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

The company continued to provide consultancy services and manage its portfolio of company and property investments whilst seeking to support new ventures. In particular, the company has continued to support and provide consultancy services to both Whitehead Building Services Limited and Tiny Rebel Limited.

Tiny Rebel is the group's principal associate undertaking. The group also holds a 20% interest in Bayscape RFR Company. The group's share of the results of these associate undertakings is recognised within the consolidated profit and loss account. Tiny Rebel continue to experience a period of restructuring and reinvestment with a backdrop of challenging market conditions across all beer categories, particularly in the on-trade, and intensified competition from non-independent brewers with greater access to resources and route to market advantages. They are in the process of a three-year transformation plan, this has resulted in high costs during the initial transition period and, consequently, losses as Tiny Rebel continues its transformation. Overall, the group's share of losses from associates and joint ventures amounted to £0.9m, compared with a share of profit of £0.1m in 2024.

The group's principal subsidiary, Whitehead Building Services Limited (WBS hereafter) has had another successful year and has delivered contracts broadly in line with budget; however, turnover decreased by 4.2% in the year due to a number of delayed project commencements within the Construction and Engineering division.Several new contracts were secured during the year, and the Directors are pleased to report a healthy order book. The business expects turnover to increase in 2026, with the potential to reach the highest level in its 48-year history. The business serves both the main contracting construction sector and the direct end-user market from strategically located offices along the M4/M5 corridor. The company supports clients across the education, health, commercial, residential, transport, industry and technology, and distribution and logistics sectors.

During the year, WBS restructured its management team to better serve clients, respond to increasing market opportunities, and support the UK’s transition from fossil fuels to renewable technologies and the wider drive to decarbonise buildings.

The business now operates through two clearly defined divisions, each with its own objectives and supporting plan:

• Construction and Engineering: focused on supporting main contractors with new-build and refurbishment projects across the company’s core sectors.

• Facilities and Maintenance: focused on long-term maintenance contracts and direct works for blue-chip organisations and local government departments.

WBS's business performance has been supported by the company’s commitment to delivering an exceptional customer experience, carefully selecting projects, and applying its proven and accredited End 2 End business process, QMS ISO 9001:2015. This approach has helped repeat business exceed 70% of revenue.

WBS continues to maintain mutually beneficial relationships by focusing on professionalism, expertise and teamwork. It aims to deliver excellence by empowering people, embracing technology, and creating a positive and lasting impact on the environment and local communities.

The Directors continue to monitor business performance against the company’s high-level objectives and remain focused on a five-year plan for sustained profitable growth. Key priorities include developing the workforce through apprenticeships and continuing professional development, improving customer satisfaction through the tailored quality management system, and maintaining safe operations through the “Work Safe – Home Safe” programme.

WBS operates in a strong economic region and is strategically positioned to provide specialist services to both the public and private sectors. During the period, the business increased revenue from its end-user workstream and widened its customer base through its Maintenance and Small Works provision.

The company is pleased to continue its involvement with the NHS Building for Wales 2 frameworks. The rail and transport sector remains a target area for growth, supported by continued investment and Whitehead’s accreditation to provide specialist services to the rail sector. The business also continues to work with the regional airports in Bristol and Cardiff as they undertake decarbonisation and expansion programmes.

Key performance indicators

The Board regards the key measures of operating effectiveness to be sales growth, margins and overheads as a proportion of activity. However, the performance of individual contracts is also regarded as a key indicator of performance. Each contract is assessed individually with a number of large contracts per year. The WBS board is satisfied with the contract performance in the year with no real issues noted.

Group turnover has decreased by 4.3% on the prior year, from £58.9m to £56.4m. However, the gross profit margin has remained consistent at 10%, Operating profit has increased from 1.7% to 2.1%.

Principal risks and uncertainties

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial instruments is monitored by the board of directors; the group does not use financial instruments for speculative purposes. The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the group.

Cash flow risk

The group has no interest-bearing assets and few interest-bearing liabilities which minimises the uncertainty of cash flows.

Credit risk

The group's principal financial assets are bank balances and cash, trade and other receivables. The group's credit risk is primarily attributable to its trade and other receivables. The group manages credit risk in respect of trade debtors by regularly monitoring credit limits and balances outstanding and the close monitoring of customer credit reports . The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers with a healthy balance of long-term and short-term contracts. The credit risk on liquid funds and financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Liquidity risk

The group manages the liquidity risk by monitoring working capital and ensuring there are sufficient funds to meet payments.

Supply Chain Risk

WBS and TR have a unique relationship with our supply chain where we work together in Partnership to ensure that our needs can be met and managed. WBS and TR work with their supply chain to provide effective solutions to the most challenging projects and they have processes for the selection of suppliers in which they assess their suitability to be part of their supply chain.

Skills Shortages

Our group ethos is of employment rather than transient sub-contract or agency labour, which provides the companies with protection against skills shortages in an upturn in market conditions. Our apprentice training programme ensures that we continue to produce well-trained staff whilst providing opportunities for young people.

Brexit

The Directors are aware of the potential risks which Brexit presents and have worked closely with our supply-chain to ensure continuity of supply of goods following the UK’s departure from the EU. The Directors will seek to mitigate any other risks to the business, whilst maximising any opportunities that may arise.

Inflation

The group is aware of the risk of rising inflation to the UK economy. Where possible, any inflationary risks to the costs of our products and services are identified and managed collaboratively with our clients and supply chain.

Health and Safety

The health and safety of our employees, supply chain, customers and the public remain our number one priority. The business prides itself on its excellent record and upholds its commitment of “Work Safe – Home Safe.” It is accepted by every member of our team and supply chain that safety is also their personal responsibility. Our in-house qualified Health, Safety, Environmental, and Quality team oversees and undertakes audits to ensure that our ISO standards are adhered to.

Environmental

All Whitehead employees are encouraged to assist the company in its aim to reduce our environmental impact.

We encourage our workers to respect the environment in which they work and to reduce waste, share transport and reduce our environmental impact wherever possible. As engineers we endeavour to incorporate green and energy efficient products in our design and in the materials that we use. The Business has achieved accreditation with ISO14001 during 2022. The business has produced a carbon reduction plan in line with the UK Government’s procurement policy note PPNO6/21.

Research & Development

The group has invested in Research & Development in recent years to tackle technical problems in an innovative way. The nature of the construction industry constantly provides new challenges and the business has invested in people and software to enable us to innovate and meet the challenges of each new job.

Strategic decisions have long-term implications on the group and the Directors carefully consider these decisions to ensure sustainable growth. The group operates within a robust governance under its ISO9001 processes and policies to ensure outcomes are in line with expectations.

The Directors consider that the employees are the biggest asset of the business and aim to maintain high staff-retention by having regard to remuneration, health and safety, continuing professional development, work-life balance and the well-being of all employees.

Relationships with customers and suppliers is considered to be a central part of the groups ethos. Regular engagement with customers and suppliers is essential to the continuing improvement of the business.

The group encourages its workers to respect the environment in which they work. The group also aims to have a positive impact on the communities in which we work by engaging in charitable activities throughout the year. The group has a long-standing reputation for providing life-long skills through our proven apprenticeship programme which provides employment opportunities for young people.

The desirability of the group maintaining a reputation for high standards of business conduct

The group has a duty to act responsibly and to demonstrate high levels of ethical and moral stewardship. The employee handbook contains sections on anti-bribery policy, whistleblowing and anti tax-evasion.

The need to act fairly as between the different stakeholders of the group

The Directors aim to ensure that their decisions are in the best interests of all stakeholders of the business in line with the group’s policies and values.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 November 2025.

The principal activity of the group in the year under review was that of the provision of consultancy services and building services. The core business of the principal subsidiary Whitehead Building Services Limited is the design, supply, installation and commissioning of mechanical and electrical systems and facilities and maintenance.

The results for the year are set out on page 12.

A fair review of the business is set out on the strategic report on page 1.

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

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

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

We have chosen to report our gross emissions against £m of turnover.

As most of the carbon emissions is caused by our vehicle fleet, we have started to convert our fleet to electric cars and vans. This process is ongoing. The business has installed Electric Vehicle charging points at our Head Office to encourage employees to use electric vehicles.

None of the group companies meet the requirements for Energy and carbon reporting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

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

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

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

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• 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 the 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006 and ISO Standards;

• we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and parent company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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 profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,006,559 (2024 - £28,110 profit).

Evol (Wales) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Evol (Wales) Limited and all of its subsidiaries.

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

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

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

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

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

The consolidated group financial statements consist of the financial statements of the parent company Evol (Wales) 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 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the 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.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have 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.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the directors have estimated to be 20 years.

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

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

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

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

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

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

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

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

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

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

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

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

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

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

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

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

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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

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

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

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

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

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

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

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

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

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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

As noted in 1.4 above, revenue from contracts is recognised by reference to the stage of completion, this inevitably involves the directors making estimates about the total anticipated costs of contracts and the future costs; these estimates can have a significant effect on revenue recognition and profit.

The investment in associate undertakings includes £504,281 of goodwill; the directors have determined that the useful economic life of this goodwill is 10 years. This clearly involves the use of significant judgement.

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

The group carries investment properties and freehold properties at fair value. Changes in the fair value of investment properties are recognised in profit or loss; changes in the value of freehold properties are recognised in other comprehensive income. The valuations have been carried out by the directors based on comparable market data provided by independent valuation specialists valuing similar assets owned by related parties. The key factors affecting the values are the anticipated yields and anticipated occupancy rates.

The Group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

Management regularly reviews retention balances and makes provision for balances that it believes will not be recovered. The assessment of retention recovery requires management's best estimate based on knowledge of the underlying contracts and past history of recovery.

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

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

Their aggregate remuneration comprised:

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

The adjustments in respect of prior year relates to the recognition of R&D tax credit for 2024.

Group

Included within the above Freehold land and buildings balance is land totalling £429,120 (2024: £429,120) which is not depreciated.

Company

Included within the above Land and buildings Freehold balance is land totalling £104,120 (2024: £104,120) which is not depreciated.

The directors have reviewed the value of investment properties as at 30 November 2025 and as a result the carrying values have been increased to the directors' best estimate of the open market value.

Details of associates at 30 November 2025 are as follows:

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

The registered office for all subsidiaries listed above is Lanyon House, Mission Court, Newport, Gwent, NP20 2DW.

Included within trade debtors are amounts relating to retentions that are due for payment after one year of £1,306,373 (2024: £1,067,613). These retentions are normal commercial arrangements for this industry.

Included within trade creditors are amounts related to retentions that are due for payment after one year of £944,693 (2024: £806,291). These retentions are normal commercial arrangements for this industry.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4.2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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

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

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

Group

During the year the group charged £26,554 (2024: £39,570) of management fees and £179,121 (2024: £195,143) of other services to Tiny Rebel Limited, an associate of the group. At the year end £404,199 (2024: £404,471) was due from Tiny Rebel Limited. This amount is included within other debtors falling due within one year.

Company

During the year the company made sales of £203,352 (2024: £262,094) to Whitehead Building Services Limited ,and ,purchases of £nil (2024: £nil). At the year end, the company owed £3,203,350 (2024: £3,818,350) to Whitehead Building Services Limited; this amount is included in amounts owed by group undertakings within one year.

The above transactions are related as Whitehead Building Services Limited is a subsidiary of Evol (Wales) Limited.

Mr I Cummings, a director, operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors fees. The amount due to the director at the year end was £10,036 (2024: £45,286), this amount is included in creditors due within one year.

During the year the company charged £nil (2024: £20,000) of management fees and £178,771 (2024: £194,444) of other services to Tiny Rebel Limited, an associate of the company. At the year end £391,843 (2024: £391,843) was due from Tiny Rebel Limited. This amount is included within debtors amounts falling due within one year.

The company is party to property obligations, in the form of operating leases, which are occupied by the company's associate, the Tiny Rebel Group. Operating lease payments are made directly by the Tiny Rebel Group.

The company is ultimately controlled by Mr I Cummings.