REGISTERED NUMBER: 04117201 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2025

for

DAB Civil Engineering

Contractors Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

M C Merrigan

D M Doherty

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

BUSINESS ADDRESS:

1 Gypsum Close

Leicester

Leicestershire

LE4 9AB

REGISTERED NUMBER:

04117201 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

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

REVIEW OF BUSINESS

Turnover increased from £17,774,853 to £19,853,083 in the year and operating profit increased from £1,549,847 to £2,873,606. The 12% increase in turnover is an improvement on the 5% increase seen the previous year. Interest rates and inflation have stabilized this year and demand for new build properties has increased resulting in an operating profit increase of 85%. The directors are confident that the prospects for the future of the business are healthy.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks, outlined in more detail below. The company has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs.

Price Risk

The company can be exposed to increases in material and supplier costs as tenders can be sent up to six months before a project contract is awarded. The company aims to ensure that tenders take any anticipated price increases into account.

Credit Risk

The company continues to monitor and review policies surrounding credit checks on both new and existing customers when looking at offering credit limits and reviewing payment terms. The company had no bad debts during the year and has a good relationship with all its customers which ensures prompt payment.

Interest Rate Risk

The company finances its operations primarily through retained profits, and also has access to bank

borrowings if required.

Other Risks

As a contractor, the company is dependent on retaining the loyalty of both its customers and its suppliers. For customers this is addressed by maintaining a constant focus on customer service and quality.

Supplier risk is managed via our relationship with our suppliers. Communication and liaison takes place on a regular basis to ensure that these relationships remain strong.

KEY PERFORMANCE INDICATORS

The directors use a number of performance indicators to evaluate the company's performance, the key ones being turnover, gross profit and profit before tax. These numbers are detailed on page 8. Gross profit and overhead percentage are tracked on a quarterly basis and compared to annual budgets and prior year. Project margins are tracked on a monthly basis ensuring that each project is profitable.

FUTURE DEVELOPMENTS

The future prospects of the company remain healthy. The directors are pleased with the company's performance and expect its results for the next financial year to be satisfactory.

ON BEHALF OF THE BOARD:

D M Doherty - Director

18 August 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 will be £2,152,028.

DIRECTORS

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

M C Merrigan

D M Doherty

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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.

ON BEHALF OF THE BOARD:

D M Doherty - Director

18 August 2026

Opinion

We have audited the financial statements of DAB Civil Engineering Contractors Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 three, 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

-

Understanding the nature of the industry and sector, control environment and business performance;

-

Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;

-

Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;

-

Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

-

Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

-

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;

-

Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims;

-

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

-

Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

-

Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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, omission or misrepresentation.

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.

Matthew Mark Smith FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

24 August 2026

TURNOVER

3

19,853,083

17,774,853

Cost of sales

(15,581,376

)

(14,898,755

)

GROSS PROFIT

4,271,707

2,876,098

Administrative expenses

(1,411,441

)

(1,332,548

)

2,860,266

1,543,550

Other operating income

13,340

6,297

OPERATING PROFIT

5

2,873,606

1,549,847

Interest receivable and similar income

226,101

286,593

3,099,707

1,836,440

Interest payable and similar expenses

6

(16,306

)

(19,119

)

PROFIT BEFORE TAXATION

3,083,401

1,817,321

Tax on profit

7

(773,461

)

(455,768

)

PROFIT FOR THE FINANCIAL YEAR

2,309,940

1,361,553

PROFIT FOR THE YEAR

2,309,940

1,361,553

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,309,940

1,361,553

FIXED ASSETS

Tangible assets

9

830,874

1,161,352

CURRENT ASSETS

Debtors

10

4,817,607

6,283,131

Cash at bank

8,215,257

6,202,699

13,032,864

12,485,830

CREDITORS

Amounts falling due within one year

11

(2,624,422

)

(2,391,074

)

NET CURRENT ASSETS

10,408,442

10,094,756

TOTAL ASSETS LESS CURRENT LIABILITIES

11,239,316

11,256,108

CREDITORS

Amounts falling due after more than one year

12

(36,922

)

(128,109

)

PROVISIONS FOR LIABILITIES

15

(206,351

)

(289,868

)

NET ASSETS

10,996,043

10,838,131

CAPITAL AND RESERVES

Called up share capital

16

44

44

Capital redemption reserve

17

56

56

Retained earnings

17

10,995,943

10,838,031

SHAREHOLDERS' FUNDS

10,996,043

10,838,131

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2026 and were signed on its behalf by:

D M Doherty - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

44

10,730,354

56

10,730,454

Changes in equity

Dividends

-

(1,253,876

)

-

(1,253,876

)

Total comprehensive income

-

1,361,553

-

1,361,553

Balance at 30 November 2024

44

10,838,031

56

10,838,131

Changes in equity

Dividends

-

(2,152,028

)

-

(2,152,028

)

Total comprehensive income

-

2,309,940

-

2,309,940

Balance at 30 November 2025

44

10,995,943

56

10,996,043

1.	STATUTORY INFORMATION

DAB Civil Engineering Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Merrigan & Doherty Holdings Limited and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between companies in this group.

Where companies are not part of the group for the entire year, transactions occurring only during the period in which the companies were part of the group are excluded from disclosure.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the company's directors to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis.

The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Notwithstanding this, the company's activities are undertaken through construction contracts and the company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to surveys of work performed.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

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

Plant and machinery

- 16.67% on cost

Fixtures and fittings

- 16.67% on cost

Motor vehicles

- 16.67% on cost

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

Revaluation of tangible fixed assets

The company has adopted the revaluation model for freehold land and buildings which are held at fair value less any subsequent depreciation or impairment. Fair value is assessed as the estimated market value at the reporting date, Revaluation gains and losses are recognised in Other Comprehensive Income and accumulate in the Revaluation Reserve.

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

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

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.

Government grants

Government grants receivable in relation to expenditure are recognised when the expenditure is charged to the Income Statement.

3.

TURNOVER

The company's revenue for the year from continuing operations is as follows:

30.11.25

30.11.24

£

£

Rendering of services

19,853,083

17,774,853

CONSTRUCTION CONTRACTS

30.11.25

30.11.24

£

£

Gross amount due from customers for construction work

3,431,273

3,871,397

Gross amount due to customers for construction work

-

-

Contract revenue recognised as revenue during the year

19,853,083

17,774,853

4.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

1,482,494

1,314,236

Social security costs

189,844

147,615

Other pension costs

236,694

296,996

1,909,032

1,758,847

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

30.11.25

30.11.24

Staff

27

26

Directors

2

2

29

28

30.11.25

30.11.24

£

£

Directors' remuneration

46,844

46,555

Directors' pension contributions to money purchase schemes

120,000

120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.25

30.11.24

£

£

Other operating leases

50,000

50,000

Depreciation - owned assets

134,575

93,099

Depreciation - assets on hire purchase contracts

99,243

155,515

Loss/(profit) on disposal of fixed assets

35,630

(6,716

)

Auditors' remuneration

11,500

11,400

Government grants - revenue in nature

(13,340

)

(6,297

)

Operating leases

11,427

9,744

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Hire purchase interest

16,306

19,119

7.

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

856,978

475,477

Deferred tax

(83,517

)

(19,709

)

Tax on profit

773,461

455,768

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.25

30.11.24

£

£

Profit before tax

3,083,401

1,817,321

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

770,850

454,330

Effects of:

Expenses not deductible for tax purposes

2,611

1,438

Total tax charge

773,461

455,768

8.

DIVIDENDS

30.11.25

30.11.24

£

£

Interim

2,152,028

1,253,876

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2024

1,928,621

21,038

202,681

2,152,340

Additions

19,775

28,405

52,500

100,680

Disposals

(334,000

)

-

(5,191

)

(339,191

)

At 30 November 2025

1,614,396

49,443

249,990

1,913,829

DEPRECIATION

At 1 December 2024

873,127

11,760

106,101

990,988

Charge for year

199,711

4,307

29,800

233,818

Eliminated on disposal

(136,660

)

-

(5,191

)

(141,851

)

At 30 November 2025

936,178

16,067

130,710

1,082,955

NET BOOK VALUE

At 30 November 2025

678,218

33,376

119,280

830,874

At 30 November 2024

1,055,494

9,278

96,580

1,161,352

The net book value of assets held under hire purchase contracts, included above, total £367,173 (2024 - £839,382).