The directors present the strategic report for the year ended 31 December 2025.

The company's principal activities during the year were those of civil engineering works, generally within the residential and commercial sectors.

S.E.H (Ipswich) Limited would like to thank our clients, our staff and the supply chain that accumulated in making 2025 a safe and successful year.

Market conditions remained challenging throughout 2025 with interest rates continuing to affect the residential sector, the overall trend was a slow and steady interest rate drop leading to a slight improvement in overall market conditions and confidence.

The business continued to show the ability to remain resilient during tough market conditions. Clients’ expectations and standards have developed over recent times with greater emphasis on the quality of the end product. This has been a major focus area for the Directors and the Senior Management team with acknowledgement that repeat work could be secured through the quality of the end product and overall service provided.

The turnover was marginally down from £14.9m (2024) to £14.7m (2025) yet remained consistent with our overhead structure and the Directors remained pleased with the company’s performance given the market conditions.

Operating profit returned a healthy £1.19m, again very pleasing given the economic conditions and pressures.

The industry has an ageing workforce with skill shortages throughout. The retention of key staff coupled with training and mentoring at all levels ensures the company is well placed to face these challenges as they come to fruition and remains high on the Directors agenda.

Health and safety continues to improve within the industry and we are pleased to report continual monitoring of on-site activities by internal and external health and safety inspections all reported compliance. Once again the company is pleased to report no RIDDORS or prohibition orders within the year. Robust risk assessments and method statements continue to be an integral part of how we go to work.

The cash position remains strong at the end of 2025 (£1.98m) with a forward order book of £18.3m. The business is well placed entering 2026 and we are actively tracking and targeting future opportunities within the region to ensure we secure our market share.

As a construction company the business is naturally subject to a number of commercial and non-commercial risks. The Directors are acutely aware of these risks and therefore proactively manage to ensure risks remain within acceptable limits with suitable controls in place.

Market volatility of materials and supply chain are a key risks the business face, partly pressurised by large national infrastructure projects being undertaken in the region and world wide instability. The Directors are continuously monitoring the situation and are updated on a regular basis by the Procurement Manager. Risks are managed to ensure acceptable Terms and Conditions are agreed on long term Contracts. Short term risks are monitored to ensure they keep in line with a risk v’s reward ethos and managed accordingly on a project by project basis.

In the first quarter of 2026, the business encountered a period of change due to two long term Directors retiring from the business after a significant number of years service. Succession planning has been in place for a considerable period of time. The risks and challenged being managed utilising a combination of factors, to include long term mentoring, promotion from within, career development, retention of key members of staff, training and having strength in depth at every level. Where required external resources will be sought to further strengthen the business. The Directors feel the business is well balanced and well equipped to tackle the challenges ahead and would like to acknowledge the hard work and dedication shown throughout the business.

The main financial risk for the company is cash collection. The risk associated with trade debtors is managed by completing independent credit ratings for prospective clients before contracts are entered into. Once works have commenced on site the company monitors aged debtors very closely and will take a proactive approach to debt collection if required. Cash is monitored daily as well as monitored closely at group level where support for short term cash requirements is readily available.

At the forefront of non-commercial risk is maintaining a healthy and safe working environment for our people, clients, and suppliers. The Directors remain fully committed to sustaining the high level of performance which has been the norm within the business for many years. The business ensures formal training is undertaken and renewed in line with recognised industry standards with regular Healty and Safety inspections by Directors, Senior Managers and group level H+S professionals to ensure the highest standards are maintained. We are committed to maintaining Safe Contractor, Chas and SMAS accreditation for “Contractor” and “Principle Contractor” roles.

Financial key performance indicators

The directors are pleased with the results for the year ending 31 December 2025. Turnover remained in line with the previous years with operating profit returning a healthy £1.19m The order book remains strong going into 2026 with £18.3m and an optimistic outlook for the coming year.

Non-financial key performance indicators

Health and safety

Health and safety is at the forefront of our business with nil RIDDOR reportable incidents during 2025. Robust procedures based on the principles of prevention will remain in place to ensure continual high standards are achieved throughout the coming year.

Environmental

Ongoing environmental objectives are to educate our workforce to seek to reduce waste and to recycle all materials wherever possible. The business will continue to strive for best practice where possible, formal scoring is included in our inspection regimes and we strive for continual improvement and look to ingrain this within working methods.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The results for the year are set out on page 6.

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

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

Financial instruments

The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures.

The company's policy is to finance working capital through retained earnings.

The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of the company's financial position or profit.

The directors have included a business review within the strategic report. Also included in the strategic report are details of the future developments of the company, the principal risks and uncertainties and a review of the key performance indicators as assessed by the directors.

This report was approved by the board and signed on its behalf.

The Company is part of the group headed by One Group Construction Limited. Detailed forecasts of the Company and Group for a period of at least 12 months from the approval of these financial statements have been considered. Taking into account the current economic climate and reasonably possible downsides, the directors have a reasonable expectation that the Company and the Group has sufficient resources to meet their obligations as they fall due and continue in operational existence for the foreseeable future.

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.E.H. (Ipswich) Limited for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of S.E.H. (Ipswich) Limited, as a body, in accordance with the terms of the engagement letter dated 6 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of S.E.H. (Ipswich) Limited and state those matters that we have agreed to state to the board of directors of S.E.H. (Ipswich) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.E.H. (Ipswich) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that S.E.H. (Ipswich) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.E.H. (Ipswich) Limited. You consider that S.E.H. (Ipswich) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S.E.H. (Ipswich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The income statement has been prepared on the basis that all operations are continuing operations.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

S.E.H. (Ipswich) Limited is a private company limited by shares incorporated in England and Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the strategic report.

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of One Group Construction Limited as at 31 December 2025. These consolidated financial statements are available from its registered office, 30 White House Road, Ipswich, Suffolk, IP1 5LT.

The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The Company is part of the group headed by One Group Construction Limited. Detailed forecasts of the Company and Group for a period of at least 12 months from the approval of these financial statements have been considered. Taking into account the current economic climate and reasonably possible downsides, the directors have a reasonable expectation that the Company and the Group has sufficient resources to meet their obligations as they fall due and continue in operational existence for the foreseeable future.true

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover consists of income derived from short term and long term contracts on a variety of differing commercial projects. Invoices for short term contracts are raised as the work progresses and turnover is realised accordingly. Turnover for such contracts is stated at cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous periods. The amounts of profit attributable to the stage of completion of a long term contract is recognised when the outcome can be foreseen with reasonable certainty. Provision is made of any losses which are foreseen. Applications for stage payments are issued on a monthly basis and are net of value added tax, where appropriate, and trade discounts.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. using the straight line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the statement of comprehensive income.

Investments in subsidiaries are measured at cost less accumulated impairment.

Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and amounts due to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Contributions to the group's defined contribution pension scheme are charged to the profit or loss in the year which they become payable.

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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

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

Impairment of tangible assets

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Tangible fixed assets (see note 10)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may very depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Contract accounting (see note 14)

The company applies its policies on turnover and contracts when recognising revenue and profit on partially complete contracts. The application of this policy requires judgements to be made in respect of the total expected costs to complete and the profit margin achievable on each contract. The company has in place established internal control processes to ensure that the evaluation of costs and revenues is based upon appropriate estimates.

All turnover is attributable to the principal activity of the company and within the United Kingdom.

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

Their aggregate remuneration comprised:

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,000 (2024: £18,420).

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

Finance leases

The net book value of motor vehicles for the company includes an amount of £104,991 (2025: £123,467) in respect of assets held under finance lease and hire purchase contracts.

Such assets are generally classified as finance leases as the rental period amounts to the estimated useful economic life of the assets concerned and often the company has the right to purchase the assets outright at the end of the minimum lease term by paying a nominal amount.

The cost of motor vehicles held for use under finance leases and hire purchases amount to £184,750 (2024: £184,750) and the related accumulated depreciation of those amount to £18,475 (2024: £18,475).

Details of the company's subsidiaries at 31 December 2025 are as follows:

The registered address of the above subsidiary company is 30 White House Road, Ipswich, Suffolk, IP1 5LT.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company is a member of the group's defined contribution scheme, the assets of which are held separately from those of the company in an independently administered fund.

At the year end there were outstanding pension contributions of £13,523 (2024: £10,970).

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Share premium

The share premium account includes the premium on issue of equity shares, net of any issue cost.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of any dividends paid and other adjustments.

There is a contingent liability in respect of guarantees given by the company in common with fellow subsidiaries, to its bankers for loan and overdraft facilities granted to the ultimate parent company, One Group Construction Limited, and its subsidiaries. Debt is further secured by legal charges over property owned by the group. At the year-end other companies in the group had gross overdrafts amounting to £12,256,499 (2024: £13,327,967).

The group has a right of set off between overdrafts and current account balances. At the year-end gross overdraft balances were fully offset, with a net current account balance across the group totalling £37,359,669 (2024: £33,294,418). 

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

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

During the year management charges of £95,443 (2024: £91,989) were paid to SEH (Property and Administration) Limited, a fellow group subsidiary.

During the year, group interest of £31,290 (2024: £17,250) was received from SEH (Property and Administration) Limited, a fellow group subsidiary.

The company is controlled by SEH Group Limited. The ultimate controlling party is One Group Construction Limited.

The only group for which results of the company are consolidated is that headed by One Group Construction Limited, the company's parent undertaking, which is registered in England and Wales. Copies of the consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of One Group Construction is 30 White House Road, Ipswich, Suffolk, IP1 5LT.