REGISTERED NUMBER: 03713116 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

T J Crump Oakwrights Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Statement of Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

17

DIRECTORS:

T J Crump

M Connolly

D M Grey

C Mills

A Lesenechal

SECRETARY:

N Davidson

REGISTERED OFFICE:

The Lakes

Swainshill

Hereford

Herefordshire

HR4 7PU

REGISTERED NUMBER:

03713116 (England and Wales)

AUDITORS:

DJH Audit Limited

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

The core activities of the business remain the provision of architectural services encompassing design, building regulations and compliance, and securing planning permission. These services lead to the design, manufacture and erection of bespoke oak frames forming the structure of various buildings - including homes, sunrooms, garages and extensions.

In addition, the company designs and produces high-performance encapsulation systems that enclose buildings with wall, floor and roof solutions. Complementary services include the provision of weatherboarding, face-glazing and joinery products. All frame and encapsulations systems are all premanufactured in our state-of-the-art workshops at our head office in Herefordshire.

Centralised production on a single site has continued to improve operational efficiency and reduce costs.

Our bespoke packages are delivered and erected across the UK and internationally.

REVIEW OF BUSINESS

Financials for the year 2025

31.12.2025

31.12.2024

Turnover

£14,932,592

£15,906,887

Profit / (loss) Before Tax

(£577,498

)

(£808,307

)

Turnover for the year decreased by approximately 6% compared with 2024, reflecting continued challenging market conditions across the construction and self-build sectors during the first half of the year. Customer decision-making remained cautious for a significant period, resulting in slower project conversion rates and delays in contract commencements.

The company reported a loss before tax of £577,498 (2024: loss of £808,307). Whilst the reported result represents an improvement on the prior year, the directors recognise that underlying trading performance remained below expectations and that profitability continued to be impacted by a combination of reduced production throughput, operational inefficiencies and ongoing cost pressures across labour, subcontractor and material inputs.

During the year, the business continued to maintain operational capacity and infrastructure in anticipation of future growth and recovery in market demand. Whilst this approach supported the company's ability to respond to increased activity levels later in the year, it also resulted in overhead recovery pressures during periods of lower turnover.

The directors also note that the 2024 result included a non-recurring intercompany balance write-off of £423,444 arising from a wider group restructuring exercise. Excluding this exceptional adjustment, the underlying trading loss for 2024 was materially lower than the statutory result reported for that year.

Trading activity improved significantly during the second half of 2025, with sales momentum strengthening from August onwards. Sales secured between August and December 2025 totalled approximately £7.39m, substantially ahead of turnover recognised during the same period, resulting in a strengthened forward order book entering 2026.

The directors have continued to see encouraging trading activity into the new financial year, with improved enquiry levels, stronger conversion rates and increasing customer confidence across several areas of the business. In particular, garages and extensions, the Elements product range, and the pipeline of consented housing projects are all expected to contribute positively during 2026.

The company enters 2026 with a healthy forward sales position and management remains focused on improving operational efficiency, margin performance, project delivery controls and overall profitability as the increased order book converts into revenue.

Structure

The Board and Senior Management team remains stable and committed to guiding the business through evolving market conditions. Although there have been minimal changes to the senior leadership team, we continue to prioritise internal development and promotion, ensuring the right skillsets are nurtured from within. Alex Lesenechal joined the board as operations director to focus more than ever on the evolution of our encapsulation system and to streamline our operation post sale.

Operational efficiency and cost control remain the core focuses, alongside targeted efforts to grow sales and preserve gross margin.

Operational Excellence and Product Strategy

While there are efforts to standardise certain processes and offerings, Oakwrights remains rooted in bespoke, client focused design and delivery. Every project is tailored to the client's vision, combining the precision of CNC CAD/CAM technologies with the craftsmanship of traditional oak frame construction. This synergy continues to set Oakwrights apart, delivering structures of exceptional character, quality and energy efficiency.

Continued innovation in our Wrightwall and Wrightwall Natural panel systems positions the company at the leading edge of sustainable and energy-efficient homebuilding. R&D investments in these systems have also positively impacted our broader product range, including sunrooms, garages and other outbuildings.

The Market

The construction industry experienced a further decline in output during 2025, a trend forecasted in late 2023. This macroeconomic context has affected demand and contributed to the reduced turnover. Nevertheless, our focus on quality, service, and energy-efficient, design-led products remains central to our market proposition.

A particularly significant operational constraint during the year was the speed of planning determination. The company carried more projects in the planning pipeline than at any previous point in its history, yet experienced the slowest determination periods on record. This represents a material macro-level factor outside of the company's control - without planning consent, projects cannot proceed - and the protracted determination timescales directly limited the conversion of a strong project pipeline into recognised revenue and production throughput during the year.

Our orderbook and project pipeline have remained consistent, providing a solid foundation for the year ahead. The board continues to prioritise profitability and margin protection at every stage of the project lifecycle.

Product Expansion - ELEMENTS by Oakwrights

The launch of ELEMENTS by Oakwrights continues to gain traction, offering clients environmentally friendly homes that use our existing encapsulation systems with minimal or no oak. This opens new markets, allowing us to utilise our full production capacity and appeal to a broader segment of housing sector, particularly those seeking sustainable, high-performance homes.

PRINCIPAL RISKS AND UNCERTAINTIES

Concerns around raw materials prices and staffing have stabilised, with previous issues receding completely. However, inflationary pressures, interest rate volatility, and ongoing planning constraints have had a negative impact on turnover and project progression. In recognition of the planning constraints, we realise that in order to increase turnover we must increase the volume of applications made each year. A focus on our architectural team is essential in 2025 and future years.

The board continues to monitor these risks closely, with careful oversight of cashflow and forward order pipelines. The diversity in project scale and client base supports ongoing efficiency and workload balancing.

Objectives and Strategy

Our overarching objective remains to enhance the pre-manufactured content of each bespoke home, manufactured under controlled conditions in our workshops. This approach improves quality, reduces time on site, and delivers costs and schedule benefits to clients.

Key strategic focuses include:

- Maintaining turnover and quality whilst improving profitability

- Delivering high-quality, energy efficient bespoke homes and outbuildings with exceptional customer service

- Investing in new technology and software to support client delivery and internal efficiency

- Expanding marketing efforts, particularly towards the self-build and custom build sectors, both of which continue to show steady growth and government support

Workforce Development - The Oakwrights Academy

Our Oakwrights Academy continues to deliver value by training and mentoring young talent across all departments. This structured programme allows individuals to explore the full breadth of the business before specialising in areas that most suits their skill sets. This long-term investment in our people ensures we remain resilient, adaptable and equipped for future growth.

Outlook

Despite the economic challenges of 2025, the board remains confident in the resilience and long-term potential of the business. With a continued focus on innovation, operational efficiency, and customer satisfaction, Oakwrights is well-positioned to meet the evolving demands of the self-build and sustainable construction sectors.

ON BEHALF OF THE BOARD:

T J Crump - Director

3 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

T J Crump Oakwrights Ltd (Oakwrights) specialise in the use of cutting edge technology and design to build Intelligent Oak framed houses, garage complexes and outdoor living structures.

All Oakwrights houses are bespoke in design and further enhanced by the design and incorporation of the super insulated Natural or Light WrightWall encapsulation systems.

Oakwrights serve the high end self-build market with their bespoke oak framed homes and the quality private housing market with their garage and outdoor living structures.

DIVIDENDS

The total distribution of dividends for the year end will be £126,000 (2024 £40,000).

DIRECTORS

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

T J Crump

M Connolly

D M Grey

C Mills

Other changes in directors holding office are as follows:

A Lesenechal - appointed 31 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

T J Crump - Director

3 September 2026

Opinion

We have audited the financial statements of T J Crump Oakwrights Ltd (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 December 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

The directors have considered the company's financial position, performance, and future prospects in assessing the appropriateness of preparing the financial statements on a going concern basis.

The directors have prepared detailed forecasts for the period to 31 December 2026, which demonstrate that the company is expected to return to profitability and maintain adequate cash resources. The company continues to benefit from a healthy order book extending well into 2026, supported by strong demand for both its bespoke oak frame and encapsulated building systems. Management continues to focus on cost control, operational efficiency and margin protection.

After reviewing these forecasts and considering the principal risks and uncertainties facing the business, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the British Standards Institution, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the financial statements of the Company such as the Companies Act 2006, the British Standards Institution and UK tax legislation.

We have also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks are related to management bias in accounting estimates and judgemental areas of the financial statements.

Audit procedures performed by the engagement team included:

-

Discussions with the Board, Management and Company Secretary involved in the Risk and Compliance functions and the Company's legal function, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

-

Assessment of matters reported on the Company's fraud register and the results of management's investigation of such matters;

-

Identifying and testing journal entries based on risk criteria;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and

-

Testing transactions entered into outside the normal course of the Company's business as appropriate.

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.

Daniel Crowther FCA FCCA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

10 September 2026

TURNOVER

3

14,932,592

15,906,887

Cost of sales

(12,721,811

)

(13,397,677

)

GROSS PROFIT

2,210,781

2,509,210

Administrative expenses

(2,874,235

)

(3,072,935

)

(663,454

)

(563,725

)

Other operating income

180,656

171,188

OPERATING LOSS

6

(482,798

)

(392,537

)

Interest receivable and similar income

436

43,562

(482,362

)

(348,975

)

Interest payable and similar expenses

8

(95,136

)

(459,332

)

LOSS BEFORE TAXATION

(577,498

)

(808,307

)

Tax on loss

9

160,259

262,915

LOSS FOR THE FINANCIAL YEAR

(417,239

)

(545,392

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(417,239

)

(545,392

)

FIXED ASSETS

Tangible assets

11

1,982,268

2,343,411

CURRENT ASSETS

Stocks

12

1,776,869

1,975,663

Debtors

13

2,963,037

2,841,022

Cash at bank and in hand

1,194,689

1,473,796

5,934,595

6,290,481

CREDITORS

Amounts falling due within one year

14

(3,775,710

)

(3,698,122

)

NET CURRENT ASSETS

2,158,885

2,592,359

TOTAL ASSETS LESS CURRENT LIABILITIES

4,141,153

4,935,770

CREDITORS

Amounts falling due after more than one year

15

(336,673

)

(505,610

)

PROVISIONS FOR LIABILITIES

18

(427,013

)

(509,454

)

NET ASSETS

3,377,467

3,920,706

CAPITAL AND RESERVES

Called up share capital

19

200

200

Retained earnings

20

3,377,267

3,920,506

SHAREHOLDERS' FUNDS

3,377,467

3,920,706

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

T J Crump - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

200

4,505,898

4,506,098

Changes in equity

Dividends

-

(40,000

)

(40,000

)

Total comprehensive income

-

(545,392

)

(545,392

)

Balance at 31 December 2024

200

3,920,506

3,920,706

Changes in equity

Dividends

-

(126,000

)

(126,000

)

Total comprehensive income

-

(417,239

)

(417,239

)

Balance at 31 December 2025

200

3,377,267

3,377,467

Cash flows from operating activities

Cash generated from operations

1

484,942

77,950

Interest paid

(63,273

)

-

Interest element of hire purchase payments paid

(31,863

)

(459,332

)

Tax paid

-

127,908

Net cash from operating activities

389,806

(253,474

)

Cash flows from investing activities

Purchase of tangible fixed assets

(79,534

)

(63,864

)

Sale of tangible fixed assets

82,979

103,936

Interest received

436

43,562

Net cash from investing activities

3,881

83,634

Cash flows from financing activities

Loan repayments in year

(572,270

)

-

Capital repayments in year

(170,562

)

(244,051

)

Amount introduced by directors

196,055

123,961

Equity dividends paid

(126,000

)

(40,000

)

Net cash from financing activities

(672,777

)

(160,090

)

Decrease in cash and cash equivalents

(279,090

)

(329,930

)

Cash and cash equivalents at beginning of year

2

1,473,779

1,803,709

Cash and cash equivalents at end of year

2

1,194,689

1,473,779

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

31.12.25

31.12.24

£

£

Loss before taxation

(577,498

)

(808,307

)

Depreciation charges

390,085

469,136

Profit on disposal of fixed assets

(32,387

)

(6,997

)

Bad debts written off

39,449

-

Finance costs

95,136

459,332

Finance income

(436

)

(43,562

)

(85,651

)

69,602

Decrease in stocks

198,794

13,690

(Increase)/decrease in trade and other debtors

(98,191

)

49,231

Increase/(decrease) in trade and other creditors

469,990

(54,573

)

Cash generated from operations

484,942

77,950

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,194,689

1,473,796

Bank overdrafts

-

(17

)

1,194,689

1,473,779

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,473,796

1,803,709

Bank overdrafts

(17

)

-

1,473,779

1,803,709

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,473,796

(279,107

)

1,194,689

Bank overdrafts

(17

)

17

-

1,473,779

(279,090

)

1,194,689

Debt

Finance leases

(425,308

)

170,562

(254,746

)

Debts falling due within 1 year

(491,058

)

468,789

(22,269

)

Debts falling due after 1 year

(252,221

)

40,207

(212,014

)

(1,168,587

)

679,558

(489,029

)

Total

305,192

400,468

705,660

1.	STATUTORY INFORMATION

T J Crump Oakwrights Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

New Workshop

-

Straight line over 25 years

Improvements to property

-

Straight line over 25 years

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% reducing balance

Office equipment

-

15% on reducing balance

Items under £500 are not capitalised.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

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.

Financial instruments

Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Going concern

The directors have reviewed the company's financial position, cashflow forecasts and funding requirements for a period of at least twelve months from the date of approval of these financial statements.

As at 31 December 2025, the company reported net assets of £3.30m (2024: £3.92m), net current assets of £2.08m (2024: £2.59m), and cash at bank of £1.19m (2024: £1.47m).

Whilst the company reported a loss for the year, the directors believe the business entered 2026 in a significantly stronger position than it did at the start of 2025. Trading conditions remained difficult throughout much of the year, with customers continuing to delay decisions and projects taking longer to convert into revenue. However, momentum improved considerably during the second half of the year, particularly from August onwards, with sales activity increasing strongly across several areas of the business.

Sales secured between August and December 2025 totalled approximately £7.39m, substantially exceeding turnover recognised during the same period due to the timing difference between order intake and project delivery. The directors consider this strengthened pipeline to provide improved revenue visibility for the forthcoming financial period.

The business continues to maintain positive working capital and benefits from customer deposits received in advance, which support ongoing cashflow management. Cashflow forecasts are reviewed regularly and the directors continue to monitor costs, margins and operational efficiency closely as the increased workload moves into production.

Whilst the wider economic environment remains uncertain and cost pressures across the construction sector continue, current trading levels and forecast performance are encouraging. The directors remain focused on converting the strengthened sales pipeline into profitable delivery whilst maintaining careful control over cash and working capital.

Having considered the company's current financial position, forecast trading and available liquidity, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

14,932,592

15,906,887

14,932,592

15,906,887

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

4,647,810

4,806,631

Social security costs

532,866

463,946

Other pension costs

100,504

104,273

5,281,180

5,374,850

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

31.12.25

31.12.24

Directors

5

4

Management

13

15

Production

61

81

Admin

80

37

159

137

5.	DIRECTORS' EMOLUMENTS

31.12.25

31.12.24

£

£

Directors' remuneration

318,009

281,576

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

Money purchase schemes

5

4

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

£

£

Emoluments etc

82,117

98,490