In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SEH Commercial Limited for the year ended 31 December 2025 which comprise, the statement of financial position 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 SEH Commercial 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 SEH Commercial Limited and state those matters that we have agreed to state to the board of directors of SEH Commercial 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 SEH Commercial Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that SEH Commercial 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 loss of SEH Commercial Limited. You consider that SEH Commercial 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 SEH Commercial 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.

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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

SEH Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 White House Road, Ipswich, IP1 5LT.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The Company is part of the group headed by One Group Construction Limited, who have pledged their ongoing financial support to the Company. 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 years. The amount of profit attributable to the stage of completion for a long term contract is recognised on the proportion of costs incurred to date for work performed to date compared to estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity. Provisions are made for any losses which are foreseen.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

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

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

Contributions to the group's defined contribution pension scheme are charged to the statement of comprehensive income in the year in which they become payable.

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

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

The average monthly number of employees, during the year was Nil (2024: Nil).

The bank overdraft is secured by an unlimited intercompany composite guarantee between SEH Commercial Limited and other subsidiaries within the group. Debt is further secured by legal charges which are in place over property owned by the group.

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 £10,348,048 (2024: £11,505,361).

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). 

The following amounts were outstanding at the reporting end date:

The company is controlled by Warmlife Holdings Limited. The ultimate controlling party is One Group Construction Limited. The only group for which the 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 Limited is 30 White House Road, Ipswich, Suffolk, IP1 5LT.