REGISTERED NUMBER: 03717980 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

M & D FOUNDATIONS & BUILDING SERVICES

LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditor

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr S Steel

Mr G Townsley

Mr R Wylie

Mrs S L Townsley

Mr B Iyengar

Mr T P Stollery

Mr T J F Rowse

SECRETARY:

Mr A R Wykes

REGISTERED OFFICE:

M&D House

Brooklands Road

Adwick Le Street

Doncaster

South Yorkshire

DN6 7BA

REGISTERED NUMBER:

03717980 (England and Wales)

SENIOR STATUTORY AUDITOR:

Robert Watson BA(Hons) FCA

AUDITOR:

Xeinadin Audit Limited

Level 5a, Maple House

149 Tottenham Court Road

London

W1T 7NF

The directors present their strategic report for the year ended 28 February 2026.

REVIEW OF BUSINESS ACTIVITIES AND KEY PERFORMANCE INDICATORS

Trading results have seen a decrease of 14% this year with turnover compared to 2025 results.

Gross profit has been consistent to 25% this year. In common with many businesses, gross profit has been affected by the inflationary pressures on consumable materials in particular. Despite this, the company has shown strong results for the year ended 28 February 2026.

Establishment costs have also remained consistent and decreased by 4% in current year.

Administration expenses (excluding management charges) have only increased by 1% this year. Motor costs saw the increase in the year.

The company made a profit of £263,826 before tax this year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors take a pragmatic view with respect to risk management. The company is well managed by its board of directors and a prudent approach is adopted in all financial aspects.

All company policies are subject to continual assessment and review in line with changing legislation and industry guidelines.

The directors remain mindful of cyclical trends and the overarching political backdrop of the construction industry. Inflationary pressures continue to be monitored and mitigated but nevertheless present ongoing risks and uncertainties across all market sectors including the construction industry.

As with all companies within the industry the company is subject to bad debt and financial risk. The company has improved its measures at the contract stage and has implemented stronger credit control procedures. The company also invests in capital expenditure strategically to avoid significant impact on cashflow.

The company is maintaining strong reserves to mitigate any risk of a downturn in productivity during the latter summer months and into winter due to increased interest rates and associated economic impact on housing market.

KEY PERFORMANCE INDICATORS

The company monitors its performance using a number of measures.

These include key performance indicators for gross profit margin, direct labour as a percentage of turnover and EBIT. KPI's are regularly monitored by the board.

During the year to 28 February 2026, gross profit margins remained consistent returning to levels prior to 2022. The consistent gross profit margin, turnover, establishment and admin costs has consequently resulted in a healthy EBIT. Management are happy with the current year results and are expecting the strong results to continue.

FUTURE

The market conditions present during the year have continued post year end. Such conditions include price increases for materials, procurement delays and staff absences all of which are being managed. Tender pricing models are being monitored and updated where necessary, within achievable tendering parameters, to minimise the effect on profits.

The company continues to perform well and is achieving its objectives which includes winning new tenders. In the mid to short term, business is expected to stay at a consistent level.

ON BEHALF OF THE BOARD:

Mr R Wylie - Director

18 August 2026

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialist foundation and piling services.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2026 (2025: £Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2025 to the date of this report.

Mr S Steel

Mr G Townsley

Mr R Wylie

Mrs S L Townsley

Mr B Iyengar

Mr T P Stollery

Mr T J F Rowse

FINANCIAL INSTRUMENTS

The financial risk management objectives and policies of the company are summarised in the strategic report.

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

AUDITOR

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

ON BEHALF OF THE BOARD:

Mr R Wylie - Director

18 August 2026

Opinion

We have audited the financial statements of M & D Foundations & Building Services Limited (the 'company') for the year ended 28 February 2026 which comprise the Statement of 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 28 February 2026 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 Auditor 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 Auditor 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 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 Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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. The 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 Auditor.

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 Auditor 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.

Robert Watson BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5a, Maple House

149 Tottenham Court Road

London

W1T 7NF

18 August 2026

TURNOVER

4

18,619,904

21,642,073

Cost of sales

13,948,137

16,551,289

GROSS PROFIT

4,671,767

5,090,784

Administrative expenses

4,397,239

4,389,807

274,528

700,977

Other operating income

4,800

4,800

OPERATING PROFIT

6

279,328

705,777

Interest receivable and similar income

2,440

772

281,768

706,549

Interest payable and similar expenses

7

17,942

14,294

PROFIT BEFORE TAXATION

263,826

692,255

Tax on profit

8

69,868

179,333

PROFIT FOR THE FINANCIAL YEAR

193,958

512,922

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

193,958

512,922

FIXED ASSETS

Tangible assets

9

666,253

634,233

CURRENT ASSETS

Stocks

10

116,643

96,913

Debtors

11

5,660,497

4,517,586

Cash at bank

284

368,176

5,777,424

4,982,675

CREDITORS

Amounts falling due within one year

12

3,383,178

2,682,316

NET CURRENT ASSETS

2,394,246

2,300,359

TOTAL ASSETS LESS CURRENT LIABILITIES

3,060,499

2,934,592

CREDITORS

Amounts falling due after more than one year

13

(41,386

)

(117,442

)

PROVISIONS FOR LIABILITIES

17

(166,563

)

(158,558

)

NET ASSETS

2,852,550

2,658,592

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

19

2,851,550

2,657,592

SHAREHOLDERS' FUNDS

2,852,550

2,658,592

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:

Mr R Wylie - Director

Mr G Townsley - Director

Mrs S L Townsley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2024

1,000

2,144,670

2,145,670

Changes in equity

Total comprehensive income

-

512,922

512,922

Balance at 28 February 2025

1,000

2,657,592

2,658,592

Changes in equity

Total comprehensive income

-

193,958

193,958

Balance at 28 February 2026

1,000

2,851,550

2,852,550

1.	STATUTORY INFORMATION

M & D Foundations & Building Services 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.

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

The financial statements are prepared in sterling which is the functional currency of the entity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements have been set out below.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Section 33 Related Party Disclosures.

The company is included in the consolidated financial statements of DSS Group Limited. Copies of those consolidated financial statements are available from Companies House.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

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 the value of the 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 fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

- 20%/25% on reducing balance & 25% straight line

Computer equipment

- 20% on reducing balance

Motor vehicles

- 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors and HP contracts.

Basic financial assets and liabilities are initially measured at transaction price, including transaction costs, unless the arrangement constitutes a financing transaction. Where the arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial assets and liabilities are subsequently measured at amortised cost using the effective interest method.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

The company's financial assets and liabilities comprise cash and cash equivalents, trade and other debtors, trade and other creditors, amounts owed to/from group undertakings and hire purchase liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

Debtors and creditors receivable / payable within one year

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.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company. The directors consider that the company operates in a single geographical market and therefore no further disaggregation of turnover has been provided.

5.	EMPLOYEES AND DIRECTORS

28.2.26

28.2.25

£

£

Wages and salaries

3,071,216

3,195,383

Social security costs

399,860

337,047

Other pension costs

67,188

67,735

3,538,264

3,600,165

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

28.2.26

28.2.25

Management and office administration

27

28

Site and yard operations

45

47

72

75

28.2.26

28.2.25

£

£

Directors' remuneration

385,747

397,734

Directors' pension contributions to money purchase schemes

5,464

5,645

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

Money purchase schemes

7

7

Information regarding the highest paid director is as follows:

28.2.26

28.2.25

£

£

Emoluments etc

93,424

111,700

Pension contributions to money purchase schemes

1,321

1,321

6.	OPERATING PROFIT

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

28.2.26

28.2.25

£

£

Hire of plant and machinery

1,597,369

1,804,410

Depreciation - owned assets

93,334

133,140

Depreciation - assets on hire purchase contracts

133,076

101,216

Loss/(profit) on disposal of fixed assets

2,248

(711

)

Auditors' remuneration

18,500

18,500

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

28.2.26

28.2.25

£

£

Bank interest

97

-

Hire purchase interest

17,845

14,294

17,942

14,294

8.

TAXATION

Analysis of the tax charge

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

28.2.26

28.2.25

£

£

Current tax:

UK corporation tax

61,863

227,104

Deferred tax

8,005

(47,771

)

Tax on profit

69,868

179,333

UK corporation tax has been charged at 25% (2025 - 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:

28.2.26

28.2.25

£

£

Profit before tax

263,826

692,255

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

65,957

173,064

Effects of:

Expenses not deductible for tax purposes

14,709

24,955

Capital allowances in excess of depreciation

(16,555

)

-

Depreciation in excess of capital allowances

-

29,796

Profit/loss on disposal of assets

(2,248

)

(711

)

Deferred tax movement

8,005

(47,771

)

Total tax charge

69,868

179,333

9.	TANGIBLE FIXED ASSETS

Plant and

Computer

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 March 2025

509,919

191,228

1,075,790

1,776,937

Additions

39,746

24,489

234,443

298,678

Disposals

-

-

(124,189

)

(124,189

)

At 28 February 2026

549,665

215,717

1,186,044

1,951,426

DEPRECIATION

At 1 March 2025

391,005

130,538

621,161

1,142,704

Charge for year

47,286

18,029

161,095

226,410

Eliminated on disposal

-

-

(83,941

)

(83,941

)

At 28 February 2026

438,291

148,567

698,315

1,285,173

NET BOOK VALUE

At 28 February 2026

111,374

67,150

487,729

666,253

At 28 February 2025

118,914

60,690

454,629

634,233

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2025

414,687

Additions

127,443

At 28 February 2026

542,130

DEPRECIATION

At 1 March 2025

111,039

Charge for year

133,076

At 28 February 2026

244,115

NET BOOK VALUE

At 28 February 2026

298,015

At 28 February 2025

303,648