REGISTERED NUMBER: SC556928 (Scotland)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

BLACKWOOD HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

S P McCormack

A Wilson

REGISTERED OFFICE:

Cockelbie Farm

Dunlop Road

Stewarton

Ayrshire

KA3 3DX

REGISTERED NUMBER:

SC556928 (Scotland)

AUDITORS:

Gilmour Hamilton LLP

Statutory Auditor

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

PRINCIPAL ACTIVITIES

The principal activity of the company is that of an investment holding company. The principal activity of the company's subsidiaries are that of plant hire and plant operative training.

REVIEW OF BUSINESS

In the current year, the group operated for the first full year with new depots in Nairn and Inverurie. The directors are pleased with the initial performance of the new depots and increased turnover flowing from them.

Turnover has increased 36% from £23,263,436 to £31,553,261.

The gross profit percentage in the current year has reduced to 37.3% compared with the prior year at 40%.

Profit before tax has increased from £667,515 to £878,598 and the net profit percentage has remained roughly in line with the prior year at 2.8% (2025: 2.9%).

The group invested £13,218,913 in fixed assets during the year, primarily in plant to update and expand the existing plant hire fleet. Whilst these additions have significantly increased hire-purchase commitments and (therefore) net current liabilities, the directors are confident that the accelerating volume of business at acceptable margins will be more than sufficient to service the additional liabilities incurred.

The directors anticipate the business environment will remain competitive, but believe that the company is in a good financial position because of continued investment in new equipment, logistics administration and manpower, providing small to blue-chip customers with a very high standard of service at competitive rates.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the group include the following:

The general economic environment - particularly in the construction sector

Continuing to remain competitive

Retaining existing customers and acquiring new ones

Maintaining a skilled and efficient workforce which works safely.

To mitigate this risk the directors and senior management ensure that the customer experience is first rate and that machinery and staff training is maintained to the highest possible standard.

The group relies on the ability of Blackwood Plant Hire Limited to generate sufficient future cash flows.

GOING CONCERN

The group funds plant and vehicles purchased for hire using finance lease and hire purchase contracts from a number of providers. The plant and vehicles are accounted for as fixed assets and a corresponding liability is recognised, an element of which is classified as a current liability.

The directors have produced forecast that have been extended out 12 months from the signing date of these financial statements. These forecasts show that, on the assumption that trading continues near expected levels, the company will have sufficient resources to continue to operate as a going concern. Accordingly, the accounts have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

S P McCormack - Director

8 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £ 247,590 .

FUTURE DEVELOPMENTS

The group continues to invest in the newest machinery. This enables the customer to receive a first-class service and the machines to work as efficiently as possible avoiding down time. This along with building on the current success of the group will mean that it is able to stay competitive in the plant hire industry.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

S P McCormack

A Wilson

Other changes in directors holding office are as follows:

T Blackwood and Mrs J Blackwood ceased to be directors after 31 March 2026 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The group's activities expose it to a number of financial risks - primarily credit and liquidity and cash flow risk.

Credit Risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtor balances are monitored closely on an ongoing basis.

Liquidity and Cash Flow

The group manages cash flows to mitigate liquidity risk. It has access to an invoice factoring facility which helps with cash flow management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are 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 group's auditors are aware of that information.

AUDITORS

The auditors, Gilmour Hamilton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S P McCormack - Director

8 September 2026

Opinion

We have audited the financial statements of Blackwood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2026 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. A summary of the procedures we designed and executed to detect irregularities, including fraud is set out below:

- performing analytical procedures to identify unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud and tested accordingly;

- enquiries of management re the policies and procedures in place regarding compliance with laws and

regulations and to mitigate risks related to fraud, including consideration of known or suspected instances

of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

- discussion amongst the engagement team in relation to identified laws and regulations and regarding

the risk of fraud, and remaining alert to any indications of non-compliance or fraud throughout the audit;

- reviewing correspondence with regulatory bodies, such as HMRC, and reviewing documentation

for indications of non-compliance with laws and regulations;

- determining whether the accounting policies, treatments and presentation adopted in the financial

statements is in accordance with 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);

- identifying whether there are instances of potential bias in areas with significant degrees of

judgement such as useful lives of assets subject to depreciation or amortisation;

- in addressing the risk of fraud through management override of controls, testing the appropriateness

of journal entries and other adjustments; assessing whether the judgements made in making

accounting estimates are indicative of a potential bias; and evaluating the business rationale of any

significant transactions that are unusual or outside the normal course of business;

- in addressing the risk of fraud in revenue recognition obtaining an understanding of the controls

in place and where possible testing the operating effectiveness of those controls. Substantive tests

were executed to supplement testing of controls;

- vouching balances and reconciling items in management's key control account reconciliations to

supporting documentation as at 31 March 2026; and

- carrying out detailed testing, on a sample basis, of material transactions, financial statement

categories and balances to appropriate documentary evidence to verify the completeness,

occurrence and accuracy of the reported financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, or the greater the concealment of irregularities, including fraud, the less likely we are to become aware of it.

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.

Neil McConnell BAcc, CA (Senior Statutory Auditor)

for and on behalf of Gilmour Hamilton LLP

Statutory Auditor

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

8 September 2026

TURNOVER

3

31,553,261

23,263,436

Cost of sales

19,773,081

13,953,816

GROSS PROFIT

11,780,180

9,309,620

Administrative expenses

9,123,163

7,258,357

2,657,017

2,051,263

Other operating income

269,548

99,886

OPERATING PROFIT

5

2,926,565

2,151,149

Interest receivable and similar income

6

3,458

3,295

2,930,023

2,154,444

Interest payable and similar expenses

7

2,051,425

1,486,929

PROFIT BEFORE TAXATION

878,598

667,515

Tax on profit

8

475,248

405,866

PROFIT FOR THE FINANCIAL YEAR

403,350

261,649

Profit attributable to:

Owners of the parent

403,350

261,649

PROFIT FOR THE YEAR

403,350

261,649

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

403,350

261,649

Total comprehensive income attributable to:

Owners of the parent

403,350

261,649

FIXED ASSETS

Intangible assets

11

869,469

1,676,992

Tangible assets

12

34,708,257

30,145,771

Investments

13

-

-

35,577,726

31,822,763

CURRENT ASSETS

Debtors

14

6,221,232

5,113,210

Cash at bank

673,917

498,502

6,895,149

5,611,712

CREDITORS

Amounts falling due within one year

15

15,826,192

13,958,264

NET CURRENT LIABILITIES

(8,931,043

)

(8,346,552

)

TOTAL ASSETS LESS CURRENT LIABILITIES

26,646,683

23,476,211

CREDITORS

Amounts falling due after more than one year

16

(18,888,324

)

(16,348,860

)

PROVISIONS FOR LIABILITIES

21

(2,766,056

)

(2,290,808

)

NET ASSETS

4,992,303

4,836,543

CAPITAL AND RESERVES

Called up share capital

22

106

107

Share premium

23

1,249,990

1,249,990

Capital redemption reserve

23

10

9

Option reserve

23

(750,000

)

(875,000

)

Capital contribution reserve

23

224,789

224,789

Retained earnings

23

4,267,408

4,236,648

SHAREHOLDERS' FUNDS

4,992,303

4,836,543

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2026 and were signed on its behalf by:

S P McCormack - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

12,613,900

12,763,900

12,613,900

12,763,900

CURRENT ASSETS

Cash at bank

433

21

CREDITORS

Amounts falling due within one year

15

711,560

120,585

NET CURRENT LIABILITIES

(711,127

)

(120,564

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,902,773

12,643,336

CREDITORS

Amounts falling due after more than one year

16

-

662,722

NET ASSETS

11,902,773

11,980,614

CAPITAL AND RESERVES

Called up share capital

22

106

107

Share premium

23

1,249,990

1,249,990

Capital redemption reserve

23

4

3

Option reserve

23

(750,000

)

(875,000

)

Capital contribution reserve

23

224,789

224,789

Retained earnings

23

11,177,884

11,380,725

SHAREHOLDERS' FUNDS

11,902,773

11,980,614

Company's profit for the financial year

169,749

66,206

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2026 and were signed on its behalf by:

S P McCormack - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2024

108

4,099,999

1,249,990

Changes in equity

Purchase of own shares

(1

)

(125,000

)

-

Total comprehensive income

-

261,649

-

Balance at 31 March 2025

107

4,236,648

1,249,990

Changes in equity

Purchase of own shares

(1

)

(125,000

)

-

Dividends

-

(247,590

)

-

Total comprehensive income

-

403,350

-

Balance at 31 March 2026

106

4,267,408

1,249,990

Capital

Capital

redemption

Option

contribution

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 April 2024

8

(1,000,000

)

224,789

4,574,894

Changes in equity

Purchase of own shares

1

125,000

-

-

Total comprehensive income

-

-

-

261,649

Balance at 31 March 2025

9

(875,000

)

224,789

4,836,543

Changes in equity

Purchase of own shares

1

125,000

-

-

Dividends

-

-

-

(247,590

)

Total comprehensive income

-

-

-

403,350

Balance at 31 March 2026

10

(750,000

)

224,789

4,992,303

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2024

108

11,439,519

1,249,990

Changes in equity

Purchase of own shares

(1

)

(125,000

)

-

Total comprehensive income

-

66,206

-

Balance at 31 March 2025

107

11,380,725

1,249,990

Changes in equity

Purchase of own shares

(1

)

(125,000

)

-

Dividends

-

(247,590

)

-

Total comprehensive income

-

169,749

-

Balance at 31 March 2026

106

11,177,884

1,249,990

Capital

Capital

redemption

Option

contribution

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 April 2024

2

(1,000,000

)

224,789

11,914,408

Changes in equity

Purchase of own shares

1

125,000

-

-

Total comprehensive income

-

-

-

66,206

Balance at 31 March 2025

3

(875,000

)

224,789

11,980,614

Changes in equity

Purchase of own shares

1

125,000

-

-

Dividends

-

-

-

(247,590

)

Total comprehensive income

-

-

-

169,749

Balance at 31 March 2026

4

(750,000

)

224,789

11,902,773

Cash flows from operating activities

Cash generated from operations

1

8,878,834

5,987,616

Interest paid

(2,051,425

)

(1,486,929

)

Net cash from operating activities

6,827,409

4,500,687

Cash flows from investing activities

Purchase of tangible fixed assets

(13,218,913

)

(12,869,134

)

Sale of tangible fixed assets

2,889,289

1,103,075

Interest received

3,458

3,295

Net cash from investing activities

(10,326,166

)

(11,762,764

)

Cash flows from financing activities

New loan advance

159,688

315,881

Loan repayments in year

(79,167

)

(5,357

)

Movement in factor advance

656,482

1,202,584

HP/finance leases taken out in period

13,052,037

12,805,822

HP/finance lease capital repayments

(9,821,591

)

(7,011,783

)

Purchase of own shares

(1

)

(1

)

Equity dividends paid

(247,590

)

-

Put option liability repaid

(125,000

)

(125,000

)

Reversal liability discounting

79,314

61,598

Net cash from financing activities

3,674,172

7,243,744

Increase/(decrease) in cash and cash equivalents

175,415

(18,333

)

Cash and cash equivalents at beginning of year

2

498,502

516,835

Cash and cash equivalents at end of year

2

673,917

498,502

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

878,598

667,515

Depreciation charges

6,440,968

5,145,374

Loss/(profit) on disposal of fixed assets

133,695

(280,321

)

Finance costs

2,051,425

1,486,929

Finance income

(3,458

)

(3,295

)

9,501,228

7,016,202

Increase in trade and other debtors

(1,108,024

)

(1,661,956

)

Increase in trade and other creditors

485,630

633,370

Cash generated from operations

8,878,834

5,987,616

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

673,917

498,502

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

498,502

516,835

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

498,502

175,415

673,917

498,502

175,415

673,917

Debt

Hire purchase and finance leases

(24,022,506

)

(3,230,446

)

(27,252,952

)

Debts falling due within 1 year

(161,859

)

(620,100

)

(781,959

)

Debts falling due after 1 year

(933,268

)

585,266

(348,002

)

(25,117,633

)

(3,265,280

)

(28,382,913

)

Total

(24,619,131

)

(3,089,865

)

(27,708,996

)