ACCOUNTS - Final Accounts preparation

Other operating income

Year ended

31 December

14 month period ended

31 December

Registered number: 00822836

R. MOULDING & CO. (SALISBURY) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

R. MOULDING & CO. (SALISBURY) LIMITED

COMPANY INFORMATION

Directors	W A Moulding (deceased 8 July 2025)
	R T Moulding
	J Moulding (resigned 19 November 2025)
	B Moulding (resigned 19 November 2025)
	J Emden
	S Gibbs
	R Carver (appointed 13 April 2026)


Company secretary	W A Moulding (deceased 8 July 2025)


Registered number	00822836


Registered office	St Mary's House
	Netherhampton
	Salisbury
	Wiltshire
	SP2 8PU


Independent auditors	Clifford Fry & Co LLP
	St Mary's House
	Netherhampton
	Salisbury
	Wiltshire
	SP2 8PU

R. MOULDING & CO. (SALISBURY) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12 - 13
Analysis of Net Debt	14
Notes to the Financial Statements	15 - 29

R. MOULDING & CO. (SALISBURY) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Vision

As a company R. Moulding & Co. (Salisbury) Limited remain focused on our vision of providing quality building solutions.

Organisational Structure and Governance

The Board convenes on a bi-annual basis as a minimum and includes the review of the governance process, health & safety performance, risk register and business continuity. In addition, weekly meetings are held with the senior leadership team which includes four working directors along with representation from Operations and Human Resources.

Review of the Business

A major event in 2025 was the transfer of the Company into an Employee Ownership Trust (“EOT”) structure. This was not a decision made in haste or in response to circumstance but one that had been discussed and agreed by the shareholders over a period of several years. The transfer of ownership is the fulfilment of a shared commitment to the long-term future of the company and the people within it. 95% of the shares were transferred in November 2025 with the remaining 5% being transferred in March 2026. The Company is now wholly owned by The Moulding Employee Ownership Trust (through its Trustee, Moulding Trustees Limited) and is held to ensure that Moulding’s future success belongs to everyone who contributes to it. The Moulding family remain involved as Trustees, providing governance of its values and culture that eight generations have shaped. Through this structure the aim is to preserve the heritage and longevity of the Company for the future. For more details on the transaction please see note 24 to these accounts.

After a bumper period in 2024, it was understood that this was unlikely to be maintained, and there has been a steady flow of projects in the year. This, along with resilient pricing structures have protected the business and resulted in an in the annual turnover returning to a more normal level of £23.63m from £30.98m in the prior year (annualised from £36.14m previously reported for a fourteen-month period). This reduction in turnover of £7.35m or 34.61% is in line with the business plan.

The Gross Profit Margin of 20% showed an increase against the previous year of 18%, the net profit before taxation of the Company of £2.3m which is a 9.7% return on the overall revenue.

Future Developments

Continued focus on appropriate cost structures and efficiencies remain the focus of the business to build on the strong foundations in place. The current flow of enquiries and projects provides confidence that the Company will continue to be successful in 2026.

Page 1

R. MOULDING & CO. (SALISBURY) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Operational Risk

Quality of Service:

The Company has vast experience of providing services to the Building Sector through robust procedure and operational systems which are reviewed on a regular basis as part of the internal assurance process. We constantly strive to improve the quality of our overall procedures and continue to invest to achieve this.

The Market Place:

There remains uncertainty relating to inflation and interest rates which has impacted the wider building trade sector. Whilst it is evident that this is impacting the balance between negotiated and tender pricing enquiries received, our current enquiries provide confidence that for the foreseeable future the demand for high quality & specialist building work will remain buoyant.

The directors, based on current enquiry levels and knowledge of the market, are confident that the opportunities for new projects remain high and that the Company continues to be in a strong and stable position to take advantage of the future potential in the marketplace.

Quality of Staff:

Our team remain our priority, and we continue to provide appropriate training and appraisal to ensure that we maintain the highest quality of service to our clients, whilst fully supporting our team to meet their potential and grow with the business. With the transfer of the Company into an Employee Ownership Trust structure, Moulding provides opportunities for growth, development and financial benefits of ownership which help the Company to be an employer of choice.

This report was approved by the board on 11 September 2026 and signed on its behalf.

................................................

R T Moulding

Director

Page 2

R. MOULDING & CO. (SALISBURY) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,708,553 (2024 - £2,601,899).

The directors have declared a final dividend of £35,000 (2024 - £nil).

Directors

The directors who served during the year and their interests in the Company's issued share capital were:

Ordinary shares

of £1 each

Ordinary A shares

of £1 each

Ordinary B shares

of £1 each

	31/12/25	1/1/25	31/12/25	1/1/25	31/12/25	1/1/25
W A Moulding (deceased 8 July 2025)	-	-	-	-	-	-
R T Moulding	-	7,396	-	9,900	-	-
J Moulding (resigned 19 November 2025)	-	-	-	-	-	-
B Moulding (resigned 19 November 2025)	-	-	-	-	-	290
J Emden	-	-	-	-	-	-
S Gibbs	-	-	-	-	-	-

Page 3

R. MOULDING & CO. (SALISBURY) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Deferred shares

of £1 each

Ordinary C shares

of £1 each

Ordinary D shares

of £1 each

	31/12/25	1/1/25	31/12/25	1/1/25	31/12/25	1/1/25
W A Moulding (deceased 8 July 2025)	250	250	704	704	-	-
R T Moulding	-	250	-	-	-	-
J Moulding (resigned 19 November 2025)	-	-	-	-	-	290
B Moulding (resigned 19 November 2025)	-	-	-	-	-	-
J Emden	-	-	-	-	-	-
S Gibbs	-	-	-	-	-	-

During the year, 1 Preference £1 share was issued to R T Moulding at par.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Clifford Fry & Co LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 September 2026 and signed on its behalf.

................................................

R T Moulding

Director

Page 4

R. MOULDING & CO. (SALISBURY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED

Opinion

We have audited the financial statements of R. Moulding & Co. (Salisbury) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 United Kingdom, including the Financial Reporting Council'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.

Page 5

R. MOULDING & CO. (SALISBURY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 set out on page 3, 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.

Page 6

R. MOULDING & CO. (SALISBURY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)

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 an Auditors' 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 gained an understanding of the legal and regulatory framework applicable to the Company, including
obtaining details on how they identify and comply with laws and regulations and whether they were aware of any
non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or noncompliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that 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 by, for example, intentional misrepresentations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit
recognition.

We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included
agreeing the financial statement disclosures to underlying supporting documentation, performing analytical
procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud and enquiries with management.

As in all our audits, we also addressed the risk of management override of internal controls, including testing
journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.

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 occuring 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 Auditors' Report.

Page 7

R. MOULDING & CO. (SALISBURY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)

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 Auditors' 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.

Simon Allenby FCA (Senior Statutory Auditor)

for and on behalf of

Clifford Fry & Co LLP (Statutory Auditors)

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU

21 September 2026

Page 8

R. MOULDING & CO. (SALISBURY) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Year ended 31 December	14 month period ended 31 December
	2025	2024
Note	£	£


Turnover	4	23,634,859	36,143,592
Cost of sales		(18,897,229)	(29,571,783)
Gross profit		4,737,630	6,571,809
Administrative expenses		(2,570,170)	(3,240,111)
Other operating income	5	49,706	83,133
Operating profit	6	2,217,166	3,414,831
Interest receivable and similar income	10	95,590	67,671
Interest payable and similar expenses	11	(27,570)	(13,410)
Profit before tax		2,285,186	3,469,092
Tax on profit	12	(576,633)	(867,193)
Profit after tax		1,708,553	2,601,899



Retained earnings at the beginning of the year		9,384,979	6,783,080
Profit for the year		1,708,553	2,601,899
Dividends declared and paid	13	(35,000)	-
Retained earnings at the end of the year		11,058,532	9,384,979

The notes on pages 15 to 29 form part of these financial statements.

Page 9

R. MOULDING & CO. (SALISBURY) LIMITED

REGISTERED NUMBER: 00822836

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		688,256		604,699
			688,256		604,699
Current assets
Stocks	15	1,364,787		1,337,121
Debtors: amounts falling due within one year	16	3,472,831		7,868,685
Cash at bank and in hand	17	1,600,663		2,708,354
		6,438,281		11,914,160
Creditors: amounts falling due within one year	18	(3,515,415)		(2,792,023)
Net current assets			2,922,866		9,122,137
Total assets less current liabilities			3,611,122		9,726,836
Creditors: amounts falling due after more than one year	19		(238,340)		(179,415)
Provisions for liabilities
Deferred tax	22	(140,476)		(143,362)
			(140,476)		(143,362)
Net assets			3,232,306		9,404,059

Capital and reserves
Called up share capital	23	19,081	19,080
Profit and loss account	24	3,213,225	9,384,979
		3,232,306	9,404,059

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2026.

................................................ R T Moulding	................................................ S Gibbs
Director	Director

The notes on pages 15 to 29 form part of these financial statements.

Page 10

R. MOULDING & CO. (SALISBURY) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 November 2023	19,080	6,783,080	6,802,160
Comprehensive income for the period
Profit for the period	-	2,601,899	2,601,899

At 1 January 2025	19,080	9,384,979	9,404,059
Comprehensive income for the year
Profit for the year	-	1,708,553	1,708,553
Distribution to Employee Ownership Trust	-	(7,845,307)	(7,845,307)
Total comprehensive income for the year	-	(6,136,754)	(6,136,754)
Contributions by and distributions to owners
Dividends: Equity capital	-	(35,000)	(35,000)
Shares issued during the year	1	-	1
Total transactions with owners	1	(35,000)	(34,999)
At 31 December 2025	19,081	3,213,225	3,232,306

The notes on pages 15 to 29 form part of these financial statements.

Page 11

R. MOULDING & CO. (SALISBURY) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,708,553	2,601,899
Adjustments for:
Depreciation of tangible assets	183,165	189,901
Loss on disposal of tangible assets	(25,362)	(14,640)
Interest paid	27,570	13,410
Interest received	(95,590)	(67,671)
Taxation charge	576,633	867,193
(Increase)/decrease in stocks	(27,666)	4,149
Decrease in debtors	1,562,533	1,307,128
Decrease/(increase) in amounts owed by connected companies	2,833,321	(2,833,321)
(Decrease) in creditors	(226,706)	(852,895)
Increase in amounts owed to connected companies	880,000	-
Corporation tax (paid)	(560,197)	(1,032,020)
Distribution of reserves	(7,845,307)	-
Net cash generated from operating activities	(1,009,053)	183,133

Page 12

R. MOULDING & CO. (SALISBURY) LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£



Cash flows from investing activities
Purchase of tangible fixed assets	(287,243)	(277,154)
Sale of tangible fixed assets	45,883	60,442
Interest received	95,590	67,671
HP interest paid	(23,990)	(13,364)
Net cash from investing activities	(169,760)	(162,405)
Cash flows from financing activities
Issue of ordinary shares	1	-
Repayment of/new finance leases	114,851	132,481
Loans due from/(repaid to) directors	(5,150)	-
Dividends paid	(35,000)	-
Interest paid	(3,580)	(46)
Net cash used in financing activities	71,122	132,435
Net (decrease)/increase in cash and cash equivalents	(1,107,691)	153,163
Cash and cash equivalents at beginning of year	2,708,354	2,555,191
Cash and cash equivalents at the end of year	1,600,663	2,708,354

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,600,663	2,708,354
	1,600,663	2,708,354

Page 13

R. MOULDING & CO. (SALISBURY) LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	2,708,354	(1,107,691)	1,600,663
Debt due within 1 year	(5,150)	5,150	-
Finance leases	(254,784)	(114,851)	(369,635)
	2,448,420	(1,217,392)	1,231,028

The notes on pages 15 to 29 form part of these financial statements.

Page 14

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The Company was incorporated and registered in England and Wales and is a private company limited by share capital. The principal place of business is Ryeville, Warminster Road, South Newton, Salisbury, SP2 0QW. The principal activity of the Company is that of building and contracting.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Enter text here - user input

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessee

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

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Page 16

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.12

Creditors

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

Page 17

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 18

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that the financial statements are materially impacted by their use of judgements.

Turnover

The whole of the turnover is attributable to building and contracting services.

All turnover arose within the United Kingdom.

Net rents receivable	49,038	66,100
Sundry income	668	17,033
	49,706	83,133

Page 19

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Other operating lease rentals

149,677

168,608

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

24,000

28,000

Page 20

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	4,811,075	5,678,984
Social security costs	585,699	602,939
Cost of defined contribution scheme	210,466	456,434
	5,607,240	6,738,357

The average monthly number of employees, including the directors, during the year was as follows:

	Year ended 31 December	14 month period ended 31 December
	2025	2024
	No.	No.

Employees	118	127

Directors' emoluments	234,772	308,081
Company contributions to defined contribution pension schemes	78,435	298,905
	313,207	606,986

During the year retirement benefits were accruing to 3 directors (2024 - 4) in respect of defined contribution pension schemes.

Page 21

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Other interest receivable	95,590	67,671
		95,590	67,671

Finance leases and hire purchase contracts	23,990	13,364
Other interest payable	3,580	46
	27,570	13,410

Corporation tax
Current tax on profits for the year	579,519	844,178

	Deferred tax
	Origination and reversal of timing differences	(2,886)	23,015


	Profit after tax	576,633	867,193

Page 22

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

2,285,186

3,469,092

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	571,297	867,273
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,257	-
Capital allowances for year/period in excess of depreciation	2,965	(23,095)
Deferred tax	(2,886)	23,015
Total tax charge for the year/period	576,633	867,193

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

	Ordinary B	35,000	-
		35,000	-

Page 23

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	456,811	1,337,678	33,655	1,828,144
Additions	21,547	262,238	3,458	287,243
Disposals	(9,065)	(182,861)	(14,744)	(206,670)
At 31 December 2025	469,293	1,417,055	22,369	1,908,717
Depreciation
At 1 January 2025	349,288	857,003	17,154	1,223,445
Charge for the year on owned assets	29,313	55,743	4,421	89,477
Charge for the year on financed assets	-	93,688	-	93,688
Disposals	(8,875)	(165,096)	(12,178)	(186,149)
At 31 December 2025	369,726	841,338	9,397	1,220,461
Net book value
At 31 December 2025	99,567	575,717	12,972	688,256
At 31 December 2024	107,523	480,675	16,501	604,699

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Motor vehicles	397,581	272,479
	397,581	272,479

Page 24

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Stocks
		2025	2024
		£	£

Raw materials and consumables	70,533	42,867
Development properties	1,294,254	1,294,254
	1,364,787	1,337,121

16.

Debtors

					2025	2024
					£	£


Trade debtors	1,744,747	2,078,823
Amounts owed by connected companies	-	2,833,321
Other debtors	36,227	120,859
Prepayments and accrued income	75,890	76,162
Amounts recoverable on long-term contracts	1,615,967	2,759,520
	3,472,831	7,868,685

17.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,600,663	2,708,354
	1,600,663	2,708,354

Page 25

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	779,988	887,430
Amounts owed to connected companies	880,000	-
Corporation tax	398,003	378,681
Other taxation and social security	392,618	560,711
Obligations under finance lease and hire purchase contracts	131,295	75,369
Other creditors	49,892	60,579
Accruals and deferred income	883,619	829,253
	3,515,415	2,792,023

The following liabilities were secured:
	2025	2024
	£	£


Hire purchase contracts	131,295	75,369
	131,295	75,369

Details of security provided:

The obligations under hire purchase and finance lease are secured on the assets concerned.

19.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	238,340	179,415
	238,340	179,415

The following liabilities were secured:
	2025	2024
	£	£

Hire purchase contracts

238,340

179,415

Details of security provided:

The obligations under hire purchase and finance lease are secured on the assets concerned.

Page 26

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Within one year	131,295	75,369
Between 1-5 years	238,340	179,415
	369,635	254,784

21.	Financial instruments
		2025	2024
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	1,600,663	2,708,354

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

22.	Deferred taxation

		2025
		£

	At beginning of year	(143,362)
	Charged to profit or loss	2,886
	At end of year	(140,476)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(140,476)	(143,362)
		(140,476)	(143,362)

Page 27

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

7,396 (2024 - 7,396) Ordinary shares of £1 each	7,396	7,396
500 (2024 - 500) Deferred shares of £1 each	500	500
9,900 (2024 - 9,900) Ordinary A shares of £1 each	9,900	9,900
290 (2024 - 290) Ordinary B shares of £1 each	290	290
704 (2024 - 704) Ordinary C shares of £1 each	704	704
290 (2024 - 290) Ordinary D shares of £1 each	290	290
1 (2024 - nil) Preference share of £1	1	-

	19,081	19,080

During the year, 1 Preference £1 share was issued at par.

24.

Reserves

Profit and loss account

Includes all current and prior period profits and losses.

As detailed in the Strategic Report, on 19th November 2025 the Moulding Employee Ownership Trust (“EOT”) was created, with a Trustee of Moulding Trustees Limited (“MTL”). The founder Directors of MTL were made up of 1 Family Member Trustee, 1 Independent Trustee, 1 Leadership Team Member Trustee, and 2 Employee Trustees.

The Company made a gift to MTL, by way of Capital Contribution, on 19th November 2025 in the sum of £7,762,171.70 and a further £83,135.00 on 28th November 2025.

25.	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 cost charge represents contributions payable by the Company to the fund and amounted to £148,425 (2024- £176,433). Contributions of £30,300 (2024 - £30,161) were outstanding at the balance sheet date.

Page 28

R. MOULDING & CO. (SALISBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	59,470	68,121
Later than 1 year and not later than 5 years	52,964	57,929
	112,434	126,050

27.Other financial commitments

The director, RT Moulding has a debenture with a fixed and floating charge over the company's property and undertaking

28.

Related party transactions

Rent of the land and buildings, from which the Company operates, is paid to the director, R.T. Moulding amounting to £63,264 (2024 - £77,205) and to The Moulding Family Gifting Trust amounting to £33,000 (2024 - £38,500).

During the year, the Company paid referral fees of £nil (2024 - £270,800) to Country House Building Consultants Limited, a company in which R T Moulding is the director and shareholder. The Company also made loans to Country House Building Consultants Limited of £20,000 (2024 - £450,000) and received loans from Country House Building Consultants Limited of £900,000 (2024 - £nil). At the end of the year £880,000 was owed by (2024 - £850,000 was owed to) the Company.

During the year the company raised sales invoices totalling £51,757 to the director R.T. Moulding. No monies were outstanding at the year-end.

During the year the company raised sales invoices of £1,299 to the director W.A. Moulding. No monies were outstanding at the year-end.

29.	Controlling party

The Company is controlled by Moulding Trustees Limited, the corporate trustee of The Moulding Employee Ownership Trust which owns the majority shares in the Company.

Page 29