REGISTERED NUMBER: 03547567 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

SHIRE STRUCTURES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr R Mace

Mr A A Lavoisier

Mr G Michaud

REGISTERED OFFICE:

The Chapel

Barnsley Hall Road

Bromsgrove

Worcestershire

B61 0SZ

REGISTERED NUMBER:

03547567 (England and Wales)

AUDITORS:

Constantin

200 Aldersgate Street

London

EC1A 4HD

BANKERS:

HSBC Bank Plc

47 High Street

Bromsgrove

Worcestershire

B61 8AW

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The company has had both a positive trading year as detailed below.

The company's turnover was £13,277,875 (2024: £11,117,744) and it reflected a profit before taxation of £1,894,534 (2024: Profit £2,010,160).

Shareholders' funds at 31 October 2025 amounted to £4,503,007 (2024: £3,560,986) for the company. Although the company had a decrease in profit before taxation compared to the prior trading year, turnover has increased. The profit level and overall funds of the company are considered healthy.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks and uncertainties affecting the company are considered to relate to:

- Change in strategic business planning by a major client.

- Financial collapse of more than two major clients.

- Failure of suppliers to meet company demands and growth plan.

The company is well positioned to manage these risks due to a strong supply chain, capable workforce and management team, alongside solid reserves.

FUTURE DEVELOPMENTS

The directors acknowledge that the 2025/26 financial year will be competitive. However, the directors believe the company is in a good position to achieve growth during the forthcoming financial year.

ON BEHALF OF THE BOARD:

Mr R Mace - Director

28 October 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of building, structural and consulting services.

DIVIDENDS

Interim dividends of £578,800 were paid during the year in respect of the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 October 2025 will be £578,800.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

Mr R Mace has held office during the whole of the period from 1 November 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr S Crook - resigned 31 July 2025

Mr R Y Hartshorne - resigned 31 July 2025

Mr A A Lavoisier - appointed 25 July 2025

Mr G Michaud - appointed 25 July 2025

POLITICAL DONATIONS AND EXPENDITURE

During the year there were no political donations made.

GOING CONCERN

The directors have assessed the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. This assessment has considered the Company's financial position, forecast cash flows, and liquidity requirements. In making their assessment, the directors have reviewed the Company's latest forecasts and budgets, including downside scenarios. These demonstrate that the Company has adequate financial resources to meet its liabilities as they fall due. Based on this review, the directors consider that the Company will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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, Constantin, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R Mace - Director

28 October 2026

Opinion

Independent auditor's report to the members of Shire Structures Limited

Report on the audit of the financial statements

We have audited the financial statements which comprise:

- the income statement

- the balance sheet;

- the cash flow statement and the related notes 1 to 3;

- the related notes 1 to 14 which include the statement of 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 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 Financial Reporting Council's (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.

The financial statements for the year ended 31 October 2024, and presented in these financial statements as comparative information, were not audited.

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 the audit:

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

- the directors' report has 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 any material misstatements in the directors' report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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

- ascertain 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

" had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and

" do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

" reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

" performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

" enquiring of management and legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

" reading minutes of meetings of those charged with governance.

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.

Thierry de Gennes ACA (Senior Statutory Auditor)

for and on behalf of Constantin

200 Aldersgate Street

London

EC1A 4HD

28 October 2026

TURNOVER

13,277,875

11,117,744

Cost of sales

9,909,115

7,902,408

GROSS PROFIT

3,368,760

3,215,336

Administrative expenses

1,481,076

1,205,593

OPERATING PROFIT

4

1,887,684

2,009,743

Interest receivable and similar income

6,850

470

1,894,534

2,010,213

Interest payable and similar expenses

5

-

53

PROFIT BEFORE TAXATION

1,894,534

2,010,160

Tax on profit

6

373,713

379,565

PROFIT FOR THE FINANCIAL YEAR

1,520,821

1,630,595

Retained earnings at beginning of year

3,560,682

2,457,287

Dividends

7

(578,800

)

(527,200

)

RETAINED EARNINGS AT END OF YEAR

4,502,703

3,560,682

FIXED ASSETS

Intangible assets

8

40,552

54,070

Tangible assets

9

580,174

429,293

Investments

10

108

108

620,834

483,471

CURRENT ASSETS

Stocks

11

637,060

501,453

Debtors

12

3,877,186

3,572,271

Cash at bank and in hand

2,063,755

1,490,667

6,578,001

5,564,391

CREDITORS

Amounts falling due within one year

13

2,572,588

2,400,801

NET CURRENT ASSETS

4,005,413

3,163,590

TOTAL ASSETS LESS CURRENT LIABILITIES

4,626,247

3,647,061

PROVISIONS FOR LIABILITIES

14

123,240

86,075

NET ASSETS

4,503,007

3,560,986

CAPITAL AND RESERVES

Called up share capital

15

54

54

Share premium

16

196

196

Capital redemption reserve

16

54

54

Retained earnings

16

4,502,703

3,560,682

SHAREHOLDERS' FUNDS

4,503,007

3,560,986

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

Mr R Mace - Director

Cash flows from operating activities

Cash generated from operations

1

2,158,022

1,673,236

Interest paid

-

(53

)

Decrease in amounts due from associates

1,615

3,639

Tax paid

(407,287

)

(96,597

)

Net cash from operating activities

1,752,350

1,580,225

Cash flows from investing activities

Purchase of tangible fixed assets

(362,539

)

(225,628

)

Sale of tangible fixed assets

7,632

1,000

Interest received

6,850

470

Net cash from investing activities

(348,057

)

(224,158

)

Cash flows from financing activities

Amount introduced by directors

350,000

396,223

Amount withdrawn by directors

(602,405

)

(289,799

)

Equity dividends paid

(578,800

)

(527,200

)

Net cash from financing activities

(831,205

)

(420,776

)

Increase in cash and cash equivalents

573,088

935,291

Cash and cash equivalents at beginning of year

2

1,490,667

555,376

Cash and cash equivalents at end of year

2

2,063,755

1,490,667

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

31.10.25

31.10.24

(Unaudited)

£

£

Profit before taxation

1,894,534

2,010,160

Depreciation charges

217,260

161,074

Loss on disposal of fixed assets

285

23,250

Finance costs

-

53

Finance income

(6,850

)

(470

)

2,105,229

2,194,067

(Increase)/decrease in stocks

(135,607

)

59,823

Increase in trade and other debtors

(304,997

)

(735,810

)

Increase in trade and other creditors

493,397

155,156

Cash generated from operations

2,158,022

1,673,236

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

2,063,755

1,490,667

Year ended 31 October 2024

31.10.24

1.11.23

(Unaudited)

£

£

Cash and cash equivalents

1,490,667

555,376

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

1,490,667

573,088

2,063,755

1,490,667

573,088

2,063,755

Total

1,490,667

573,088

2,063,755

1.	STATUTORY INFORMATION

Shire Structures 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and equipment

-

25% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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 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.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

(Unaudited)

£

£

Wages and salaries

2,482,002

2,006,245

Social security costs

313,386

211,200

Other pension costs

145,482

123,721

2,940,870

2,341,166

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

31.10.25

31.10.24

(Unaudited)

Average number of employees

61

56

31.10.25

31.10.24

(Unaudited)

£

£

Directors' remuneration

105,425

77,611

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.10.25

31.10.24

(Unaudited)

£

£

Depreciation - owned assets

203,741

147,557

Loss on disposal of fixed assets

285

23,250

Goodwill amortisation

13,518

13,518

Auditors' remuneration

22,000

-

Director pension costs

5,097

5,022

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

(Unaudited)

£

£

Other interest paid

-

53

6.

TAXATION

Analysis of the tax charge

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

31.10.25

31.10.24

(Unaudited)

£

£

Current tax:

UK corporation tax

442,776

375,609

Over provision in prior years

(106,228

)

-

Total current tax

336,548

375,609

Deferred tax

37,165

3,956

Tax on profit

373,713

379,565

UK corporation tax has been charged at 25% (2024 - 25%).

7.

DIVIDENDS

31.10.25

31.10.24

(Unaudited)

£

£

Ordinary B shares of £1 each

Interim

578,800

527,200

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

67,588

AMORTISATION

At 1 November 2024

13,518

Amortisation for year

13,518

At 31 October 2025

27,036

NET BOOK VALUE

At 31 October 2025

40,552

At 31 October 2024

54,070

9.	TANGIBLE FIXED ASSETS

Plant and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 November 2024

550,348

422,319

972,667

Additions

194,099

168,440

362,539

Disposals

-

(34,535

)

(34,535

)

At 31 October 2025

744,447

556,224

1,300,671

DEPRECIATION

At 1 November 2024

300,607

242,767

543,374

Charge for year

107,269

96,472

203,741

Eliminated on disposal

-

(26,618

)

(26,618

)

At 31 October 2025

407,876

312,621

720,497

NET BOOK VALUE

At 31 October 2025

336,571

243,603

580,174

At 31 October 2024

249,741

179,552

429,293

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 November 2024

and 31 October 2025

108

NET BOOK VALUE

At 31 October 2025

108

At 31 October 2024

108

The name of the company is Quickbase Foundations Limited

11.

STOCKS

31.10.25

31.10.24

(Unaudited)

£

£

Stocks

637,060

501,453

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

(Unaudited)

£

£

Trade debtors

3,211,432

2,823,635

Amounts owed by associates

-

82

Other debtors

56,036

138,377

Prepayments and accrued income

609,718

610,177

3,877,186

3,572,271