Raven Delta Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 11610224

Raven Delta Limited

Financial Statements

31 March 2026

Raven Delta Limited

Financial Statements

Period from 1 October 2025 to 31 March 2026

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	5

Independent auditor's report to the members	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Raven Delta Limited

Officers and Professional Advisers

The board of directors	Mr D J Kieft
	Mr S Pridmore

Company secretary	Mr D J Kieft

Registered office	Phoenix House Llys Felin Newydd
	Swansea Enterprise Park
	Swansea
	SA7 9FG

Auditor	James & Uzzell Ltd
	Chartered Certified Accountants & Statutory Auditor
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Raven Delta Limited

Strategic Report

Period from 1 October 2025 to 31 March 2026

The directors present their strategic report for the period ended 31st March 2026. Review of business The results for the period and the financial position at the period end were in line with the expectations of the directors. The group will aim to maintain the current margins throughout the year ended 31st March 2027. The results for the period were for a 6 month period compared to 18 months in the prior year. The group has seen a growth in turnover as a result of new contracts and is pleased with the overall results achieved in the period. Raven Delta Group Over the past two years, Raven Delta Group has continued to strengthen its position within the global market, building on the delivery of BS 40102-1 and demonstrating the Group's capabilities on an international stage. During late 2025, the Group was invited to present to the United Nations, where it also became a signatory to the first global pledge relating to healthy indoor air. Following this event, the Group was invited to become a Global Ambassador for the International WELL Building Institute (IWBI), a position it has accepted. Raven Delta Group is now working with and providing consultancy to IWBI on an international basis. The Group has also established a partnership with the National Institute for Sport and Health, providing advice in relation to health and wellbeing within sporting and elite-performance environments. The past two years have represented an important period of strategic development and foundation building, during which the Group has focused on aligning its capabilities, expertise and services with evolving market requirements. Having established these foundations and strengthened its international relationships and market presence, the Group is now entering the next phase of its development, with an increased focus on commercialisation, market engagement and converting its established capabilities and positioning into sustainable growth opportunities Raven Delta Innovations (Raven Delta R&D Limited) A new Group company has been established with a dedicated focus on research and development activities, supporting the future growth and diversification of the Group. The company will focus on the development of existing and emerging opportunities, including Health & Wellbeing 360 and Medicair, together with other initiatives arising from the expanding UK and international health, wellbeing and indoor environmental quality markets. The Group has continued to develop relationships and engagement with Government, the NHS and other aligned organisations and sectors, creating opportunities to apply its technical expertise and research and development capabilities to the development of innovative products and solutions. The Directors consider that the establishment of a dedicated research and development company will provide an appropriate structure through which the Group can progress new technologies and commercial opportunities, while complementing and supporting the activities of its existing businesses. Medicair Limited Since its acquisition, Medicair Limited has undergone a comprehensive restructuring programme, including a review and rationalisation of legacy costs, to establish a more efficient operating structure and position the business for its next phase of development. The business is now focused on implementing its growth strategy, with particular emphasis on opportunities across the UK, Europe, the Americas, the Middle East and Oceania. This strategy will seek to build upon the Group's existing relationships, market presence and international network. As part of the development of its routes to market, discussions are also progressing regarding the potential distribution of Medicair products through a major global online retail platform. This would represent a new route-to-market proposition for the business and complement its wider commercial and international growth strategy. The Directors believe that the restructuring undertaken, together with the development of new distribution channels and international opportunities, provides a sound platform for the future development of Medicair Limited. Health & Wellbeing 360 Limited During the year, Health & Wellbeing 360 Limited ("HWB360"), alongside other Group companies, undertook a review of its operating structure and cost base. Following this review, the business is positioned to pursue its next phase of development within the growing market for data-led solutions supporting healthier buildings, people and organisations. HWB360 has participated in a number of real-world case studies and projects involving Government departments and the NHS. These projects have provided opportunities to demonstrate the practical application and capabilities of the company's platform, products and data services within operational environments. The business has also entered into a collaboration agreement with an established US organisation, further extending its international relationships and providing a platform from which to explore opportunities within the North American market. The Group's international engagement, including its presentation to the United Nations during 2025, has further increased the visibility of its capabilities within the health, wellbeing and indoor environmental quality sectors. This activity is being aligned with the Group's research and development capabilities to support the creation of practical, evidence-led and commercially deliverable solutions for clients. The HWB360 proposition continues to develop beyond health and wellbeing, incorporating ESG and carbon-related data within an integrated reporting platform. By bringing together multiple sources of building, environmental and organisational data, the platform is intended to provide clients with a more holistic evidence base for reporting, decision-making and the assessment of health and environmental impacts. The Directors consider that the combination of established case studies, strategic collaborations, proprietary capabilities and the Group's wider research and development activities provides HWB360 with a strong platform from which to pursue future commercial opportunities in the UK and internationally.

Principal risk and uncertainties

The group operates in a competitive market and has secured its position and good reputation by providing a professional and quality service and operates on one of the UK's long term and largest Facilities Maintenance contracts with Central Government. The group trades within the United Kingdom and overseas. The company has sterling, Euro and Dollar bank accounts to manage the risk of fluctuating exchange rates. The directors have considered the risk posed by inflation and are confident that this risk is sufficiently mitigated. The directors recognise the importance of their environmental responsibilities and accepts that concern for the environment and all employees is an integral and fundamental part of the group's corporate business strategy. The directors monitor the impact on the environment and endeavours to design and implement policies and processes to reduce any damage that might be caused by the group's activities. Initiatives include the safe disposal of commercial waste, the minimisation of waste going to landfill, reducing energy consumption and the use of renewable natural resources where possible.

Development and performance

The directors aim to maintain the management policies which has resulted in the group`s growth in recent years. The results for the current year show that the group has maintained the successful results as in previous years.

Financial key performance indicators

The key performance indicators are set out below:

	2026 (6 Months)	2025 (18 Months)
	£	£
Turnover (£)	12,014,006	28,286,878
Facilities Management Turnover (£)	3,588,937	11,266,046
Gross Profit (%)	13	10
Net Profit (%)	1	–

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

D J Kieft

Mr D J Kieft

Director

Raven Delta Limited

Directors' Report

Period from 1 October 2025 to 31 March 2026

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

Principal activities

The principal activity of the company during the year was a holding company. The nature of the group's operations and principal activities are those of electrical contractors, installation and maintenance and retail sale of electrical appliances and engineering related scientific and technical consulting activities.

Directors

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

Mr D J Kieft
Mr S Pridmore

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Future developments

The Directors remain confident in the future prospects of the Group and anticipate that the current financial year will continue to be profitable. The Group continues to deliver its specialist engineering expertise under one of Europe's largest and most significant engineering and facilities management contracts. The Group has maintained a continuous contractual relationship within this highly regulated and security-cleared environment since 2006, achieving year-on-year development and demonstrating the strength of its technical capabilities and long-standing client relationships. Alongside this established contractual activity, the Group continues to undertake a range of engineering projects within the wider commercial market. These activities are delivered across RDM, DRS and EFT and provide further opportunities for diversification and sustainable growth. The Directors believe that the combination of long-term contracted activity, specialist technical expertise and continued development of of opportunities within the open market provides a strong foundation for the Group's future growth and financial performance.

Qualifying indemnity provision

The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).

Disclosure of information in the strategic report

The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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 period. 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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. Disclosure of information to auditors

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 group and 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 group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

D J Kieft

Mr D J Kieft

Director

Raven Delta Limited

Independent Auditor's Report to the Members of Raven Delta Limited

Period from 1 October 2025 to 31 March 2026

Opinion

We have audited the financial statements of Raven Delta Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2026 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 March 2026 and of the group's profit for the period 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the strategic and directors report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the strategic and directors 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.

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 period 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 regulatory frameworks that are applicable to the group and determined that the most significant of those relate to the reporting framework (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)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussion with the director and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Group has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business together with review of health and safety records and ensuring compliance certificates are reviewed and up to date and also reviewed contractual correspondence to ensure no compliance issues.. 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. 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 group's 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 group's or the parent 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 group or the parent 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. - Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.

Alison Jayne Uzzell FCCA

(Senior Statutory Auditor)

For and on behalf of

James & Uzzell Ltd

Chartered Certified Accountants & Statutory Auditor

Axis 15, Axis Court

Mallard Way

Riverside Business Park

Swansea

SA7 0AJ

23 September 2026

Raven Delta Limited

Consolidated Statement of Comprehensive Income

Period from 1 October 2025 to 31 March 2026

		Period from	Period from
		1 Oct 25 to	1 Apr 24 to
		31 Mar 26	30 Sep 25
Note		£	£
Turnover	4	12,014,006	28,286,878

Cost of sales	10,499,875	25,315,007
	-------------	-------------
Gross profit	1,514,131	2,971,871

Distribution costs		–	301,020
Administrative expenses		1,441,242	3,045,555
Other operating income	5	127,776	306,712
		------------	------------
Operating profit/loss)	6	200,665	( 67,992)

Other interest receivable and similar income	11	3,688	2,567
Interest payable and similar expenses	12	31,379	63,866
		------------	------------
Profit/(loss) before taxation		172,974	( 129,291)

Tax on profit/(loss)	13	50,539	107,288
		---------	---------
Profit/(loss) for the financial period		122,435	( 236,579)
		---------	---------

	---------	---------
Total comprehensive income for the period	122,435	( 236,579)
	---------	---------

Profit for the financial period attributable to:

The owners of the parent company	88,473	( 52,419)
Non-controlling interests	33,962	( 184,160)
	---------	---------
	122,435	( 236,579)
	---------	---------

Total comprehensive income for the period attributable to:

The owners of the parent company	134,636	( 52,419)
Non-controlling interests	( 12,201)	( 184,160)
	---------	---------
	122,435	( 236,579)
	---------	---------

All the activities of the group are from continuing operations.

Raven Delta Limited

Consolidated Statement of Financial Position

31 March 2026

	31 Mar 26	30 Sep 25
Note	£	£

Fixed assets

Intangible assets	15	126,068	138,360
Tangible assets	16	44,742	49,226
Investments	17	10,051	10,051
		---------	---------
		180,861	197,637

Current assets

Stocks	18	226,007	305,477
Debtors	19	4,712,007	5,038,075
Cash at bank and in hand		2,192,538	1,112,162
		------------	------------
		7,130,552	6,455,714

Creditors: amounts falling due within one year	21	6,518,413	5,798,209
		------------	------------
Net current assets		612,139	657,505
		---------	---------
Total assets less current liabilities		793,000	855,142

Creditors: amounts falling due after more than one year	22	384,577	471,891

Provisions	23	7,720	4,000
		---------	---------
Net assets		400,703	379,251
		---------	---------

Capital and reserves

Called up share capital	27	202	202
Profit and loss account	28	504,707	415,761
		---------	---------
Equity attributable to the owners of the parent company		504,909	415,963

Non-controlling interests	( 104,206)	( 36,712)
	---------	---------
	400,703	379,251
	---------	---------

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 23 September 2026 , and are signed on behalf of the board by:

D J Kieft

Director

Company registration number: 11610224

Raven Delta Limited

Company Statement of Financial Position

31 March 2026

	31 Mar 26	30 Sep 25
Note	£	£

Fixed assets

Investments	17	12,168	12,068

Current assets

Debtors	19	599,315	611,315

Creditors: amounts falling due within one year	21	611,307	623,207
		---------	---------
Net current liabilities		11,992	11,892
		--------	--------
Total assets less current liabilities		176	176
		----	----

Capital and reserves

Called up share capital	27	202	202
Profit and loss account	28	( 26)	( 26)
		----	----
Shareholders funds		176	176
		----	----

The profit for the financial period of the parent company was £ 45,690 (2025: £ 1,178,524 ).

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 23 September 2026 , and are signed on behalf of the board by:

D J Kieft

Director

Company registration number: 11610224

Raven Delta Limited

Consolidated Statement of Changes in Equity

Period from 1 October 2025 to 31 March 2026

			Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
			£	£	£	£	£
At 1 April 2024 (as previously reported)			202	2,139,168	2,139,370	172,821	2,312,191
Prior period adjustments			–	(397,515)	(397,515)	(25,373)	(422,888)
			----	------------	------------	---------	------------
At 1 April 2024 (restated)			202	1,741,653	1,741,855	147,448	1,889,303
			----	------------	------------	---------	------------

Loss for the period				( 52,419)	( 52,419)	( 184,160)	( 236,579)
			----	------------	------------	---------	------------
Total comprehensive income for the period			–	( 52,419)	( 52,419)	( 184,160)	( 236,579)

Dividends paid and payable		14	–	( 1,273,473)	( 1,273,473)	–	( 1,273,473)
			----	------------	------------	---------	------------
Total investments by and distributions to owners			–	( 1,273,473)	( 1,273,473)	–	( 1,273,473)

At 30 September 2025			202	415,761	415,963	( 36,712)	379,251

Profit for the period				88,473	88,473	33,962	122,435
Other comprehensive income for the period:
	Minority interest of pre acquisition reserves of a subsidiary		–	46,163	46,163	(46,163)	–
			----	------------	------------	---------	------------
Total comprehensive income for the period			–	134,636	134,636	( 12,201)	122,435

Dividends paid and payable		14	–	( 45,690)	( 45,690)	( 55,293)	( 100,983)
			----	--------	--------	--------	---------
Total investments by and distributions to owners			–	( 45,690)	( 45,690)	( 55,293)	( 100,983)

			----	---------	---------	---------	---------
At 31 March 2026			202	504,707	504,909	( 104,206)	400,703
			----	---------	---------	---------	---------

Raven Delta Limited

Company Statement of Changes in Equity

Period from 1 October 2025 to 31 March 2026

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 April 2024		202	–	202

Profit for the period			1,178,524	1,178,524
		----	------------	------------
Total comprehensive income for the period		–	1,178,524	1,178,524

Dividends paid and payable	14	–	( 1,178,550)	( 1,178,550)
		----	------------	------------
Total investments by and distributions to owners		–	( 1,178,550)	( 1,178,550)

At 30 September 2025		202	( 26)	176

Profit for the period			45,690	45,690
		----	------------	------------
Total comprehensive income for the period		–	45,690	45,690

Dividends paid and payable	14	–	( 45,690)	( 45,690)
		----	--------	--------
Total investments by and distributions to owners		–	( 45,690)	( 45,690)

		----	--------	--------
At 31 March 2026		202	( 26)	176
		----	--------	--------

Raven Delta Limited

Consolidated Statement of Cash Flows

Period from 1 October 2025 to 31 March 2026

	31 Mar 26	30 Sep 25
Note	£	£

Cash flows from operating activities

Profit/(loss) for the financial period	122,435	( 236,579)

Adjustments for:
Depreciation of tangible assets	10,120	20,581
Amortisation of intangible assets	12,292	( 521,626)
Government grant income	( 500)	–
Other interest receivable and similar income	( 3,688)	( 2,567)
Interest payable and similar expenses	31,379	63,866
Gains on disposal of tangible assets	( 1,167)	( 8,948)
Tax on profit	50,539	107,290
Accrued (income)/expenses	( 625,721)	580,779

Changes in:
Stocks	79,470	( 247,031)
Trade and other debtors	326,068	1,982,950
Trade and other creditors	1,341,161	( 242,787)
	------------	------------
Cash generated from operations	1,342,388	1,495,928

Interest paid	( 31,379)	( 63,866)
Interest received	3,688	2,567
Tax received	27,193	8,401
	------------	------------
Net cash from operating activities	1,341,890	1,443,030
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 5,636)	( 39,652)
Proceeds from sale of tangible assets	1,167	8,983
Purchase of intangible assets	–	( 11,165)
Acquisition of subsidiaries	–	( 85,325)
	------------	------------
Net cash used in investing activities	( 4,469)	( 127,159)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 63,541)	697,525
Repayments of borrowings	–	( 84,266)
Government grant income	500	–
Dividends paid	( 100,983)	( 1,273,473)
	------------	------------
Net cash used in financing activities	( 164,024)	( 660,214)
	------------	------------

Net increase in cash and cash equivalents		1,173,397	655,657
Cash and cash equivalents at beginning of period		1,019,141	363,484
		------------	------------
Cash and cash equivalents at end of period	20	2,192,538	1,019,141
		------------	------------

Raven Delta Limited

Notes to the Financial Statements

Period from 1 October 2025 to 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Phoenix House Llys Felin Newydd, Swansea Enterprise Park, Swansea, SA7 9FG.

2. Statement of compliance

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)', Section 1A for Small Entities and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest £1. The reporting period of these financial statements is 6 months and its comparative period is 18 months. These financial statements only include the results of the group made up to 31 March 2026. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The group meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group's forecasts and projections, taking account reasonably the aforementioned possible changes in trading performance as a result of inflation, show that the group should be able to operate within the level of its current facilities. Therefore the group continues to adopt the going concern basis in preparing its financial statements.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with bank, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Disclosure exemptions

The individual parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Raven Delta Limited which can be obtained from the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102 in the individual parent company accounts: (a) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows. 1.12(c) (b) From the financial instrument disclosures, required under FRS 102 paragraphs, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement disclosures. 1.12(d)(ii) (c)From disclosing share-based payment arrangements, required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23, concerning its own equity instruments, as the company financial statements are presented with the consolidated financial statements and the relevant disclosures are included therein, and. 1.12(e) (d) From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.

Consolidation

The consolidated financial statements incorporate the financial statements of Raven Delta Limited , and its subsidiary undertakings for the year ended 31 March 2026. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Groups accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss, is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss on disposal includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit ot loss arising on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interests in the entity. Goodwill arising on consolidation, representing the excess of the fair values of the consideration given over the fair values of the identifiable net assets acquired, is capitalised. Uniform accounting policies have been used throughout the group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. Non-controlling interests Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments. Goodwill and business combinations Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination. On acquisition of a business, fair values are attributed to the unidentifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Group's interest in the identifiable net assets, liabilities and contingent liabilities acquired. On acquisition, goodwill is allocated to cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is amortised over its expected useful life. Where Group is unable to make reliable estimate of useful life, goodwill is amortised its useful life, 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. Where control is achieved following a series of transactions the cost of the business combination is the aggregate of the fair values of the assets given, liabilities assumed and equity instruments issued. When a controlling interest is increased, the subsidiary's identifiable assets and liabilities (including contingent liabilities) are not revalued to fair value, and no additional goodwill is recognised. Such transactions are accounted for as transactions between equity holders. Goodwill is considered to have a finite useful life and should be amortised on a systematic basis over its life. If the useful life cannot be measured reliably the life shall not exceed ten years. Goodwill is tested for impairment in accordance with Section 27 of FRS 102. FRS 102 requires negative goodwill to be recognised on the balance sheet. These illustrative financial statements do not include negative goodwill. If negative goodwill is recognised, the accounting policy disclosure included above would be: 'Where the cost of the business combination exceeds the fair value of the group's interest in the assets, liabilities and contingent liabilities acquired, negative goodwill arises. The group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to profit and loss, up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of non-monetary assets in the income statement over the period expected to benefit.' Recognition of intangible assets separately from goodwill is only required where they meet the recognition criteria, are separable and arise from contractual or other legal rights. Entities may choose to separately recognise additional intangible assets on acquisition if they meet the recognition criteria and are either separable or arise from contractual or other legal rights. This is an accounting policy choice which should be applied consistently to a class of intangible assets and to all business combinations.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

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

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Judgements and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Impairment of debtors The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Construction contracts Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation. Other Non Key Estimates Stock provision The group sells electrical supplies. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Stock kept is for work in progress and gets utilised throughout the term of the contract, whether on construction projects or the Facilities Maintenance contract. As a result it is necessary to ensure the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the quantity of the stock and when to use or claim for it being at a site. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Research & Development Research & development tax claims could use an element of judgement for the stage of completion of the project. Capitalised research and development is amortised over the estimated useful life of the project. Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard. The facilities maintenance contract is CPI linked and annual increase are determined year on year. Impairment of investments The assessment of investment values may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Government grants

The company receives government grants in respect of furlough claims. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Revenue recognition

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from electrical and mechanical installation and maintenance together with building fabric installation and maintenance is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to uncertified applications and afterdate sales.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to uncertified applications.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Interest receivable

Interest income is recognised using the effective interest method.

Facilities Maintenance Contracts

The FM contract can be assessed reliably due to the fixed payments versus fixed costs and is totally recoverable. The project work that links to this is based on actual time and materials spent and is proven on a value for money basis. Even in this process the group undertakes project designs directly for the client.

The group's large FM contract is based on SFG20 guidelines and costed accordingly and uplifted annually in line with CPI. This is a very low-risk environment where annual contracted amounts are split over 12 months of the year and paid accordingly. Within this contract are additional works which are delivered based on actual time and cost incurred plus agreed contractual mark-ups, with little risk but still require professional judgement and expertise to deliver.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Positive Goodwill	-	10% straight line
Negative Goodwill	-	Matched to periods of non-monetary assets or expected future losses
Patents, trademarks and licences	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be 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:

Freehold property	-	10% straight line
Plant and machinery	-	20% - 25% Straight line
Fixtures and fittings	-	15% - 25% Straight line
Motor vehicles	-	25% straight line
Computer Equipment	-	25 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. Work in progress on long term contracts is valued at selling price in line with FRS102 and is included as accrued income in debtors. All other work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress to its present location and condition. Facilities management contract stock is monitored via the accounting package and is turned over regularly due to the nature of the contract. Stock forms part of the fixed price element of the contract.

Government grants

The group receives government grants, rates relief and resilience funds. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received using the accrual model.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the stage of completion of the contract activity as at the period end. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. i. Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii. Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as interest expense. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. iii. Offsetting Financial assets and liabilities are offset and 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

Employee benefits

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	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Facilities Maintenance Contracts	3,588,937	11,266,046
Construction contracts	8,425,069	17,020,832
	-------------	-------------
	12,014,006	28,286,878
	-------------	-------------

Included in Debtors are amounts due from construction contracts of £3,891,531 (30.09.25: £4,139,687).

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

5. Other operating income

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Government grant income	500	–
RDEC Claim	113,838	189,975
Other operating income	13,438	116,737
	---------	---------
	127,776	306,712
	---------	---------

6. Operating profit/loss)

Operating profit or loss is stated after charging/crediting:

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Amortisation of intangible assets	12,292	( 521,626)
Depreciation of tangible assets	10,120	20,581
Gains on disposal of tangible assets	( 1,167)	( 8,948)
Impairment of trade debtors	(752)	53,696
Operating lease rentals	42,237	124,445
Foreign exchange differences	( 228)	397
RDEC Claim	113,838	189,975
	---------	---------

7. Auditor's remuneration

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Fees payable for the audit of the financial statements	62,695	80,500
	--------	--------

8. Staff costs

The average number of persons employed by the group during the period, including the directors, amounted to:

	31 Mar 26	30 Sep 25
	No.	No.
Production staff	134	139
Administrative staff	20	9
	----	----
	154	148
	----	----

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

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Wages and salaries	4,024,040	9,659,539
Social security costs	83,331	166,524
Other pension costs	37,492	85,523
	------------	------------
	4,144,863	9,911,586
	------------	------------

9. Directors' remuneration

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

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Remuneration	41,155	122,551
Company contributions to defined contribution pension plans	7,250	3,415
	--------	---------
	48,405	125,966
	--------	---------

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

	31 Mar 26	30 Sep 25
	No.	No.
Defined contribution plans	2	2
	----	----

10. Exceptional items

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Exceptional item	–	300,370	–	–
	----	---------	----	----

Exceptional costs in relation to the restructuring of the finance department and implementation of accounting software. There was an onerous contract in the period to 30.09.25, resulting in a loss of £283,220.

11. Other interest receivable and similar income

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Other interest receivable and similar income	3,688	2,567
	------	------

12. Interest payable and similar expenses

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Interest on banks loans and overdrafts	31,379	63,866
	--------	--------

13. Tax on profit

Major components of tax expense

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£

Current tax:

UK current tax income	107,420	100,000
Adjustments in respect of prior periods	( 60,601)	7,288
	---------	---------
Total current tax	46,819	107,288
	---------	---------

Deferred tax:

Origination and reversal of timing differences	3,720	–
	--------	---------
Tax on profit	50,539	107,288
	--------	---------

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the period is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	Period from	Period from
	1 Oct 25 to	1 Apr 24 to
	31 Mar 26	30 Sep 25
	£	£
Profit/(loss) on ordinary activities before taxation	172,974	( 129,291)
	---------	---------
Profit/(loss) on ordinary activities by rate of tax	43,243	( 32,323)
Adjustment to tax charge in respect of prior periods	50,539	107,289
Effect of expenses not deductible for tax purposes	( 922)	( 642)
Effect of capital allowances and depreciation	3,893	( 135,467)
Unused tax losses	( 49,934)	168,431
Deferred tax	3,720	–
	---------	---------
Tax on profit	50,539	107,288
	---------	---------

Factors that may affect future tax income

There are no factors affecting future tax charge.

14. Dividends

	31 Mar 26	30 Sep 25
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	100,983	1,273,473
	---------	------------

15. Intangible assets

Group	Negative Goodwill	Positive Goodwill	Patents, trademarks and licences	Total
	£	£	£	£
Cost
At 1 October 2025 and 31 March 2026	( 1,375,900)	202,638	34,842	( 1,138,420)
	------------	---------	--------	------------
Amortisation
At 1 October 2025	( 1,375,900)	93,894	5,226	( 1,276,780)
Charge for the period	–	10,550	1,742	12,292
	------------	---------	--------	------------
At 31 March 2026	( 1,375,900)	104,444	6,968	( 1,264,488)
	------------	---------	--------	------------
Carrying amount
At 31 March 2026	–	98,194	27,874	126,068
	------------	---------	--------	------------
At 30 September 2025	–	108,744	29,616	138,360
	------------	---------	--------	------------

The company has no intangible assets.

16. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2025	3,859	56,895	6,973	40,840	39,996	148,563
Additions	–	–	–	–	5,636	5,636
	------	--------	------	--------	--------	---------
At 31 Mar 2026	3,859	56,895	6,973	40,840	45,632	154,199
	------	--------	------	--------	--------	---------
Depreciation
At 1 Oct 2025	1,109	44,241	5,937	40,840	7,210	99,337
Charge for the period	288	3,488	966	–	5,378	10,120
	------	--------	------	--------	--------	---------
At 31 Mar 2026	1,397	47,729	6,903	40,840	12,588	109,457
	------	--------	------	--------	--------	---------
Carrying amount
At 31 Mar 2026	2,462	9,166	70	–	33,044	44,742
	------	--------	------	--------	--------	---------
At 30 Sep 2025	2,750	12,654	1,036	–	32,786	49,226
	------	--------	------	--------	--------	---------

The company has no tangible assets.

The net book value of land and buildings comprised:

	2026	2025
	£	£
Land & Buildings:
Short leasehold	2,462	2,750

17. Investments

Group	Shares in group undertakings
	£
Cost
At 1 October 2025 and 31 March 2026	10,051
	--------
Impairment
At 1 October 2025 and 31 March 2026	–
	--------

Carrying amount
At 1 October 2025 and 31 March 2026	10,051
	--------
At 30 September 2025	10,051
	--------

Company	Shares in group undertakings
	£
Cost
At 1 October 2025	12,068
Additions	100
	--------
At 31 March 2026	12,168
	--------
Impairment
At 1 October 2025 and 31 March 2026	–
	--------

Carrying amount
At 31 March 2026	12,168
	--------
At 30 September 2025	12,068
	--------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
R.D.M. Electrical Services Limited	Ordinary A & B	94
EFT Consult Limited	Ordinary A & B	75
DRS FM Services Limited	Ordinary A & B	75
Engineering for the Future Limited	Ordinary	76
Eruptor UK Limited	Ordinary	100
W360 Ltd	Ordinary	100
HWB 360 Ltd	Ordinary	100
Health & Wellbeing 360 Ltd	Ordinary	100
The Truly Sustainable Company Limited	Ordinary	100
Medicair Limited	Ordinary	100
RDM South East Limited	Ordinary	77
Raven Delta R&D Limited	Ordinary	100

Other significant holdings
Triton Cleantech Ltd	Ordinary	19

The registered office of each of these companies is Phoenix House Llys Felin Newydd, Swansea Enterprise Park, Swansea, SA7 9FG, with the exception of Triton Cleantech Ltd, whose registered office is c/o Bevan Buckland Ltd Ground floor, Cardigan House, Swansea, SA7 9LA. Included within other investments is a 19% holding in the ordinary share capital of Triton Cleantech Ltd. At the year end, the aggregate capital and reserves of the company amounted to £4,032 and profit for the year to 30th April 2025 amounted to £(38,102).

18. Stocks

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Raw materials and consumables	217,146	233,395	–	–
Work in progress	8,861	72,082	–	–
	---------	---------	----	----
	226,007	305,477	–	–
	---------	---------	----	----

19. Debtors

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Trade debtors	3,676,101	4,139,688	–	–
Amounts owed by group undertakings	–	–	599,315	611,315
Prepayments and accrued income	449,495	469,127	–	–
Other debtors	586,411	429,260	–	–
	------------	------------	---------	---------
	4,712,007	5,038,075	599,315	611,315
	------------	------------	---------	---------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Amounts owed by customers on construction contracts	391,267	208,529	–	–
	---------	---------	----	----

20. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	31 Mar 26	30 Sep 25
	£	£
Cash at bank and in hand	2,192,538	1,112,162
Bank overdrafts	–	( 93,021)
	------------	------------
	2,192,538	1,019,141
	------------	------------

21. Creditors: amounts falling due within one year

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Bank loans and overdrafts	196,481	265,729	–	–
Trade creditors	3,891,530	2,250,450	–	–
Amounts owed to undertakings in which the company has a participating interest	–	–	611,205	623,205
Accruals and deferred income	631,555	1,257,276	–	–
Corporation tax	88,883	14,871	–	–
Social security and other taxes	201,361	522,121	–	–
Other creditors	1,508,603	1,487,762	102	2
	------------	------------	---------	---------
	6,518,413	5,798,209	611,307	623,207
	------------	------------	---------	---------

The total amounts of secured liabilities at the year end amounted to £196,481. (30.09.25: £265,729) On 10th June 2025 the group entered into a financial arrangement with its bank. The bank has registered a fixed and floating charge over the groups assets. On 7th August 2024 the company & other group companies entered into a financial arrangement with Dbw Investments (3) Limited. Dbw Investments Limited has registered a fixed and floating charge over the company's assets. The loans are repayable monthly with interest rates of 3.13% plus base rate on one loan and a fixed rate of 9.75% and 9.25% on other loans.

22. Creditors: amounts falling due after more than one year

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Bank loans and overdrafts	384,577	471,891	–	–
	---------	---------	----	----

The total amounts of secured liabilities at the year end amounted to £384,577. (30.09.25: £471,891) On 10th June 2025 the group entered into a financial arrangement with its bank. The bank has registered a fixed and floating charge over the groups assets. On 7th August 2024 the company & other group companies entered into a financial arrangement with Dbw Investments (3) Limited. Dbw Investments Limited has registered a fixed and floating charge over the company's assets. The loans are repayable monthly with a fixed rate of 9.75% and 9.25% on other loans.

23. Provisions

Group	Deferred tax (note 24)
	£
At 1 October 2025	4,000
Additions	3,720
	------
At 31 March 2026	7,720
	------

The company does not have any provisions.

24. Deferred tax

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

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Included in provisions (note 23)	7,720	4,000	–	–
	------	------	----	----

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

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Provisions	7,720	4,000	–	–
	------	------	----	----

The expected net reversal of deferred tax assets and liabilities in 2027 is £1,000. This primarily relates to the reversal of timing differences on capital allowances.

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 37,492 (2025: £ 85,523 ).

26. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	500	–	–	–
	----	----	----	----

27. Called up share capital

Issued, called up and fully paid

	31 Mar 26		30 Sep 25
	No.	£	No.	£
Ordinary A shares of £ 1 each	91	91	91	91
Ordinary B shares of £ 1 each	91	91	91	91
Ordinary C shares of £ 1 each	10	10	10	10
Ordinary D shares of £ 1 each	10	10	10	10
	----	----	----	----
	202	202	202	202
	----	----	----	----

28. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Non Controlling Interest account - This represents reserves attributable to minority interests.

29. Analysis of changes in net debt

	At 1 Oct 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	1,112,162	1,080,376	2,192,538
Bank overdrafts	(93,021)	93,021	–
Debt due within one year	(172,708)	(23,773)	(196,481)
Debt due after one year	(471,891)	87,314	(384,577)
	------------	------------	------------
	374,542	1,236,938	1,611,480
	------------	------------	------------

Raven Delta Limited

Notes to the Financial Statements (continued)

Period from 1 October 2025 to 31 March 2026

30. Operating leases

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

	Group		Company
	31 Mar 26	30 Sep 25	31 Mar 26	30 Sep 25
	£	£	£	£
Not later than 1 year	148,663	166,992	–	–
Later than 1 year and not later than 5 years	149,946	160,103	–	–
	---------	---------	----	----
	298,609	327,095	–	–
	---------	---------	----	----

31. Related party transactions

Company

The balance owing to the key management personnel as at 31st March 2026 totalled £47,680. (30.09.25: £66,866). Other related parties

	2026	2025
	£	£
Balance due (to) related parties	(433,961)	(370,588)
Rent paid to related parties	66,921	158,273

32. Controlling party

There is no ultimate controlling party.