REGISTERED NUMBER: 06548094 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2026

FOR

MASSEY CLADDING SOLUTIONS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

R R Massey

D R Massey

SECRETARY:

R R Massey

REGISTERED OFFICE:

6 & 7 The Courtyards

Almondsbury Business Park

Woodlands

Bristol

BS32 4NQ

REGISTERED NUMBER:

06548094 (England and Wales)

AUDITORS:

Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

The directors present their strategic report for the year ended 30 April 2026.

REVIEW OF BUSINESS

The year ended 30 April 2026 represented another important stage in the development of Massey Cladding Solutions Limited.

Turnover reduced to £13.1 million, principally reflecting the timing and deferral of major projects. Against this background, the Company maintained its disciplined approach to project selection, commercial management and margin protection rather than replacing delayed turnover with work that did not meet its commercial or operational requirements.

As a result, gross profit increased from £3.4 million to £4.8 million, with gross profit margin improving from 19.5% to 36.8%. Profit before taxation was maintained at £1.4 million, demonstrating the resilience and improved underlying performance of the business despite the lower revenue base.

The Company remained cash-generative and maintained a strong balance sheet, providing a stable platform to support its current commitments and future growth.

Throughout the year, MCS continued to strengthen its management structure, systems and operational controls. Investment was made in quality assurance, project and commercial management, design capability, compliance and internal processes. This has increased the Company's capacity to deliver larger and more technically complex projects while maintaining control over safety, quality, programme and commercial performance.

MCS successfully achieved ISO 9001 certification during the year, reinforcing its commitment to quality, customer satisfaction and continual improvement. The Company also continued investing in recruitment, training, apprenticeships and professional development across its operational, commercial, technical and administrative functions.

MCS continues to strengthen its reputation for safely delivering technically demanding industrial roofing and cladding projects. The Company maintains long-standing relationships with leading main contractors and end clients and continues to be selected for complex projects where technical capability, programme certainty, quality and collaborative delivery are critical.

The Directors remain encouraged by the Company's order book, client relationships and future opportunities. These, together with its strengthened management capability and financial position, provide confidence in its prospects for continued sustainable growth.

FUTURE STRATEGY

Following significant investment in its management structure, people, systems and governance, the Company is well positioned to support its next stage of growth.

The Company's strategy remains focused on:

- developing long-term relationships with existing and new clients;

- expanding its presence within technically demanding sectors, including nuclear, defence, data centres, manufacturing, commercial and industrial developments;

- maintaining disciplined project selection and prioritising sustainable profitability over turnover alone; - investing in digital technology, design, quality assurance and operational systems;

- recruiting, developing and retaining talented people while strengthening leadership and succession across the business;

- maintaining high standards of safety, quality, compliance and customer service; and

- exploring complementary services and strategic opportunities that align with the Company's core capabilities and strengthen its long-term resilience.

The Board's long-term objective is to build MCS into one of the United Kingdom's leading specialist building-envelope contractors, recognised for technical excellence, operational delivery, financial strength and long-term client partnerships.

The Directors remain committed to investing in people, systems and innovation to achieve sustainable growth while maintaining the family values and culture upon which the business has been built.

The Directors believe the Company's reputation, management team, client relationships and financial position provide a strong platform for continued sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The construction industry remains exposed to economic uncertainty, inflationary pressures, material price volatility, supply-chain disruption and labour availability.

The timing of major projects can also be affected by planning, design development, client decisions and wider programme delays. These factors may result in fluctuations in turnover, resource requirements, working capital and profitability between financial periods.

The Company manages these risks through selective tendering, disciplined commercial management, robust contract reviews and regular monitoring of project performance. MCS also maintains established relationships with key clients, suppliers and subcontractors and operates across a range of customers and market sectors.

The increasing size and technical complexity of the Company's projects create additional operational and contractual risks. These are managed through investment in experienced personnel, design management, quality assurance, health and safety, project controls and clearly defined management responsibilities.

Financial risks are managed through cash-flow forecasting, credit monitoring, timely applications for payment, active debtor management and careful review of contractual exposure. The Directors regularly monitor cash, working capital and the financial standing of significant clients and supply-chain partners.

The Board believes that maintaining a strong balance sheet, conservative financial management, robust operational controls and disciplined project selection remain fundamental to the Company's continued success.

KEY PERFORMANCE INDICATORS

The company's key financial performance indicators during the year were as follows:

Description

Unit

2026

2025

Turnover

£

13,078,709

17,535,831

Turnover Increase/(Decrease)

%

(25.4

)

0.8

Gross Profit/(Loss)

£

4,810,180

3,985,687

Gross Profit Margin

%

36.8

19.5

Net Profit Before Tax

£

1,401,438

1,371,458

During the year the Company deliberately focused on project selection, margin protection and strengthening operational capability, resulting in lower turnover but significantly improved gross margins and profitability.

The Board's long-term objective is to build MCS into one of the UK's leading specialist building envelope contractors, recognised for technical excellence, operational delivery, financial strength and long-term client partnerships. The Directors remain committed to investing in people, systems and innovation to achieve sustainable growth whilst maintaining the family values and culture upon which the business has been built.

ON BEHALF OF THE BOARD:

D R Massey - Director

10 September 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing high quality roofing and wall cladding systems.

DIVIDENDS

Ordinary dividends were paid amounting to £259,904. The directors do not recommend payment of a final dividend.

DIRECTORS

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

R R Massey

D R Massey

Other changes in directors holding office are as follows:

M S Gould - resigned 1 April 2026

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made charitable donations totalling £385 towards causes supporting children's healthcare and medical research.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006, the directors have elected to include in the strategic report certain matters that would otherwise be required by regulations to be disclosed in this directors' report, namely the fair review of business.

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, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D R Massey - Director

10 September 2026

Opinion

We have audited the financial statements of Massey Cladding Solutions Limited (the 'company') for the year ended 30 April 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2026 and of its 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 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.

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:

We identify and assess the risks of material misstatement in the financial statements, whether due to

fraud or error, and then design and perform audit procedures responsible for those risks. This includes

assessing the risk of non-compliance of laws and regulations, evaluating management’s incentives and

opportunities for fraudulent manipulation of the financial statements (including override of control) and

management bias in accounting estimates.

Based on our understanding of the entity, we identified the principal risks of non-compliance and fraud

related to revenue recognition and correct recognition of warranty provisions. We also considered those

laws and regulations that have a direct impact on the preparation of the financial statements, such as

the Companies Act 2006.

Audit procedures performed by the engagement team included, but were not limited to, the following:

- Enquiries with management including consideration of any known or suspected instances of fraud

and non-compliance with laws and regulations;

- Reviewing the design and implementation of controls;

- Reviewing journal entries and identification of any potential unusual transactions;

- Examining warranty provisions and discussing the basis of calculations.

In conducting the work above, we apply due care and professional scepticism throughout. However,

there are limitations within the procedures outline above and the risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve

deliberate concealment.

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.

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.

Paul Freeman ACA ACCA BA (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

16 September 2026

TURNOVER

4

13,078,709

17,535,831

Cost of sales

8,268,529

14,123,896

GROSS PROFIT

4,810,180

3,411,935

Distribution costs

71,069

116,219

Administrative expenses

3,328,561

1,880,695

3,399,630

1,996,914

1,410,550

1,415,021

Other operating income

31,491

17,904

OPERATING PROFIT

6

1,442,041

1,432,925

Interest receivable and similar income

7

24,015

15,392

1,466,056

1,448,317

Interest payable and similar expenses

8

64,618

76,859

PROFIT BEFORE TAXATION

1,401,438

1,371,458

Tax on profit

9

356,345

366,242

PROFIT FOR THE FINANCIAL YEAR

1,045,093

1,005,216

PROFIT FOR THE YEAR

1,045,093

1,005,216

OTHER COMPREHENSIVE INCOME

Purchase of own shares

(602,995

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(602,995

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

442,098

1,005,216

FIXED ASSETS

Tangible assets

11

437,116

435,596

CURRENT ASSETS

Debtors

12

5,391,602

2,804,667

Cash at bank

2,376,141

2,061,749

7,767,743

4,866,416

CREDITORS

Amounts falling due within one year

13

4,568,719

1,787,573

NET CURRENT ASSETS

3,199,024

3,078,843

TOTAL ASSETS LESS CURRENT LIABILITIES

3,636,140

3,514,439

PROVISIONS FOR LIABILITIES

16

750,887

811,340

NET ASSETS

2,885,253

2,703,099

CAPITAL AND RESERVES

Called up share capital

17

44

84

Share premium

3,640

3,640

Capital redemption reserve

56

16

Retained earnings

2,881,513

2,699,359

SHAREHOLDERS' FUNDS

2,885,253

2,703,099

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2026 and were signed on its behalf by:

D R Massey - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 May 2024

84

1,973,965

3,640

16

1,977,705

Changes in equity

Dividends

-

(279,822

)

-

-

(279,822

)

Total comprehensive income

-

1,005,216

-

-

1,005,216

Balance at 30 April 2025

84

2,699,359

3,640

16

2,703,099

Changes in equity

Issue of share capital

(40

)

-

-

-

(40

)

Dividends

-

(259,904

)

-

-

(259,904

)

Total comprehensive income

-

442,058

-

40

442,098

Balance at 30 April 2026

44

2,881,513

3,640

56

2,885,253

Cash flows from operating activities

Cash generated from operations

1

1,203,772

2,582,503

Interest paid

(64,618

)

(76,859

)

Tax paid

(358,006

)

(175,294

)

Net cash from operating activities

781,148

2,330,350

Cash flows from investing activities

Purchase of tangible fixed assets

(85,435

)

(75,094

)

Sale of tangible fixed assets

15,537

7,849

Interest received

24,015

15,392

Net cash from investing activities

(45,883

)

(51,853

)

Cash flows from financing activities

Loan repayments in year

(114,583

)

(125,000

)

Amount withdrawn by directors

(84,667

)

(105,406

)

Share issue

(40

)

-

Equity dividends paid

(221,583

)

(279,822

)

Net cash from financing activities

(420,873

)

(510,228

)

Increase in cash and cash equivalents

314,392

1,768,269

Cash and cash equivalents at beginning of year

2

2,061,749

293,480

Cash and cash equivalents at end of year

2

2,376,141

2,061,749

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

30.4.26

30.4.25

£

£

Profit before taxation

1,401,438

1,371,458

Depreciation charges

71,121

60,278

Profit on disposal of fixed assets

(2,754

)

(1,106

)

Increase/(decrease) in provisions

(70,542

)

618,282

Purchase of own shares

(602,995

)

-

Government grants

(31,491

)

-

Finance costs

64,618

76,859

Finance income

(24,015

)

(15,392

)

805,380

2,110,379

(Increase)/decrease in trade and other debtors

(2,567,388

)

2,214,228

Increase/(decrease) in trade and other creditors

2,965,780

(1,742,104

)

Cash generated from operations

1,203,772

2,582,503

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 April 2026

30.4.26

1.5.25

£

£

Cash and cash equivalents

2,376,141

2,061,749

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

2,061,749

293,480

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.25

Cash flow

At 30.4.26

£

£

£

Net cash

Cash at bank

2,061,749

314,392

2,376,141

2,061,749

314,392

2,376,141

Debt

Debts falling due within 1 year

(114,584

)

114,584

-

(114,584

)

114,584

-

Total

1,947,165

428,976

2,376,141

1.	STATUTORY INFORMATION

Massey Cladding Solutions Limited 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.

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 company's results were derived from continued operations.

Turnover

Turnover is recognised through the monthly valuations undertaken in accordance with the agreed contract on all active sites. Each valuation reflects all work done to that date.

Tangible fixed assets

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

Long leasehold

-

5% on cost

Plant and machinery

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future.

Whilst there are many uncertainties in the construction industry, having reviewed likely future developments the directors remain of the opinion that there is no reason to believe that the company will have to cease trading as a result of inadequate financial resources or any other foreseeable events.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Retention recoverability

There is a level of uncertainty around the recoverability of retentions and the company uses a conservative approach as to recognising these retentions. The company uses a consistent basis year on year for estimating the amount of the provision based on historic data of retentions receivable.

Collateral warranties

The determination of the company's provision against collateral warranties involves significant judgements for which the ultimate outcome is uncertain as it is based on future events. The company bases its judgements on past contracts and knowledge of jobs.

Contracts

The company has a number of contracts which requires the company to exercise judgement over contractual entitlements. The range of potential outcomes in future financial periods could result in a material positive or negative movement to underlying profitability and cash flow.

Estimates are made and re-evaluated at each reporting date as to the quantum and timing of liabilities arising from complete contracts. The carrying value of amounts recoverable on contracts at the balance sheet date is set out in the notes to these financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities include the above items of critical judgement and the following:

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of property, plant and equipment in order to arrive at applicable depreciation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change. The carrying value of property, plant and equipment at the year end is set out in the notes to these financial statements.

4.

TURNOVER

All of the company's turnover for the year arose from a single business activity conducted entirely within the United Kingdom. As the company operates solely in one business segment and geographic region, no further disaggregation of revenue is considered necessary.

5.	EMPLOYEES AND DIRECTORS

30.4.26

30.4.25

£

£

Wages and salaries

2,708,995

2,063,099

Social security costs

335,606

257,283

Other pension costs

59,011

39,447

3,103,612

2,359,829

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

30.4.26

30.4.25

Administration

22

18

Construction and installation

29

29

51

47

30.4.26

30.4.25

£

£

Directors' remuneration

12,899

27,264

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

Money purchase schemes

-

2

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.26

30.4.25

£

£

Hire of plant and machinery

278,125

654,794

Other operating leases

40,066

49,408

Depreciation - owned assets

71,132

58,208

Profit on disposal of fixed assets

(2,754

)

(1,106

)

Auditors' remuneration

28,897

24,820

Auditors' remuneration for non audit work

12,806

19,177

Foreign exchange differences

233

7

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

30.4.26

30.4.25

£

£

Deposit account interest

23,900

15,392

Other interest received

115

-

24,015

15,392