REGISTERED NUMBER: 04510722 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

BEARDWELL HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

P A Beardwell

S C Beardwell

SECRETARY:

S C Beardwell

REGISTERED OFFICE:

30-34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

04510722 (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 of the company and the group 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 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 and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a management company.

DIVIDENDS

The total dividends distributed during the year was £135,541.

DIRECTORS

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

P A Beardwell

S C Beardwell

POLITICAL DONATIONS AND EXPENDITURE

All donations in the period were for charitable causes and were not political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2026 and of the group's 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 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.

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 investments, any provisions, 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

(27,925,352

)

(22,304,907

)

GROSS PROFIT

5,226,384

6,326,492

Administrative expenses

(3,236,155

)

(4,238,543

)

1,990,229

2,087,949

Other operating income

74,098

104,930

Gain/loss on revaluation of investments

(34,551

)

-

OPERATING PROFIT

4

2,029,776

2,192,879

Interest receivable and similar income

150,241

200,527

2,180,017

2,393,406

Interest payable and similar expenses

5

(8,112

)

-

PROFIT BEFORE TAXATION

2,171,905

2,393,406

Tax on profit

6

(481,914

)

(588,258

)

PROFIT FOR THE FINANCIAL YEAR

1,689,991

1,805,148

Profit attributable to:

Owners of the parent

1,277,823

1,383,685

Non-controlling interests

412,168

421,463

1,689,991

1,805,148

PROFIT FOR THE YEAR

1,689,991

1,805,148

OTHER COMPREHENSIVE OTHER

COMPREHENSIVE INCOME

Revaluations during year

Revaluations included in profit for year

Income tax relating to other comprehensive other comprehensive income

-

-

OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,689,991

1,805,148

Total comprehensive income attributable to:

Owners of the parent

1,277,823

1,383,685

Non-controlling interests

412,168

421,463

1,689,991

1,805,148

FIXED ASSETS

Tangible assets

9

1,094,719

1,142,798

Investments

10

197,042

233,493

Investment property

11

1,202,685

1,202,685

2,494,446

2,578,976

CURRENT ASSETS

Stocks

12

15,700

11,300

Debtors

13

4,413,088

4,538,486

Cash at bank and in hand

10,220,712

7,279,303

14,649,500

11,829,089

CREDITORS

Amounts falling due within one year

14

(9,760,074

)

(8,329,211

)

NET CURRENT ASSETS

4,889,426

3,499,878

TOTAL ASSETS LESS CURRENT LIABILITIES

7,383,872

6,078,854

PROVISIONS FOR LIABILITIES

15

(84,299

)

(83,731

)

NET ASSETS

7,299,573

5,995,123

CAPITAL AND RESERVES

Called up share capital

16

2

2

Capital redemption reserve

17

1

1

Non distributable reserves

17

347,825

347,825

Retained earnings

17

6,292,315

5,150,033

SHAREHOLDERS' FUNDS

20

6,640,143

5,497,861

NON-CONTROLLING INTERESTS

18

659,430

497,262

TOTAL EQUITY

7,299,573

5,995,123

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

FIXED ASSETS

Tangible assets

9

27,840

35,669

Investments

10

197,117

233,568

Investment property

11

1,202,685

1,202,685

1,427,642

1,471,922

CURRENT ASSETS

Debtors

13

841,122

1,248,477

Cash at bank

2,238,180

1,154,476

3,079,302

2,402,953

CREDITORS

Amounts falling due within one year

14

(64,363

)

(89,996

)

NET CURRENT ASSETS

3,014,939

2,312,957

TOTAL ASSETS LESS CURRENT LIABILITIES

4,442,581

3,784,879

PROVISIONS FOR LIABILITIES

15

(60,305

)

(58,381

)

NET ASSETS

4,382,276

3,726,498

CAPITAL AND RESERVES

Called up share capital

16

2

2

Capital redemption reserve

1

1

Non distributable reserves

347,825

347,825

Retained earnings

4,034,448

3,378,670

SHAREHOLDERS' FUNDS

20

4,382,276

3,726,498

Company's profit for the financial year

791,319

813,046

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

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

capital

earnings

reserve

£

£

£

Balance at 1 April 2024

2

3,871,922

1

Changes in equity

Dividends

-

(105,574

)

-

Total comprehensive income

-

1,383,685

-

Balance at 31 March 2025

2

5,150,033

1

Changes in equity

Dividends

-

(135,541

)

-

Total comprehensive income

-

1,277,823

-

Balance at 31 March 2026

2

6,292,315

1

Non

distributable

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 April 2024

347,825

4,219,750

307,049

4,526,799

Changes in equity

Dividends

-

(105,574

)

(231,250

)

(336,824

)

Total comprehensive income

-

1,383,685

421,463

1,805,148

Balance at 31 March 2025

347,825

5,497,861

497,262

5,995,123

Changes in equity

Dividends

-

(135,541

)

(250,000

)

(385,541

)

Total comprehensive income

-

1,277,823

412,168

1,689,991

Balance at 31 March 2026

347,825

6,640,143

659,430

7,299,573

Called up

Capital

Non

share

Retained

redemption

distributable

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 April 2024

2

2,671,198

1

347,825

3,019,026

Changes in equity

Dividends

-

(105,574

)

-

-

(105,574

)

Total comprehensive income

-

813,046

-

-

813,046

Balance at 31 March 2025

2

3,378,670

1

347,825

3,726,498

Changes in equity

Dividends

-

(135,541

)

-

-

(135,541

)

Total comprehensive income

-

791,319

-

-

791,319

Balance at 31 March 2026

2

4,034,448

1

347,825

4,382,276

Cash flows from operating activities

Cash generated from operations

1

3,631,166

167,690

Interest paid

(8,112

)

-

Tax paid

(667,364

)

(608,545

)

Net cash from operating activities

2,955,690

(440,855

)

Cash flows from investing activities

Purchase of tangible fixed assets

(29,578

)

(131,016

)

Purchase of investment property

-

(992,685

)

Sale of tangible fixed assets

597

29,083

Sale of fixed asset investments

-

602,443

Sale of investment property

-

700,000

Interest received

150,241

200,527

Net cash from investing activities

121,260

408,352

Cash flows from financing activities

Equity dividends paid

(135,541

)

(105,574

)

Net cash from financing activities

(135,541

)

(105,574

)

Increase/(decrease) in cash and cash equivalents

2,941,409

(138,077

)

Cash and cash equivalents at beginning of year

2

7,279,303

7,417,380

Cash and cash equivalents at end of year

2

10,220,712

7,279,303

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

2,171,905

2,393,406

Depreciation charges

76,198

77,262

Loss on disposal of fixed assets

862

671

Loss/(gain) on revaluation of fixed assets

36,451

(2,443

)

(Increase)/Decrease in AMROC

(629,837

)

56,398

Finance costs

8,112

-

Finance income

(150,241

)

(200,527

)

1,513,450

2,324,767

Increase in stocks

(4,400

)

-

Decrease/(increase) in trade and other debtors

755,235

(271,231

)

Increase/(decrease) in trade and other creditors

1,366,881

(1,885,846

)

Cash generated from operations

3,631,166

167,690

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

10,220,712

7,279,303

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

7,279,303

7,417,380

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

7,279,303

2,941,409

10,220,712

7,279,303

2,941,409

10,220,712

Total

7,279,303

2,941,409

10,220,712

1.	STATUTORY INFORMATION

Beardwell Holdings 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 General 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.

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.