Hobson and Porter Limited Company accounts

COMPANY REGISTRATION NUMBER: 01448193

Hobson and Porter Limited

Financial Statements

30 September 2025

Hobson and Porter Limited

Financial Statements

Year ended 30 September 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	7

Statement of comprehensive income	11

Statement of financial position	12

Statement of changes in equity	13

Statement of cash flows	14

Notes to the financial statements	15

Hobson and Porter Limited

Officers and Professional Advisers

The board of directors	P Hobson
	Mrs G Hobson
	D Blades
	Mrs J Blades
	Mrs J Smee
	M Smee
	R Hunter
	M Gibbin
	J Booth
	S English

Company secretary	Mrs J Blades

Registered office	Clifford House
	Malmo Road
	Sutton Fields Industrial Estate
	Hull
	HU7 0YF

Auditor	EC Professionals Limited
	Chartered Certified Accountants & statutory auditor
	2 Earls Court
	Henry Boot Way
	Hull
	HU4 7DY

Hobson and Porter Limited

Strategic Report

Year ended 30 September 2025

The directors present their strategic report of the company for the year ended 30 September 2025. Principal activity and business review Hobson and Porter Limited is an established, family owned building contractor operating across Yorkshire and Lincolnshire. The company has developed a strong regional reputation over more than half a century. The principal activity of the company continues to be the delivery of building and construction services across a range of sectors, including commercial and retail, health and social care, education, recreation and public services, industrial and distribution, and residential and regeneration. The mission and vision of the company remain unchanged: to safely and sustainably enhance the built environment, while operating as a valued employer, trusted supply chain partner and responsible contributor, to the communities in which it operates. During the year, the company delivered a successful financial performance, generating a gross profit of £6m from its core operations. This out-turn was achieved notwithstanding ongoing market challenges, including inflationary pressures and project commencement delays. Turnover for the year was £66m, with the business continuing to increase the value of its balance sheet in the year. Performance for the year was supported by a number of factors, including the satisfactory resolution of certain legacy loss making contracts, the successful conversion of strategic opportunities from the pipeline into secured work, and an above average level of construction activity within a limited number of sectors. The company has continued to operate in accordance with its strategic objectives, maintaining a balanced portfolio across both public and private sector clients and progressing its three year strategic plan despite prevailing economic uncertainty. Principal risks and uncertainties The business continues to operate in a competitive market environment. Whilst cost inflation for certain materials and labour has showed signs of stabilisation in the period, a residual timing lag between cost movements and tendered pricing continues to present risks to project margins and programme certainty. Demand variability remains evident in certain sectors, and there are indications of softening activity levels due to stalled investment decisions linked to global factors and economic uncertainty. The directors continue to monitor these conditions closely. Financial position The company remains cash positive, financially independent and free from external debt. Cash flow is actively managed and monitored against project performance on both a short and long term basis. Key performance indicators The directors assess the performance of the business through regular review of financial and operational indicators, including project level profitability and cash generation. Performance is monitored on a monthly basis, with detailed internal reporting in place.

This report was approved by the board of directors on 12 September 2026 and signed on behalf of the board by:

M Gibbin

Director

Hobson and Porter Limited

Directors' Report

Year ended 30 September 2025

The directors present their report and the financial statements of the company for the year ended 30 September 2025 .

Directors

The directors who served the company during the year were as follows:

P Hobson
Mrs G Hobson
D Blades
Mrs J Blades
Mrs J Smee
M Smee
R Hunter
M Gibbin
J Booth
S English

R Horner	(Resigned 27 March 2025)

Dividends

Dividends were paid during the year amounting to £ 120,000 .

Future outlook

The company enters the new financial year with a secured order book aligned to its target sectors. Whilst the prior year reflects a solid performance, the directors remain cautious in their outlook given prevailing market conditions.

Financial risk management objectives and policies

Price risk

The majority of work undertaken is for the Public Sector and sourced through approved tender lists and framework agreements. All competitive tenders are risk assessed prior to submission and costs sourced through the supply chain.

Credit risk

Most major clients are Local Authorities, Housing Associations and regulated Public Sector bodies, thus credit risk is low. New and Private Sector clients are subject to credit risks on an ongoing basis and measures are taken to safeguard funds during the project.

Liquidity risk

The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

Disclosure of information in the strategic report

The Strategic Report is detailed on page 2 of the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 12 September 2026 and signed on behalf of the board by:

M Gibbin

Director

Hobson and Porter Limited

Independent Auditor's Report to the Members of Hobson and Porter Limited

Year ended 30 September 2025

Opinion

We have audited the financial statements of Hobson and Porter Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 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 September 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We determined that the laws and regulations having a direct effect on the determination of material amounts and disclosures in the financial statements are the Companies Act 2006, UK corporation tax legislation, the Construction Industry Scheme and employment taxes legislation. We also identified those laws and regulations which, whilst not having a direct effect on the financial statements, are fundamental to the company’s ability to operate or to avoid a material penalty, being health and safety legislation including the Health and Safety at Work etc. Act 1974 and the Construction (Design and Management) Regulations 2015, building safety and building control legislation, environmental permitting and waste legislation, employment law, and data protection legislation. Our procedures in respect of the above included enquiry of management and those charged with governance as to the company’s policies and procedures for complying with the identified framework and as to known or suspected instances of non-compliance; inspection of correspondence with regulators and licensing bodies; inspection of board minutes; review of legal and professional expenditure; and review of the company’s arrangements for monitoring subcontractor status and deductions under the Construction Industry Scheme. We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by discussion among the engagement team and enquiry of management. We identified the recognition of revenue and margin on long term construction contracts, in particular the assessment of stage of completion, forecast costs to complete and the identification of foreseeable losses, as an area at heightened risk of material misstatement due to fraud, together with the risk of management override of controls. Our procedures in response to those risks included testing the appropriateness of journal entries recorded in the general ledger, in particular those posted to revenue and cost of sales; challenging the assumptions and judgements applied by management in contract valuations by reference to underlying contract documentation, surveyors’ valuations, applications for payment and post year end settlement; evaluating accounting estimates for evidence of management bias; and reviewing transactions with related parties. There are inherent limitations in our ability to detect irregularities, and these are greater in respect of non-compliance with laws and regulations that is removed from the events and transactions reflected in the financial statements, as we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.

Mr Kriss Hutchinson FCCA

(Senior Statutory Auditor)

For and on behalf of

EC Professionals Limited

Chartered Certified Accountants & statutory auditor

2 Earls Court

Henry Boot Way

Hull

HU4 7DY

12 September 2026

Hobson and Porter Limited

Statement of Comprehensive Income

Year ended 30 September 2025

			Period from
		Year to	1 Apr 23 to
		30 Sep 25	30 Sep 24
Note		£	£
Turnover	4	66,384,782	80,492,806

Cost of sales	60,030,716	73,140,080
	-------------	-------------
Gross profit	6,354,066	7,352,726

Administrative expenses		5,555,940	7,331,695
		------------	------------
Operating profit	5	798,126	21,031

Other interest receivable and similar income	118,037	126,095
	------------	------------
Profit before taxation	916,163	147,126

Tax on profit	9	190,639	( 37,713)
		---------	---------
Profit for the financial year and total comprehensive income		725,524	184,839
		---------	---------

All the activities of the company are from continuing operations.

Hobson and Porter Limited

Statement of Financial Position

30 September 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	11		914,881		886,085

Current assets

Debtors	12	11,795,516	12,830,612
Cash at bank and in hand		6,254,103	4,157,660
		-------------	-------------
		18,049,619	16,988,272

Creditors: amounts falling due within one year	13	13,091,423		12,710,091
		-------------		-------------
Net current assets			4,958,196		4,278,181
			------------		------------
Total assets less current liabilities			5,873,077		5,164,266

Provisions

Taxation including deferred tax	14	103,287	–
		------------	------------
Net assets		5,769,790	5,164,266
		------------	------------

Capital and reserves

Called up share capital	17	10,000	10,000
Profit and loss account	18	5,759,790	5,154,266
		------------	------------
Shareholders funds		5,769,790	5,164,266
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 12 September 2026 , and are signed on behalf of the board by:

M Gibbin

Director

Company registration number: 01448193

Hobson and Porter Limited

Statement of Changes in Equity

Year ended 30 September 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 April 2023		10,000	5,149,427	5,159,427

Profit for the year			184,839	184,839
		--------	------------	------------
Total comprehensive income for the year		–	184,839	184,839

Dividends paid and payable	10	–	( 180,000)	( 180,000)
		--------	------------	------------
Total investments by and distributions to owners		–	( 180,000)	( 180,000)

At 30 September 2024		10,000	5,154,266	5,164,266

Profit for the year			725,524	725,524
		--------	------------	------------
Total comprehensive income for the year		–	725,524	725,524

Dividends paid and payable	10	–	( 120,000)	( 120,000)
		----	---------	---------
Total investments by and distributions to owners		–	( 120,000)	( 120,000)

		--------	------------	------------
At 30 September 2025		10,000	5,759,790	5,769,790
		--------	------------	------------

Hobson and Porter Limited

Statement of Cash Flows

Year ended 30 September 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	725,524	184,839

Adjustments for:
Depreciation of tangible assets	195,893	275,979
Other interest receivable and similar income	( 118,037)	( 126,095)
Gains on disposal of tangible assets	( 11,000)	–
Tax on profit	190,639	( 37,713)
Accrued expenses	100,164	73,259

Changes in:
Trade and other debtors	1,035,096	546,869
Trade and other creditors	281,168	1,343,701
	------------	------------
Cash generated from operations	2,399,447	2,260,839

Interest received	118,037	126,095
Tax (paid)/received	( 87,352)	37,713
	------------	------------
Net cash from operating activities	2,430,132	2,424,647
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 224,689)	( 327,006)
Proceeds from sale of tangible assets	11,000	–
	------------	------------
Net cash used in investing activities	( 213,689)	( 327,006)
	------------	------------

Cash flows from financing activities

Dividends paid	( 120,000)	( 180,000)
	------------	------------
Net cash used in financing activities	( 120,000)	( 180,000)
	------------	------------

Net increase in cash and cash equivalents	2,096,443	1,917,641
Cash and cash equivalents at beginning of year	4,157,660	2,240,019
	------------	------------
Cash and cash equivalents at end of year	6,254,103	4,157,660
	------------	------------

Hobson and Porter Limited

Notes to the Financial Statements

Year ended 30 September 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clifford House, Malmo Road, Sutton Fields Industrial Estate, Hull, HU7 0YF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention. The company holds no assets carried at revalued amounts and no investment properties. The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1. Comparative period Following a change of accounting reference date, the comparative figures are for the 18 month period from 1 April 2023 to 30 September 2024. The comparative amounts are therefore not entirely comparable with those for the current 12 month period.

Going concern

The directors have prepared cash flow forecasts. The company is cash positive, has no external borrowings and holds a secured order book aligned to its target sectors. On the basis of those forecasts and the matters considered, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the financial statements have been prepared on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. Actual outcomes may differ from those estimates. The judgements and estimates which the directors consider to have the most significant effect on the amounts recognised in the financial statements are: Revenue and margin recognition on construction contracts. Significant judgement is applied within the construction industry in determining contract valuations (CVRs), the stage of completion of each contract, forecast costs to complete, expected margins, the recoverability of variations and claims, and the identification of foreseeable losses. Changes in these assumptions would affect turnover, cost of sales, amounts recoverable on contracts and amounts liable on contracts. Useful economic lives and residual values of tangible assets. Depreciation is calculated by reference to the estimated useful lives and residual values of the assets concerned. These are reviewed annually and revised where the directors consider that the estimate has changed. Recognition and measurement of deferred tax. Deferred tax is recognised in respect of timing differences and requires an assessment of the rates at which those differences are expected to reverse and, in respect of deferred tax assets, of the availability of future taxable profits.

Revenue recognition

Turnover represents the value of work done during the year, excluding value added tax, and comprises amounts invoiced in respect of completed work together with the value of work recognised on long term contracts. Contract revenue comprises the initial amount of revenue agreed in the contract together with variations, claims and incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. The stage of completion of each contract is determined by reference to the value of work completed at the reporting date, as assessed through the company's contract valuation (CVR) process, as a proportion of the total contract value. Where the outcome of a contract can be be estimated reliably, contract revenue and costs are recognised by reference to that stage of completion. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable. An expected loss on a contract is recognised immediately in profit or loss.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as a reduction in the rental expense over the lease term on a straight-line basis

Tangible assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. 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. At each reporting date the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	2% on cost
Plant and machinery	-	20% to 33% on cost
Motor vehicles	-	20% on cost

Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 'Basic Financial Instruments' of FRS 102. Basic financial assets, including trade and other debtors, amounts recoverable on contracts and cash and cash equivalents, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the asset is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment; where impaired, the impairment loss is recognised in profit or loss. Financial assets are derecognised when the contractual rights to the cash flows expire or the asset is transferred with substantially all the risks and rewards of ownership. Basic financial liabilities, including trade and other creditors and amounts liable on contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the liability is measured at the present value of the future payments discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost using the effective interest method. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Construction contracts	66,384,782	80,492,806
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Depreciation of tangible assets	195,893	275,979
Gains on disposal of tangible assets	( 11,000)	–
Operating lease payments	368,147	266,903
	---------	---------

6. Auditor's remuneration

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Fees payable for the audit of the financial statements	20,000	11,115
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Office and management	64	58
Construction	84	80
	----	----
	148	138
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Wages and salaries	6,393,564	8,731,057
Social security costs	830,826	872,378
Other pension costs	108,195	151,300
	------------	------------
	7,332,585	9,754,735
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Remuneration	1,059,290	1,326,319
Company contributions to defined contribution pension plans	8,585	13,869
	------------	------------
	1,067,875	1,340,188
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Aggregate remuneration	133,164	159,160
	---------	---------

9. Tax on profit

Major components of tax expense/(income)

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£

Current tax:

Adjustment in respect of R&D tax credits	–	( 47,219)

Deferred tax:

Origination and reversal of timing differences	190,639	9,506
	---------	--------
Tax on profit	190,639	( 37,713)
	---------	--------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Profit on ordinary activities before taxation	916,163	147,126
	---------	---------
Profit on ordinary activities by rate of tax	174,071	9,318
Effect of capital allowances and depreciation	( 5,471)	3,066
Utilisation of tax losses	( 168,600)	( 12,384)
	---------	---------
Tax on profit	–	–
	---------	---------

10. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
	£	£
Dividends on ordinary shares	120,000	180,000
	---------	---------

11. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2024	563,698	1,663,554	243,136	2,470,388
Additions	–	118,129	106,560	224,689
Disposals	–	( 23,000)	–	( 23,000)
	---------	------------	---------	------------
At 30 September 2025	563,698	1,758,683	349,696	2,672,077
	---------	------------	---------	------------
Depreciation
At 1 October 2024	164,088	1,326,914	93,301	1,584,303
Charge for the year	–	138,171	57,722	195,893
Disposals	–	( 23,000)	–	( 23,000)
	---------	------------	---------	------------
At 30 September 2025	164,088	1,442,085	151,023	1,757,196
	---------	------------	---------	------------
Carrying amount
At 30 September 2025	399,610	316,598	198,673	914,881
	---------	------------	---------	------------
At 30 September 2024	399,610	336,640	149,835	886,085
	---------	------------	---------	------------

Included within the carrying amount of land and buildings is freehold land of £49,325 (2024: £49,325 which is not depreciated.

12. Debtors

	2025	2024
	£	£
Trade debtors	6,171,732	6,036,406
Prepayments and accrued income	192,087	357,941
Amounts recoverable on contracts	4,876,795	6,211,363
Other debtors	554,902	224,902
	-------------	-------------
	11,795,516	12,830,612
	-------------	-------------

13. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	9,835,784	10,257,523
Accruals and deferred income	225,285	125,121
Social security and other taxes	2,298,087	2,327,447
Amounts due on contracts	732,267	–
	-------------	-------------
	13,091,423	12,710,091
	-------------	-------------

14. Provisions

	Deferred tax (note 15)
	£
At 1 October 2024	( 87,352)
Additions	190,639
	---------
At 30 September 2025	103,287
	---------

15. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 14)	103,287	–
	---------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	103,287	–
Unused tax losses	–	( 87,352)
	---------	--------
	103,287	(87,352)
	---------	--------

16. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 108,195 (2024: £ 151,300 ).

At 30 September 2025 contributions of £ 30,757 due in respect of the reporting period had not been paid over to the plans and are included within creditors: amounts falling due within one year. This was paid in full the following month as expected by legislation.

17. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000	10,000	10,000	10,000
	--------	--------	--------	--------

18. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

19. Analysis of changes in net debt

	At 1 Oct 2024	Cash flows	At 30 Sep 2025
	£	£	£
Cash at bank and in hand	4,157,660	2,096,443	6,254,103
	------------	------------	------------

20. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	231,089	110,445
Later than 1 year and not later than 5 years	287,253	122,311
	---------	---------
	518,342	232,756
	---------	---------

21. Related party transactions

Only the directors are considered key management. Total key management personnel compensation for the year was £1,067,875 (2024: £1,340,188) Dividends of £120,000 (2024: £180,000) were paid during the year to P Hobson and Mrs G Hobson , who are directors and together hold the entire issued share capital of the company.

22. Controlling party

P Hobson and Mrs G Hobson each hold 50% of the issued ordinary share capital of the company. In the absence of any agreement governing the exercise of their voting rights, the directors consider that there is no single ultimate controlling party.