REGISTERED NUMBER: 02043581 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

BEARDWELL CONSTRUCTION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A C Larn

D R Clark

P A Beardwell

J S Beardwell

SECRETARY:

S C Beardwell

REGISTERED OFFICE:

Beacon House

Threshelfords Business Park

Inworth Road

Feering, Colchester

Essex

CO5 9SE

REGISTERED NUMBER:

02043581 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The directors are pleased to report that, notwithstanding the ongoing pressures within the construction sector the company has maintained a resilient position, underpinned by a strong balance sheet and the absence of external borrowings.

During the year, the company experienced a reduction in turnover of 20% compared to the previous financial period. The directors are pleased to report that, notwithstanding the ongoing pressures within the construction sector, the company has maintained a resilient position, underpinned by a strong balance sheet and the absence of external borrowings.

During the year, the company experienced a 15% increase in turnover compared with the previous financial period. This growth reflected the expansion into new sectors and the delivery of projects whose commencement had been delayed from the previous year. The company’s gross profit margin decreased to 15.7%, compared with 22% in the prior year. This reduction was anticipated, reflecting competitive market conditions and a return to more typical levels of margin.

In light of the broader economic environment and the financial outlook of key clients, the directors are cautious about the near-term trading environment. Nevertheless, they believe that the company’s strategic focus on refurbishment, combined with its growing reputation across alternative market sectors, positions the business well to secure future opportunities with both public and private sector blue-chip clients.

Looking ahead, the directors anticipate a period of consolidation during the coming financial year, reflecting reduced client budgets, delays in procurement processes and an increasingly competitive market environment. While recognising that trading conditions are likely to remain extremely challenging, the company remains well positioned to navigate the evolving market landscape and is confident in its long-term prospects.

ENVIRONMENTAL IMPACT

The company remains committed to the responsible management of its environmental impact and to reducing greenhouse gas emissions across all areas of its operations. The principal sources of emissions within the business arise from the operation of its vehicle fleet, the use of office facilities and business-related travel.

In alignment with its Carbon Reduction Plan, the company actively measures and discloses its Scope 1, Scope 2 and Scope 3 emissions. While recognising that an increase in business activity may result in higher absolute emissions, the company has implemented a comprehensive strategy to mitigate these impacts. This includes ongoing investment in energy efficiency, low-emission technologies and sustainable operational practices.

The company has established a clear objective to achieve net zero carbon emissions by 2045 and remains firmly committed to progressing towards this target through continuous improvement, innovation and accountability.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors maintain a continuous and proactive review of the business environment to identify emerging risks and reassess the significance of existing risks. Where necessary, appropriate measures are implemented to mitigate their potential impact on the company’s operations and strategic objectives.

For the current financial year, the principal risks identified relate to the volume of new opportunities, financial constraints affecting project viability and the extended period required for projects to reach financial close.

In response, the directors have adopted a strategic approach focused on broadening the client base beyond the public sector, further investing in technological solutions to improve efficiency and competitiveness and continuing to develop internal talent. In addition, recognising the considerable resource commitments associated with identifying and securing new business, the directors have made a specific investment in the business development team. This investment will ensure that the team is well positioned to identify, develop and secure opportunities as they arise.

These initiatives form part of the company’s broader risk management framework and are designed to support long-term stability, resilience and sustainable growth.

ON BEHALF OF THE BOARD:

P A Beardwell - Director

29 September 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of building contractors.

DIVIDENDS

The total dividends distributed during the year totalled £1,000,000.

DIRECTORS

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

A C Larn

D R Clark

P A Beardwell

J S Beardwell

POLITICAL DONATIONS AND EXPENDITURE

All donations in the period related to charitable causes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P A Beardwell - Director

29 September 2026

Opinion

We have audited the financial statements of Beardwell Construction Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Prior to engagement the following audit procedures are considered:

- Identification of laws and regulations being significant in the context of the entity;

- Understanding the entity's current activities, the scope of its authorisation and the effectiveness of its control environment where the entity is a regulated entity;

- Determining any key audit matters that require further explanation;

- In the case of a group, how the auditor addressed these matters at both at the group and component levels;

- communications with the engagement team and, where relevant, component auditors regarding non-compliance with laws and regulations and fraud.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We focused on the valuation of provisions against AMROC, debtors and accruals, and the assessment of impairment of intangible and tangible assets;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations or those posted by unexpected users; and

- Testing all material consolidation adjustments to ensure these were appropriate in nature and magnitude;

- Communicating with component auditors any matters which arise, and disclosing any instances of non-compliance or fraud, in addition to testing inter-group transactions and amounts owed by/(to) any group companies;

- Reviewing relevant meeting minutes including those of the board of directors

- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

29 September 2026

TURNOVER

33,151,736

28,631,399

Cost of sales

(27,925,353

)

(22,304,909

)

GROSS PROFIT

5,226,383

6,326,490

Administrative expenses

(3,244,272

)

(4,301,947

)

1,982,111

2,024,543

Other operating income

20,298

41,130

OPERATING PROFIT

5

2,002,409

2,065,673

Interest receivable and similar income

107,511

169,557

2,109,920

2,235,230

Interest payable and similar expenses

6

(8,112

)

-

PROFIT BEFORE TAXATION

2,101,808

2,235,230

Tax on profit

7

(453,136

)

(549,378

)

PROFIT FOR THE FINANCIAL YEAR

1,648,672

1,685,852

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,648,672

1,685,852

FIXED ASSETS

Tangible assets

9

1,066,879

1,107,129

CURRENT ASSETS

Stocks

10

15,700

11,300

Debtors

11

4,284,566

3,696,359

Cash at bank and in hand

7,982,533

6,124,827

12,282,799

9,832,486

CREDITORS

Amounts falling due within one year

12

(10,408,312

)

(8,645,565

)

NET CURRENT ASSETS

1,874,487

1,186,921

TOTAL ASSETS LESS CURRENT LIABILITIES

2,941,366

2,294,050

PROVISIONS FOR LIABILITIES

13

(23,994

)

(25,350

)

NET ASSETS

2,917,372

2,268,700

CAPITAL AND RESERVES

Called up share capital

14

100

100

Capital redemption reserve

15

1

1

Retained earnings

15

2,917,271

2,268,599

SHAREHOLDERS' FUNDS

2,917,372

2,268,700

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2026 and were signed on its behalf by:

P A Beardwell - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

100

1,507,747

1

1,507,848

Changes in equity

Dividends

-

(925,000

)

-

(925,000

)

Total comprehensive income

-

1,685,852

-

1,685,852

Balance at 31 March 2025

100

2,268,599

1

2,268,700

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

1,648,672

-

1,648,672

Balance at 31 March 2026

100

2,917,271

1

2,917,372

1.	STATUTORY INFORMATION

Beardwell Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

The financial statements of Beardwell Construction Ltd are consolidated in the financial statements of its parent company, Beardwell Holdings Ltd.

Turnover

Contract revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred.

Tangible fixed assets

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

Long leasehold

-

2% on cost

Furniture and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

3,184,185

4,252,555

Social security costs

438,529

553,156

Other pension costs

104,870

56,718

3,727,584

4,862,429

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

2026

2025

Direct

24

26

Admin

9

10

Directors

3

3

36

39

2026

2025

£

£

Directors' remuneration

1,504,652

2,392,400

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

666,051

991,599

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

67,253

69,031

Loss on disposal of fixed assets

862

671

Auditors' remuneration

17,000

15,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Other interest

1,183

-

Corporation tax interest

6,929

-

8,112

-

7.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

454,492

563,093

Deferred tax

(1,356

)

(13,715

)

Tax on profit

453,136

549,378

Reconciliation of total tax charge included in profit and loss

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

2026

2025

£

£

Profit before tax

2,101,808

2,235,230

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

525,452

558,808

Effects of:

Expenses not deductible for tax purposes

9,063

7,446

Depreciation in excess of capital allowances

7,477

13,089

Deferred tax

(1,356

)

(13,715

)

Movement in defects provision

(87,500

)

(16,250

)

Total tax charge

453,136

549,378

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim dividends

1,000,000

925,000

9.	TANGIBLE FIXED ASSETS

Furniture

Long

and

Motor

leasehold

equipment

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

1,038,305

286,669

175,228

1,500,202

Additions

-

10,313

18,149

28,462

Disposals

-

-

(10,935

)

(10,935

)

At 31 March 2026

1,038,305

296,982

182,442

1,517,729

DEPRECIATION

At 1 April 2025

96,532

218,775

77,766

393,073

Charge for year

20,766

19,082

27,405

67,253

Eliminated on disposal

-

-

(9,476

)

(9,476

)

At 31 March 2026

117,298

237,857

95,695

450,850

NET BOOK VALUE

At 31 March 2026

921,007

59,125

86,747

1,066,879

At 31 March 2025

941,773

67,894

97,462

1,107,129

10.

STOCKS

2026

2025

£

£

Stocks

15,700

11,300

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

2,203,097

2,385,150

Amounts recoverable on contract

1,899,047

1,269,210

Other debtors

6,230

6,230

Directors' current accounts

109,999

-

Prepayments

66,193

35,769

4,284,566

3,696,359

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

2,159,363

1,903,126

Amounts owed to group undertakings

762,600

406,350

Tax

240,492

374,633

Social security and other taxes

116,362

161,305

VAT

594,671

306,460

Directors' current accounts

200,001

131,252

Accrued expenses

6,334,823

5,362,439

10,408,312

8,645,565

13.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

23,994

25,350

Deferred

tax

£

Balance at 1 April 2025

25,350

Provided during year

(1,356

)

Balance at 31 March 2026

23,994

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

100

Ordinary

£1

100

100

15.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2025

2,268,599

1

2,268,600

Profit for the year

1,648,672

1,648,672

Dividends

(1,000,000

)

(1,000,000

)

At 31 March 2026

2,917,271

1

2,917,272

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is an amount of £109,999 (2025: £nil) owed to the company by one of its directors.The loan is unsecured, interest-free, and repayable on demand. The maximum overdrawn balance during the period was £160,000.

Since the balance sheet date, the entire overdrawn balance has been fully repaid to the company within 9 months of the financial year-end.

17.	RELATED PARTY DISCLOSURES

During the year the company paid management charges of £201,872 (2025: £264,122) to its parent company Beardwell Holdings Limited. At the year end there was a balance due to Beardwell Holdings Limited of £762,600 (2025: due to Beardwell Holdings Ltd £406,350). Included within accruals is £75,872 of management charges (2025: £132,122).