REGISTERED NUMBER: SC242071 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2026

for

TSQUARED GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

20

Consolidated Cash Flow Statement

21

Notes to the Consolidated Cash Flow Statement

22

Notes to the Consolidated Financial Statements

23

DIRECTORS:

A Simpson

D Callan

C A Paterson

M McFarlane

SECRETARY:

M McFarlane

REGISTERED OFFICE:

Optimus Building

2 Robroyston Oval

Nova Technology Park

Glasgow

G33 1AP

REGISTERED NUMBER:

SC242071 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

Bank of Scotland

41 Princes Mall

East Kilbride

G74 1LS

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

TSquared Group Ltd is a UK based contractor involved in the provision of specialist design, construction, maintenance and validation services.

REVIEW OF BUSINESS

A summary of the results of trading for the 31 March 2026 is provided within the attached financial statements.

The directors are satisfied with the results achieved by the group during the year, which remained broadly in line with expectations.

Based on a year to year comparison of the results of the group:

- Turnover decreased by 6% to £38,016,514 from £40,561,665

- Gross profit decreased to £15,677,888 (41%) from £17,021,775 (42%),

- Net profit decreased to £11,898,263 (31%) from £13,701,425 (34%), and

- There were no lost time incidents during the current year (FY25: 1).

During the year, the group transferred to an employee ownership structure with a controlling interest in T-Squared Group Limited being acquired by T-Squared EOT Limited, as trustee of the T-Squared Employee Ownership Trust.

This transaction represents a significant and important long-term development for the ownership and succession planning of the group. The directors concluded that the employee ownership structure provided a long-term sustainable platform for the future development of the group, while maintaining continuity of its operations, strategy and key stakeholder relationships.

The directors consider that the financial performance of the group remained strong during the year and that the group was in a healthy financial position at the year end.

The group's key performance indicators are turnover, gross profit, net profit and lost time injuries (LTI's).

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to various risks and uncertainties arising from its activities that include performance risk, operational risk, credit risk, liquidity risk, price risk and people risks. The directors recognise their overall responsibility for the group's systems and internal control. These systems and controls are designed to manage and mitigate, rather than eliminate, the risks associated with the group's activities.

The group maintains appropriate risk management and control procedures which includes the regular review of individual contract performance, cash flows, working capital and long-term funding requirements.

Performance risk is managed through accurate budgeting and costing individual projects, followed by monitoring of performance on these projects through to completion. The performance of the group and the individual companies within the group is monitored through monthly management accounts and regular management and board review.

Operational risk is minimised through having robust health and safety and quality assurance policies and procedures in place as well as the development of a positive health and safety culture throughout the group.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing appropriate payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and monitored.

Liquidity risk is minimised through the retention of a healthy level of group reserves and funds in the bank. At the year end, the group maintained a healthy level of cash reserves and was not reliant upon any bank borrowing facilities.

Price risk relating is minimised by agreeing fixed prices with individual suppliers, maintaining strong long-standing supplier relationships, and sourcing goods and services from multiple suppliers, where appropriate to ensure competitive pricing.

Cyber security and information technology risk is managed through a combination of technical controls, security monitoring, employee awareness and training, and established procedures designed to protect the group's systems and information. The group maintains Cyber Essentials certification and is working towards Cyber Essentials Plus certification as part of its ongoing commitment to strengthening cyber resilience, protecting information and maintaining business continuity.

Our people risk is managed through competitive remuneration and benefits, investment in employee learning and development, succession planning and initiatives designed to support employee engagement and retention. The group's long-term success is dependent upon attracting and retaining appropriately skilled employees. We consider that employee ownership will be a central pillar supporting the group's success in this regard.

SECTION 172(1) STATEMENT

The Companies Act 2006 requires company directors to state how they have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.

These are as follows:

(a)

the likely consequences of any decision in the long term,

(b)

the interests of the group's employees,

(c)

the need to foster the group's business relationships with suppliers, customers and others,

(d)

the impact of the group's operations on the community and the environment,

(e)

the desirability of the group maintaining a reputation for high standards of business conduct, and

(f)

the need to act fairly between members of the group.

The consideration given to each of these matters and how we have engaged with various stakeholders during the year is set out below.

Clients

The group's long-term success is dependent upon developing and maintaining strong relationships with its clients and consistently delivering high-quality services and solutions which meet their requirements.

Our purpose to "create space for genius" is supported by three strategic pillars of innovation, employee success and client success. We seek to put these principles into practice by working closely with our clients throughout the full project and service life cycle, understanding their requirements and delivering innovative, energy-efficient and cost-effective solutions.

Regular engagement with our clients provides valuable feedback on their current and future requirements and helps inform the development of our services, technical capabilities and wider business strategy. We seek to build long-term relationships based upon quality, reliability, technical expertise and consistently high standards of service.

The success of this long-term approach is reflected in the group's high levels of customer retention and the continued award of major projects, maintenance agreements and validation assignments from multinational organisations and government agencies across the life sciences, aerospace, battery, quantum technologies, space, medical, pharmaceutical, electronics and semiconductor sectors.

The group also recognises the importance of information and cyber security in maintaining the trust of its clients and other stakeholders. We continue to invest in appropriate technical controls, security monitoring and employee awareness and training. The group maintains Cyber Essentials certification and is working towards Cyber Essentials Plus certification as part of its ongoing commitment to strengthening cyber resilience, protecting information and maintaining business continuity.

The directors believe that maintaining strong client relationships, together with the continued delivery of high-quality and innovative solutions, remains fundamental to the long-term sustainable success of the group.

Employees

The development and wellbeing of our employees is critically important to the delivery of the group strategy and its long-term success.

In this regard, the most significant development during the year was the group's transfer to an employee ownership structure through the establishment of the T-Squared Employee Ownership Trust and the formation of an EOT Board containing two employee representatives.

The directors believe that employee ownership supports the group's long-term approach to employee engagement and retention, providing employees with a greater connection to the continued success and development of the business and allowing employees to share in this future success.

Furthermore, we have continued to invest in the development of our employees during the year through a range of internal and externally accredited training programmes. Employees are supported by individual training and development plans designed to ensure that their skills and knowledge continue to develop in line with industry standards, technological developments and the evolving requirements of our clients.

Employees also undertake mandatory compliance and cyber security awareness training, supported by regular simulated phishing exercises designed to maintain awareness of evolving cyber threats.

The health and safety of our employees remains of paramount importance across all of our activities. Regular health and safety training is provided to employees, and the group maintains ISO 45001 accreditation via IEC, in addition to both CHAS and SafeContractor accreditation, providing independent assurance of our health and safety management systems and practices.

Suppliers

The group recognises that strong and sustainable relationships with its suppliers and subcontractors are important to the successful delivery of its projects and services and to the long-term success of the business.

We continue to engage with our key suppliers and subcontractors to maintain security of supply, competitive pricing and appropriate service and quality standards, while developing relationships which support the requirements of both the group and its clients.

We seek to develop long-term relationships with those suppliers and subcontractors who share our expectations in relation to quality, health and safety, environmental performance and standards of business conduct. We work closely with our supply chain on each project to ensure that requirements are understood, and that health and safety risks and environmental considerations are identified and managed effectively.

The group also recognises the importance of fair and timely payment in maintaining those strong supply chain relationships. Our policy is to pay suppliers and subcontractors in accordance with agreed terms and conditions, and we regularly monitor payment performance alongside the group's external credit ratings and available credit limits.

During the year ended 31 March 2026, the group took an average of 42 days from invoice date to payment date (FY25: 39 days).

Ownership and Shareholders

During the year, the group transferred to an employee ownership structure, with a controlling interest in T-Squared Group Limited being acquired by T-Squared EOT Limited, as trustee of the T-Squared Employee Ownership Trust in September 2025.

The transaction represents a significant development for the long-term ownership and succession of the group. The directors believe this structure supports the group's long-term strategy, by providing continuity for its employees, clients and other stakeholders and allowing employees to share in the future success of the business.

The interests of minority shareholder within the group continue to be recognised through their involvement in the relevant businesses and through the group's established governance arrangements.

Community

The group remains committed to supporting the wider communities in which we operate and to making a positive contribution through charitable giving and community engagement.

During the year, the group and its employees continued to raise and donate funds to a range of good causes promoted and supported by our staff, including Cancer Research UK. We actively encourage employee-led charitable initiatives and seek to support causes which are important to our employees and the communities in which we operate.

We also continued our support for local community outreach programmes, in particular, Plugged In, part of the North West Glasgow Voluntary Sector Network, through the donation of surplus IT equipment for redistribution within the local community, helping to support digital inclusion while also extending the useful life of equipment which may otherwise have been disposed of.

The group will continue to identify opportunities to support charitable causes, local communities and initiatives which contribute positively to the industries and communities in which we operate.

ENVIRONMENT

The group is committed to operating in a positive and environmentally responsible manner and to managing those aspects of its activities which have an impact on the environment. We seek to operate in accordance with recognised good practice, minimising our environmental impact and, where practicable, improving the environmental performance of our operations.

Our commitment is supported by an Environmental Management System which meets the requirements of ISO 14001. The system provides a structured framework for identifying and managing environmental risks and opportunities, preventing pollution and driving continual improvement in environmental performance.

Key elements of our approach include pre-commencement environmental impact reviews; regular employee training and awareness; robust waste management procedures; the reduction, re-use and recycling of materials and waste wherever practicable, alongside working with clients to deliver highly energy-efficient solutions that support their operations.

We also continue to consider environmental performance in decisions relating to our vehicle fleet, premises and energy procurement.

Streamlined Energy Carbon Report

2026

2025

2024

Carbon emissions (tCO2e)

Scope 1 - Direct GHG emissions from the combustion of gas and fuels, including fuel used for transport

378.1

379.3

356.0

Scope 2 (location based) - Indirect GHG emissions from purchased electricity, calculated using the UK grid-averaged conversion factor

13.8

15.6

15.5

Total Scope 1 & 2 emissions (location based)

391.9

394.9

371.5

Scope 2 (market based) - Indirect GHG emissions from purchased electricity, reflecting qualifying renewable electricity supplies

1.5

3.0

3.0

Total Scope 1 & 2 emissions (market based)

379.6

382.3

359.0

Energy Consumption (kWh)

Scope 1 - Energy consumption

1,502,115

1,517,460

1,403,357

Scope 2 - Energy consumption

76,852

75,018

75,590

Total Scope 1 & 2 energy consumption

1,578,967

1,592,478

1,478,947

Intensity Ratios

Turnover - Scope 1 & 2 Emissions per £m (location based)

10.3

9.7

9.2

Turnover - Scope 1 & 2 Emissions per £m (market based)

10.0

9.4

8.9

Headcount - Scope 1 & 2 Emissions per Employee (location based)

3.63

3.69

3.64

Headcount - Scope 1 & 2 Emissions per Employee (market based)

3.51

3.57

3.52

In calculating our Streamlined Energy Carbon Report, we have followed the 2019 HM Government Environmental Reporting Guidelines in calculating and reporting our GHG emissions and energy consumption. We have applied the "majority approach" and used the 2025 UK Government GHG Conversion Factors for Company Reporting in the current year (2024 & 2023 Conversion Factors in the respective comparative years).

We present Scope 2 emissions on a location-based and a market-based basis, where location-based emissions reflect average emissions intensity of the UK electricity grid, whereas market-based emissions reflect the emissions associated with the electricity supplies procured by the group, including qualifying renewable supplies.

Over the past 12 months our absolute Scope 1 and 2 emissions have slightly reduced by 2.7 tCO2e, with total energy consumption also reducing by 13,511 kWH (0.8%).

Scope 1 emissions which continue to represent the substantial majority of the group's carbon footprint, reduced to 378.1 tCO2e (FY25: 379.3 tCO2e). These emissions are principally associated with fuel consumed by the group's vehicle fleet, largely reflecting the mobile nature of our Service and Validation divisions.

Market-based Scope 2 emissions reduced by approximately 50% to 1.5 tCO2e (FY25: 3.0 tCO2e), reflecting ongoing progress in increasing the proportion of electricity procured from renewable sources.

The group's location-based emissions intensity per employee improved from 3.69 tCO2e to 3.63 tCO2e, with the corresponding market-based measure improving from 3.57 tCO2e to 3.51 tCO2e. Revenue-based intensity increased during the year, principally due to lower group revenue rather than an increase in absolute emissions or energy consumption.

Sustainability Progress and Key Actions

We have continued to make progress in executing our long-term sustainability strategy. Key actions undertaken during the year include:

Transition to 100% Renewable Energy in Durham

During the financial year, we increased the proportion of electricity supplied from renewable sources to our Durham office to approximately 80%. The office has now converted to a 100% renewable energy tariff following the year end which will provide a further 0.2 tCO2e saving (market based).

Engagement with Serviced Office Providers

We have continued to encourage our serviced office landlords to switch to fully renewable energy sources. Our engagement has previously contributed to two landlords switching to fully renewable sources, with the benefit reflected in the current year's emissions report.

A further landlord has also now moved across to fully renewable sources for their electricity supply, whilst our Gateshead office has now decommissioned its gas supply, further reducing our reliance on fossil fuels during the year.

Fleet Optimisation and EV Considerations

We have continued our previous efforts to replace several older large commercial vehicles with smaller, more efficient models, resulting in both fuel savings and reduced GHG emissions. We have now increased the proportion of our van fleet that consists of smaller compact vehicles from 15% to 27%, whilst the wider vehicle fleet also includes one fully electric and three hybrid vehicles. This transition will continue over the next one to two years, with a target of approximately 40% of the van fleet being composed of compact vehicles.

Independent Assessment and Rating

In addition to the above measures, we secured a baseline rating from EcoVadis in late 2025, which provides an independent assessment of our sustainability management practices. We are using their assessment to identify further opportunities for improvement.

GOING CONCERN

The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:

M McFarlane - Secretary

11 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of specialist design, construction, maintenance and validation services.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary £1 shares

A dividend of £1,263.1581 per share was paid on 23 September 2025.

A dividend of £39.475263 per share was paid on 25 September 2025.

A dividend of £4.684211 per share was paid on 22 December 2025. Shareholders owning 95% of the issued ordinary shares waived their right to this dividend.

Total distributions for the year ended 31 March 2026 will be £13,028,676. This included EOT contributions of £12,375,017.

FUTURE DEVELOPMENTS

Based on current budgets, the directors are confident that the group will continue to trade profitably.

DIRECTORS

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

A Simpson

D Callan

C A Paterson

M McFarlane

Other changes in directors holding office are as follows:

G Malcolm - resigned 22 September 2025

D Nicol - resigned 22 September 2025

R A Dinwoodie - resigned 22 September 2025

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are all conducted in sterling. The group does not enter into any hedging transactions.

DISCLOSURE IN THE STRATEGIC REPORT

The review of the group's business and the description of the principal risks and uncertainties facing the group are disclosed in the strategic report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:

M McFarlane - Secretary

11 September 2026

Opinion

We have audited the financial statements of TSquared Group 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 nine, 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 are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, employment law, GDPR, anti-money laundering and environmental regulations. We performed audit procedures to inquire of management and those charged with governance whether the group and company is in compliance with these laws and regulations, reviewed legal fees and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to, performing analytical procedures to identify any unusual or unexpected relationships, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenditure.

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.

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

11 September 2026

TURNOVER

38,016,514

40,561,665

Cost of sales

22,338,626

23,539,890

GROSS PROFIT

15,677,888

17,021,775

Administrative expenses

4,665,273

4,514,640

11,012,615

12,507,135

Interest receivable and similar income

885,648

1,195,679

11,898,263

13,702,814

Interest payable and similar expenses

5

-

1,389

PROFIT BEFORE TAXATION

6

11,898,263

13,701,425

Tax on profit

7

3,118,941

3,494,115

PROFIT FOR THE FINANCIAL YEAR

8,779,322

10,207,310

Profit attributable to:

Owners of the parent

8,342,126

9,654,956

Non-controlling interests

437,196

552,354

8,779,322

10,207,310

PROFIT FOR THE YEAR

8,779,322

10,207,310

OTHER COMPREHENSIVE INCOME

Share based payment transfer

316,872

31,341

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

316,872

31,341

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

9,096,194

10,238,651

Total comprehensive income attributable to:

Owners of the parent

8,658,998

9,686,297

Non-controlling interests

437,196

552,354

9,096,194

10,238,651

FIXED ASSETS

Intangible assets

10

546,079

788,780

Tangible assets

11

2,184,299

988,373

Investments

12

-

-

2,730,378

1,777,153

CURRENT ASSETS

Stocks

13

187,194

212,387

Debtors

14

11,383,804

7,683,196

Cash at bank and in hand

21,490,530

32,783,574

33,061,528

40,679,157

CREDITORS

Amounts falling due within one year

15

17,101,163

18,904,103

NET CURRENT ASSETS

15,960,365

21,775,054

TOTAL ASSETS LESS CURRENT LIABILITIES

18,690,743

23,552,207

CREDITORS

Amounts falling due after more than one year

16

-

(282,232

)

PROVISIONS FOR LIABILITIES

18

(165,537

)

(182,015

)

NET ASSETS

18,525,206

23,087,960

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Share option reserve

20

459,925

143,053

Retained earnings

20

17,395,622

22,082,172

SHAREHOLDERS' FUNDS

17,865,547

22,235,225

NON-CONTROLLING INTERESTS

21

659,659

852,735

TOTAL EQUITY

18,525,206

23,087,960

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

A Simpson - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

2,673,805

2,584,353

2,673,805

2,584,353

CURRENT ASSETS

Debtors

14

400,000

-

Cash at bank

2,972,474

2,885,783

3,372,474

2,885,783

CREDITORS

Amounts falling due within one year

15

5,626,348

4,209,742

NET CURRENT LIABILITIES

(2,253,874

)

(1,323,959

)

TOTAL ASSETS LESS CURRENT LIABILITIES

419,931

1,260,394

CREDITORS

Amounts falling due after more than one year

16

-

282,232

NET ASSETS

419,931

978,162

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Retained earnings

20

409,931

968,162

SHAREHOLDERS' FUNDS

419,931

978,162

Company's profit for the financial year

12,470,445

7,879,676

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

A Simpson - Director

Called up

Share

share

Retained

option

capital

earnings

reserve

£

£

£

Balance at 1 April 2024

10,000

20,351,216

111,712

Profit for the year

-

9,654,956

-

Other comprehensive income for the year

-

-

31,341

Total comprehensive income

-

9,654,956

31,341

Dividends

-

(7,924,000

)

-

Total transactions with owners, recognised directly in equity

-

(7,924,000

)

-

Balance at 31 March 2025

10,000

22,082,172

143,053

Profit for the year

-

8,342,126

-

Other comprehensive income for the year

-

-

316,872

Total comprehensive income

-

8,342,126

316,872

Dividends

-

(653,659

)

-

EOT contributions

-

(12,375,017

)

-

Total transactions with owners, recognised directly in equity

-

(13,028,676

)

-

Acquisition of non-controlling interest

-

-

-

Balance at 31 March 2026

10,000

17,395,622

459,925

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2024

20,472,928

802,201

21,275,129

Profit for the year

9,654,956

552,354

10,207,310

Other comprehensive income for the year

31,341

-

31,341

Total comprehensive income

9,686,297

552,354

10,238,651

Dividends

(7,924,000

)

(501,820

)

(8,425,820

)

Total transactions with owners, recognised directly in equity

(7,924,000

)

(501,820

)

(8,425,820

)

Balance at 31 March 2025

22,235,225

852,735

23,087,960

Profit for the year

8,342,126

437,196

8,779,322

Other comprehensive income for the year

316,872

-

316,872

Total comprehensive income

8,658,998

437,196

9,096,194

Dividends

(653,659

)

(540,820

)

(1,194,479

)

EOT contributions

(12,375,017

)

-

(12,375,017

)

Total transactions with owners, recognised directly in equity

(13,028,676

)

(540,820

)

(13,569,496

)

Acquisition of non-controlling interest

-

(89,452

)

(89,452

)

Balance at 31 March 2026

17,865,547

659,659

18,525,206