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

The company is a private limited company incorporated in the United Kingdom. The principal activity is as a design and build contractor delivering affordable, mixed use and private housing.

The contracts commenced in the previous financial year, together with contracts awarded in the year to 31 March 2026, delivered a turnover of £124.5m and a profit for the year after taxation of £8.9m. The company has worked hard to maintain the margins by completing projects on programme and within budget.

The company’s balance sheet remains strong with the shareholder’s funds increasing to £32.9m.

Our strong relationships with our customers and supply chain have helped us to manage the uncertainties in the market and the directors are pleased to report another successful year.

We have a strong, committed and experienced team to deal with our workload and we continue to provide quality products to our clients. Our land division, working closely with customers, has a successful track record of acquiring sites for residential and mixed-use development on which we have been able to negotiate build contracts in line with their budgets.

The directors having assessed the responses of the directors of the parent company, Bugler Group Limited, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Bugler Developments Limited to continue as a going concern.

As a result, the directors continue to adopt the going concern basis of accounting.

Outlook

Whilst the directors are mindful that the construction industry continues to be affected by the economic outlook, in particular costs and interest rates, our projects are ongoing and with new schemes starting we are currently on track to achieve our target turnover of £124m for the year to 31 March 2027. Our workload will continue to derive from contracts with Registered Providers and Local Authorities together with private development contracts carried out for our sister company, Bugler Homes Limited.

Staff

The company recognises that the training, development and welfare of our employees is of the utmost importance and we will maintain this recognition by further supporting our staff to continue the positive impact they have on the success of the company.

During the year we have invested in the health and wellbeing of our people through our “Live to Reinvent” initiative. The campaign provides a structured focus on health and wellbeing across the business and reflects our commitment to creating a positive, supportive working environment complementing our wider investment in training and development.

Health and safety remains a fundamental priority throughout all of the Company's operations. As a business, we recognise and embrace our responsibility to provide a safe and healthy working environment for our employees, subcontractors, clients and members of the public who may be affected by our activities. As such all aspects of health and safety are given the utmost priority at all times and governs all of our operations.

In keeping with this we can with great pride, confirm that Bugler Developments has now achieved certification to ISO 45001 (Occupational Health & Safety). This sits alongside our long-standing ISO9001 (Quality Management) and ISO 14001 (Environmental Management) as a core standard, following a compliant audit with strong organisational engagement. Ongoing compliance will be subject to annual surveillance audits conducted by ISOQAR.

We will continue to benchmark our site performance against other similar companies in our sector through the use of safety statistics and feedback. We will continue to endeavour to further increase the level of safety on all our business locations for the coming year and beyond though shared learning, on-going training and development and following best practice. This is essential to ensure full compliance with any new regulations and/ or best safety practices.

The directors consider all the risks applicable to the business on a regular basis and are of the opinion that internal procedures, checks and reports are in place to eliminate these as far as possible. We are mindful of the risks associated with macro-economic factors and keep our three year business plan under constant review.

We recognise the importance of achieving excellent standards of quality control and management and appreciate the impact this has on the effectiveness and sustainability of our business.

We also recognise the need to continually improve and we strive to provide a framework for setting and reviewing quality objectives and KPIs as part of the management review process.

We operate a system of KPIs to enable us to benchmark and improve our performance. We regularly review the performance of all supply chain members including consultants. Each supply chain member is formally reviewed after each completed contract and their performance is scored by our delivery team for that project. The data collated from this process is used to measure performance empirically and helps us to highlight where improvements are required.

We also analyse the number of defects in each site using a bespoke database. Our ultimate aim for each site is to have zero defects.

We continue to maintain our ISO 9001 and ISO 14001 certifications and we have retained a “Silver” accreditation with Investors in People. During the course of the year we achieved certification to the international standard for occupational health and safety, ISO 45001.

We are annually audited by a UKAS accredited assessor and the requirements of the updated ISO Standards include a high level review of our company policies.

Our policies are communicated to all employees and organisations working on our behalf and displayed at our offices, sites and on our intranet and are made available to defined interested parties.

We continue to implement an active company online “Intranet” to enable more effective communication with our staff. Current policies are available to view alongside other operational and social information relating to the company.

We expect everyone working for us or on our behalf, to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system.

The diversity, level of qualifications and experience of our staff is externally measured both by our public sector clients and Constructionline, as are our policies.

It is the policy of the company to enter into contracts with suppliers and subcontractors under appropriate terms and conditions which are normally standard but may vary according to circumstances. The company abides by the payment terms of the contracts. At 31 March 2026 trade creditors represented 34 days of purchases.

The Board regularly considers the key stakeholders and the importance of those stakeholders to the long-term success of the company. For this purpose, the Board have identified the following stakeholders to consider the likely consequences on the decisions and strategies during the year.

Our.Staff
The group recognises that the training, development and welfare of our employees is of the utmost importance and we will maintain this recognition by further investing in our staff to continue the positive impact they have on the success of the group.

We have introduced an online “Intranet” to enable more effective communication with our staff. Current policies are available to view alongside other operational and social information relating to the group.

We expect everyone working for us to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system.

Customers
Our excellent relationships with our clients is a key factor in the ongoing success of our business.

We recognise the importance of achieving excellent standards of quality control and management and appreciate the impact this has on the effectiveness and sustainability of our business.

We also recognise the need to continually improve and we strive to provide a framework for setting and reviewing quality objectives and KPIs as part of the management review process. We analyse the number of defects in each site using a bespoke database. Our ultimate aim for each site is to have zero defects.

Community
We are now directly contracting with Local Authorities in London and the Home Counties and we continue to increase our efforts with community engagement. Our Social Value commitments for current projects are formalised by the contracts and we operate the "Thrive" software system to help us monitor and measure our performance in areas such as:

• Employment of Local Labour

• Apprenticeships and Training

• Use of Local Supply Chain

• % of Contact Spend Locally

• Engagement with Schools and Community Groups

Our site teams connect effectively with people and groups that neighbour our sites, an example is that we host a "Meet that Contractor" event in a local venue prior to work commencing on every project.

Our commitment extends beyond our contractual Social Value obligations. Through the Bugler Foundation we support a wide range of charitable causes and local initiatives, complementing the work undertaken by our project teams and reinforcing our commitment to making a positive difference in the areas where we work.

Supply chain

We expect everyone working on our behalf to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system. We regularly review the performance of all supply chain members including consultants. Each supply chain member is formally reviewed after each completed contract and their performance is scored by our delivery team for that project. The data collated from this process is used to measure performance empirically and helps us to highlight where improvements are required.

By order of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £3,750,000. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Full disclosure of greenhouse gas emissions, energy consumption and energy efficiency actions are made in the parent company's, Bugler Group Limited, consolidated accounts for the year ended 31 March 2026.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Bugler Developments Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

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

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

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 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.

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.

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

Bugler Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bugler House, Batchworth Place, Church Street, Rickmansworth, Hertfordshire, WD3 1JE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

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

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Work in progress is valued at the lower of cost and net realisable value and reflects the accumulation of development costs prior to the start of construction.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Directors review the estimated stage of completion of contracts as provided by qualified surveyors and provide accordingly for both income and expenditure.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2025 - 8).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

On 28 August 2026 the company transferred the freehold property, known as Batchworth House, at an open market value of £3,400,000 to a related party, Batchworth Property Investments Limited, a company under common control.

On 28 August 2026 the company transferred the freehold property, known as Bugler House, at an open market value of £2,250,000 to a related party, Town Wharf Property Investments Limited, a company under common control.

The remuneration of key management personnel is as follows.

As disclosed in note 17, the company transferred its freehold properties to related parties.

The company has taken advantage of the exemptions conferred by FRS 102 as a qualifying entity and has not disclosed transactions with wholly‑owned group undertakings. The company is a wholly‑owned subsidiary of its parent undertaking and is included in the consolidated financial statements of that undertaking.

The ultimate parent company is Bugler Group Limited, whose registered address is Bugler House, Batchworth Place, Church Street, Rickmansworth, Hertfordshire, England, WD3 1JE. Bugler Group Limited is controlled by members of the Bugler family, though no one individual has overall control.

The company's financial statements are consolidated with those of its parent company and copies of the consolidated financial statements may be obtained from the company's registered office.