year

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr S P Cherry - Director

21 August 2026

Opinion

We have audited the financial statements of Prestige Pipelaying JV Ltd (the 'company') for the year ended 30 November 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of possible irregularities, including fraud. Our procedures and the extent to which they are capable of detecting irregularities, including fraud is detailed below:

As part of the audit process, we identify and assess the risks of material misstatement to the financial statements as a result of susceptibility to irregularities, including fraud, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

To establish the risks in which to base our procedures on, some of the things we do are:

-

Understand the company and its environment to identify events or conditions that may have a significant effect on the risks of material misstatement, such as the nature of the company, external, industry and regulatory factors (see further below), and the company's objectives and strategies;

-

Review of the company's measurements of financial performance, including the key drivers for director's remuneration;

-

Review of the company's own assessment of the risks that irregularities may occur either as a result of fraud or error, including the likelihood and significance of potential misstatements resulting from those risks;

-

Obtain an understanding of internal controls over the company's financial reporting, which includes performing walkthroughs to test controls;

-

Review matters we identified having assessed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of non-compliance;

-

Perform analytical procedures throughout the audit;

-

Have internal discussions with the audit engagement team members regarding risks of material misstatement;

-

Understand the selection and application of accounting policies and related disclosures in the financial statements; in particular to areas involving significant management estimates and assumptions.

As above, we obtain an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included:

-

Those laws and regulations considered to have a direct effect on the financial statements include the UK Financial Reporting Standards, Company Law (Companies Act 2006), Taxation and Pension legislation and Distributable Profits legislation.

-

Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include but are not limited to; health and safety legislation; construction, design and management regulations; and employment regulation.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent journal entries, designed to manipulate the financial performance and/or the position of the company, and management bias in accounting estimates.

Audit procedures undertaken in response to the potential risks relating to irregularities and fraud within the financial statements comprised of, but not limited to:

-

All material accounting estimates tested to supporting documentation to assess compliance with provisions of relevant laws and regulations;

-

Use of analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

Inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; and whether there is any known or suspected instances of non-compliance, claims and litigation, or fraud;

-

Understanding of management's controls designed to prevent and detect irregularities;

-

Review of board and management minutes;

-

Identifying and testing journal entries to assess whether any of the journals appeared unusual and evaluating the business rationale of any one-off significant transactions outside the normal course of business;

-

Challenging management on assumptions and judgements made in their significant accounting estimates.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit.

We also conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Mr Christopher Goad BFP FCA (Senior Statutory Auditor)

for and on behalf of Stephenson Smart (East Anglia) Limited

9-10 The Crescent

Wisbech

Cambridgeshire

PE13 1EH

21 August 2026

Turnover

22,787,775

20,686,212

Cost of sales

(17,377,214

)

(16,057,230

)

Gross profit

5,410,561

4,628,982

Administrative expenses

(1,442,422

)

(1,190,789

)

Operating profit

4

3,968,139

3,438,193

Interest receivable and similar income

27,744

31,096

3,995,883

3,469,289

Interest payable and similar expenses

5

(87,655

)

(76,976

)

Profit before taxation

3,908,228

3,392,313

Tax on profit

6

(986,330

)

(848,722

)

Profit for the financial year

2,921,898

2,543,591

Retained earnings at beginning of year

2,565,430

1,910,690

Dividends

7

(3,107,201

)

(1,888,851

)

Retained earnings at end of year

2,380,127

2,565,430

Fixed assets

Tangible assets

8

1,578,617

1,422,468

Current assets

Stocks

9

-

344,832

Debtors

10

2,508,200

1,771,497

Cash at bank

1,541,111

2,012,290

4,049,311

4,128,619

Creditors

Amounts falling due within one year

11

(2,437,940

)

(2,000,082

)

Net current assets

1,611,371

2,128,537

Total assets less current liabilities

3,189,988

3,551,005

Creditors

Amounts falling due after more than one year

12

(496,010

)

(699,445

)

Provisions for liabilities

15

(313,849

)

(286,128

)

Net assets

2,380,129

2,565,432

Capital and reserves

Called up share capital

16

2

2

Retained earnings

17

2,380,127

2,565,430

Shareholders' funds

2,380,129

2,565,432

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

Mr J J Melnyk - Director

Mr S P Cherry - Director

Cash flows from operating activities

Cash generated from operations

1

4,261,548

4,161,357

Interest paid

(11,283

)

(9,492

)

Interest element of hire purchase payments paid

(76,372

)

(67,484

)

Tax paid

(956,947

)

(801,028

)

Net cash from operating activities

3,216,946

3,283,353

Cash flows from investing activities

Purchase of tangible fixed assets

(509,723

)

(977,084

)

Sale of tangible fixed assets

16,641

107,168

Interest received

27,744

31,096

Net cash from investing activities

(465,338

)

(838,820

)

Cash flows from financing activities

Capital repayments in year

(115,586

)

291,020

Amount introduced by directors

-

26,912

Equity dividends paid

(3,107,201

)

(1,888,851

)

Net cash from financing activities

(3,222,787

)

(1,570,919

)

(Decrease)/increase in cash and cash equivalents

(471,179

)

873,614

Cash and cash equivalents at beginning of year

2

2,012,290

1,138,676

Cash and cash equivalents at end of year

2

1,541,111

2,012,290

1.	Reconciliation of profit before taxation to cash generated from operations

30.11.25

30.11.24

£

£

Profit before taxation

3,908,228

3,392,313

Depreciation charges

327,484

319,861

Loss on disposal of fixed assets

9,450

37,924

Finance costs

87,655

76,976

Finance income

(27,744

)

(31,096

)

4,305,073

3,795,978

Decrease/(increase) in stocks

344,832

(127,343

)

(Increase)/decrease in trade and other debtors

(736,704

)

468,179

Increase in trade and other creditors

348,347

24,543

Cash generated from operations

4,261,548

4,161,357

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

1,541,111

2,012,290

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

2,012,290

1,138,676

3.	Analysis of changes in net funds/(debt)

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

2,012,290

(471,179

)

1,541,111

2,012,290

(471,179

)

1,541,111

Debt

Finance leases

(1,101,139

)

115,586

(985,553

)

(1,101,139

)

115,586

(985,553

)

Total

911,151

(355,593

)

555,558

1.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% p.a. reducing balance

Fixtures and fittings

-

20% p.a. reducing balance

Motor vehicles

-

20% p.a. reducing balance

Computer equipment

-

20% p.a. reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under hire purchase contracts are recognised in the balance sheet as assets and liabilities at the

lower of the fair value of the assets and the present value of the minimum lease payments, which is

determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount

recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

30.11.25

30.11.24

£

£

Wages and salaries

1,786,016

1,698,356

Social security costs

215,726

182,288

Other pension costs

186,441

167,383

2,188,183

2,048,027

The average number of employees during the year was as follows:

30.11.25

30.11.24

Directors

2

2

Staff

34

32

36

34

30.11.25

30.11.24

£

£

Directors' remuneration

25,680

22,824

4.	Operating profit

The operating profit is stated after charging:

30.11.25

30.11.24

£

£

Hire of plant and machinery

638,572

808,852

Other operating leases

131,663

121,834

Depreciation - owned assets

327,483

319,860

Loss on disposal of fixed assets

9,450

37,924

Auditors' remuneration

20,000

-

5.

Interest payable and similar expenses

30.11.25

30.11.24

£

£

Bank loan interest

817

1,330

Other interest payable

10,466

8,162

Hire purchase interest

76,372

67,484

87,655

76,976

6.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.11.25

30.11.24

£

£

Current tax:

UK corporation tax

958,609

790,178

Deferred tax

27,721

58,544

Tax on profit

986,330

848,722

7.

Dividends

30.11.25

30.11.24

£

£

Ordinary shares of 1 each

Final

3,107,201

1,888,851

8.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 December 2024

1,020,358

84,941

950,982

32,125

2,088,406

Additions

254,824

22,437

226,700

5,762

509,723

Disposals

(29,613

)

-

(1,600

)

-

(31,213

)

At 30 November 2025

1,245,569

107,378

1,176,082

37,887

2,566,916

Depreciation

At 1 December 2024

291,913

19,381

340,376

14,268

665,938

Charge for year

156,588

16,510

150,208

4,177

327,483

Eliminated on disposal

(4,935

)

-

(187

)

-

(5,122

)

At 30 November 2025

443,566

35,891

490,397

18,445

988,299

Net book value

At 30 November 2025

802,003

71,487

685,685

19,442

1,578,617

At 30 November 2024

728,445

65,560

610,606

17,857

1,422,468

9.

Stocks

30.11.25

30.11.24

£

£

Work-in-progress

-

344,832

10.

Debtors

30.11.25

30.11.24

£

£

Amounts falling due within one year:

Trade debtors

2,134,847

1,522,471

Amounts owed by group undertakings

-

17,749

Prepayments

48,057

127,156

2,182,904

1,667,376

Amounts falling due after more than one year:

Rent deposits

2,592

3,168

Other debtors

25,102

49,829

Customer retentions

297,602

51,124

325,296

104,121

Aggregate amounts

2,508,200

1,771,497