Delcon Construction Limited - Limited company accounts 25.1

REGISTERED NUMBER: 02198767 (England and Wales)

DELCON CONSTRUCTION LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr M A O'Connell

Mr J Dugan

Mr C K Miles

Mr S O’Connell

Mr R J Williams

Mr G O'Connell

REGISTERED OFFICE:

3rd Floor 26 Caxton Street

London

SW1H 0RJ

REGISTERED NUMBER:

02198767 (England and Wales)

AUDITORS:

Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

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

REVIEW OF BUSINESS

The Company continues to operate in the business of construction, structural alteration, refurbishment and fit-out for exclusive residential and commercial properties in London.

2025 was a successful but challenging year for the Company. We completed two prestigious projects in the year that have further enhanced our portfolio of "yacht grade" fit outs. Delcon has established a strong track record of successfully delivering these challenging and demanding projects, working with some of the world's leading designers and joinery companies to achieve an unrivalled level of quality.

However, the financial results for the year were adversely affected by delayed starts to two new projects for reasons entirely out of the Company's control. One of these projects started approximately six months late and the other failed to progress beyond the preconstruction period due to issues with the BSR process. Consequently turnover decreased to £8.1m (2024:22.27m) for the year.

Net Profit performance for the year was strong at £0.75m (2024:£1.36m) due to lower overheads.

Our balance sheet remains extremely strong which allows the Company to pursue a selective approach to the work we undertake. It is our stated intention to continue undertaking a limited number of exclusive schemes each year at pricing levels that properly reflect the associated risks.

PRINCIPAL RISKS AND UNCERTAINTIES

It is the Company's policy to proactively identify, understand and manage the risks inherent in the operation of our business so as to encourage responsible and informed decision making. The Company's exposure to financial risk is mitigated at an early stage of each project as each subcontractor to be employed is subjected to a stringent vetting process and prices are set at the outset of a project and continually monitored throughout for efficacy.

Credit risk exposure is limited as the Company adheres strictly to the contractual terms of each project (generally under JCT standard forms of contract), securing advanced payments and/or deposits where appropriate. The Company's history of limited bad debts is a direct result of this cautious approach.

Liquidity risk is also limited as the contract terms of projects carried out by the Company ensure that it receives settlement of its invoices on a regular basis, with appropriate action swiftly taken in the event of any breaches to the agreed terms. Allied to this, the Company's policy is to make payments to its subcontractors and suppliers in an expeditious manner.

Cash flow risk is managed on a daily basis via the Company's established procedures of credit management, payment processing and continual financial analysis and reconciliation. During the year, the Company retained its excellent rating with credit reference agencies.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr C K Miles - Director

17 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of high quality construction projects.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was nil (2024: £1,000,000).

FUTURE DEVELOPMENTS

The current economic climate is full of uncertainty and the new tax policies of our current Government continue to have a particularly negative impact on our marketplace. The effects of the Building Safety Act are also continuing with delays in the regulatory processes slowing construction activity for affected buildings. Both of these matters are creating particularly strong headwinds for our marketplace.

Effective credit risk assessment will remain critical when engaging subcontractors during these turbulent economic times and the Company will continue to implement stringent credit control measures to mitigate default risk.

DIRECTORS

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

Mr M A O'Connell

Mr R Williams

Mr J Dugan

Mr C Miles

Mr G O'Connell

Mr S O'Connell

FINANCIAL RISK MANAGEMENT OBJECTIVES & POLICIES

The Company mitigates credit risk through the completion of detailed and thorough monthly valuations for each of our projects. The value of works completed are accurately measured and payments agreed with both our professional client teams and our subcontractors with payments then made/received in accordance with contracted timescales. The Directors consider this to be an essential risk management process.

Individual project reviews are completed on a regular basis to monitor project performance and profitability with corrective action taken by the Directors as required.

The Company employ strict internal control procedures with clearly allocated responsibilities and segregation of key duties. Regular financial reconciliation and reporting is completed on all aspects of the business to ensure compliance and to monitor ongoing performance.

Bonds and other forms of security are obtained from clients and subcontractors alike in circumstances where the Directors consider it to be necessary.

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), 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 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, Beavis Morgan Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C K Miles - Director

17 July 2026

Opinion

We have audited the financial statements of Delcon Construction Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 December 2025 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 else 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 four, 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:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment forgery,collusion, omission or misrepresentation.

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.

Mr Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

17 July 2026

TURNOVER

8,066,125

22,273,245

Cost of sales

5,223,883

19,201,729

GROSS PROFIT

2,842,242

3,071,516

Administrative expenses

2,159,727

1,432,454

682,515

1,639,062

Other operating income

-

1,155

OPERATING PROFIT

682,515

1,640,217

Interest receivable and similar income

63,900

133,220

746,415

1,773,437

Amounts written off investments

5

(11,339

)

412,338

PROFIT BEFORE TAXATION

6

757,754

1,361,099

Tax on profit

8

183,635

228,640

PROFIT FOR THE FINANCIAL YEAR

574,119

1,132,459

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

574,119

1,132,459

FIXED ASSETS

Tangible assets

10

99,705

99,887

CURRENT ASSETS

Debtors

11

4,610,770

4,804,078

Cash at bank

891,340

3,692,898

5,502,110

8,496,976

CREDITORS

Amounts falling due within one year

12

2,408,894

5,978,016

NET CURRENT ASSETS

3,093,216

2,518,960

TOTAL ASSETS LESS CURRENT LIABILITIES

3,192,921

2,618,847

PROVISIONS FOR LIABILITIES

14

24,927

24,972

NET ASSETS

3,167,994

2,593,875

CAPITAL AND RESERVES

Called up share capital

15

193

Share premium

16

12,445

Capital redemption reserve

16

12

Retained earnings

16

3,155,344

2,581,225

SHAREHOLDERS' FUNDS

3,167,994

2,593,875

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

Mr C K Miles - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

Balance at 1 January 2024

193

2,448,766

12,445

12

2,461,416

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

1,132,459

-

1,132,459

Balance at 31 December 2024

193

2,581,225

12,445

12

2,593,875

Changes in equity

Total comprehensive income

-

574,119

-

574,119

Balance at 31 December 2025

193

3,155,344

12,445

12

3,167,994

1.	STATUTORY INFORMATION

Delcon Construction Limited is a company limited by shares incorporated in the United Kingdom operating from 3rd Floor 26 Caxton Street, London, England, SW1H 0RJ. Company Registered number: 02198767.

The presentation currency of the financial statements is the Pound Sterling (£).

The figures in the financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Key sources of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating accruals. Whilst every attempt is made to ensure that the accrual is as accurate as possible, there remains a risk that the accrual is not complete.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

In respect of long-term contracts and contracts for on-going services, turnover represents the total value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to stage of completion.

Tangible fixed assets

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

Plant and machinery

-

50% on cost

Fixtures and fittings

-

20% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and compromise cash in hand and at bank which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Investments

Investments are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

1,548,601

2,274,930

Social security costs

213,147

270,739

Other pension costs

83,361

82,764

1,845,109

2,628,433

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

2025

2024

Admin Staff

7

11

Site Staff

13

18

20

29

4.	DIRECTORS' EMOLUMENTS

2025

2024

£

Directors' remuneration

463,050

529,760

Directors' pension contributions to money purchase schemes

39,400

12,878

Information regarding the highest paid director is as follows:

2025

2024

£

Emoluments etc

170,800

170,000

Pension contributions to money purchase schemes

33,000

-

5.

AMOUNTS WRITTEN OFF INVESTMENTS

2025

2024

£

Intercompany Bal W/o

(11,339

)

412,338

6.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2025

2024

£

Other operating leases

79,346

68,000

Operating lease income

121,120

-

Finance lease income

(53,057

)

-

Depreciation - owned assets

41,774

18,790

Foreign exchange differences

(53,057

)

21,479

7.	AUDITORS' REMUNERATION

2025

2024

£

Fees payable to the company's auditors for the audit of the company's
financial statements

9,700

4,250

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

Current tax:

UK corporation tax

183,804

207,765

Over provision in prior years

(124

)

-

Total current tax

183,680

207,765

Deferred tax

(45

)

20,875

Tax on profit

183,635

228,640

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

Profit before tax

757,754

1,361,099

Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

189,439

340,275

Effects of:

Expenses not deductible for tax purposes

9,490

103,100

Adjustments to tax charge in respect of previous periods

(124

)

-

Group relief

(15,170

)

(214,735

)

Total tax charge

183,635

228,640

9.

DIVIDENDS

2025

2024

£

B Ordinary shares of £1 each

Interim

-

1,000,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

COST

At 1 January 2025

6,234

296,823

303,057

Additions

-

41,592

Reclassification/transfer

(6,234

)

-

(6,234

)

At 31 December 2025

-

338,415

DEPRECIATION

At 1 January 2025

6,234

196,936

203,170

Charge for year

-

41,774

Reclassification/transfer

(6,234

)

-

(6,234

)

At 31 December 2025

-

238,710

NET BOOK VALUE

At 31 December 2025

-

99,705

At 31 December 2024

-

99,887

11.

DEBTORS

2025

2024

£

Amounts falling due within one year:

Trade debtors

1,818,564

1,760,281

Amounts owed by group undertakings

2,030,361

2,391,784

Amounts recoverable on contract

647,151

394,175

Other debtors

9,481

3,913

VAT

-

137,213

Prepayments and accrued income

105,213

93,012

4,610,770

4,780,378

Amounts falling due after more than one year:

Other debtors

-

23,700

Aggregate amounts

4,610,770

4,804,078

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

537,239

2,867,500

Tax

183,804

207,889

Social security and other taxes

112,905

125,631

VAT

134,608

-

Other creditors

52,944

13,882

Accruals and deferred income

1,387,394

2,763,114

2,408,894

5,978,016

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

77,980

Between one and five years

233,940

311,922

311,920

389,902

14.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

24,927

24,972

Deferred

tax

£

Balance at 1 January 2025

24,972

Credit to Statement of Comprehensive Income during year

(45

)

Balance at 31 December 2025

24,927

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

A Ordinary

£1

100

45

B Ordinary

£1

45

55

C Ordinary

£1

48

193

16.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

At 1 January 2025

2,581,225

12,445

12

2,593,682

Profit for the year

574,119

-

574,119

At 31 December 2025

3,155,344

12,445

12

3,167,801

17.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £83,361 (2024: £82,765).

18.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption not to disclose related party transactions with wholly owned subsidiaries within the group.

19.	ULTIMATE PARENT COMPANY

Delcon Holdings Limited is regarded by the directors as being the ultimate parent company at the balance sheet date.