REGISTERED NUMBER: 14934599 (England and Wales)

WOLCOR HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

J C Corley

M R Woolley

REGISTERED OFFICE:

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

REGISTERED NUMBER:

14934599 (England and Wales)

AUDITORS:

Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

BANKERS:

National Westminister Bank Plc

10 Southwark Street

London

SE1 1TJ

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

Introduction

The principal activity of the company is that of a holding company for a group of construction companies, operating in different sectors, predominantly in London and M25 corridor market.

REVIEW OF BUSINESS

Whilst it is evident to all involved that the construction market continues to be challenging, and susceptible to price rises in both materials and labour, the diverse markets that the group companies work within, allow Wolcor to manage risk across the whole industry, rather than just single sectors. This reduces any impact that a single company within the group, could have on the whole.

Wolcor continues to help the companies within the group to grow in an organic and controlled way, providing the controls and management structures to allow them all to flourish.

We remain positive about both our industry and our businesses.

Review of business performance

The Directors brought all financial reporting for the companies within the group in line, thus allowing for ease of future accounting.

The results for the period show an operating profit of £429,578 (2024 - £27,135) and a pre-tax profit of £423,637 (2024 - £102,546).

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties that face the Group are related to the global uncertainties, government policies, volatile market conditions, and the failure within the various supply chains, which brings uncertainty to Clients and investors alike.

The Board will continue to monitor the financial performance of the companies within the Group as well as applying appropriate Health & Safety expertise.

The Directors of Wolcor Holdings Limited continue to remain committed and in control of the businesses within the group and remains a live company for future work.

FINANCIAL KEY PERFORMANCE INDICATORS

The gross profit of the company for the current period is 11.29% compared to 8.36% for the period ended 31 October 2024. The current ratio has increased to 1.11:1 (2024 - 1.07:1).

This report was approved by the board and signed

ON BEHALF OF THE BOARD:

J C Corley - Director

30 October 2026

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

DIVIDENDS

During the year the company paid dividends of £201,000 (2024 - £311,640).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

J C Corley

M R Woolley

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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006, Clay Ratnage Daffin & Co Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

ON BEHALF OF THE BOARD:

J C Corley - Director

30 October 2026

Opinion

We have audited the financial statements of Wolcor Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Statement of 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 October 2025 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.

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:

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate.

• Obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the management of the company’s accounting department, and management itself.

• The susceptibility of the company’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures:

o Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud.

o Understanding how those charged with governance considered and addressed the potential for override of controls and management biases

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

o Assessing the extent of compliance with the relevant laws and regulations

o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue recognition

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.

The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Lorraine Catherine Purdy FCCA (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

30 October 2026

TURNOVER

3

10,567,076

33,707,713

Cost of sales

9,373,589

30,889,398

GROSS PROFIT

1,193,487

2,818,315

Administrative expenses

763,909

2,791,180

OPERATING PROFIT

5

429,578

27,135

Interest receivable and similar income

50,610

116,459

480,188

143,594

Interest payable and similar expenses

7

56,551

41,048

PROFIT BEFORE TAXATION

423,637

102,546

Tax on profit

8

95,209

465,354

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

328,428

(362,808

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

328,428

(362,808

)

Profit/(loss) attributable to:

Owners of the parent

253,429

(287,809

)

Non-controlling interests

74,999

(74,999

)

328,428

(362,808

)

Total comprehensive income attributable to:

Owners of the parent

253,454

(287,834

)

Non-controlling interests

74,974

(74,974

)

328,428

(362,808

)

FIXED ASSETS

Tangible assets

11

1,314

6,144

Investments

12

-

-

1,314

6,144

CURRENT ASSETS

Debtors

13

6,331,250

7,009,004

Cash at bank

1,558,232

3,068,886

7,889,482

10,077,890

CREDITORS

Amounts falling due within one year

14

7,111,626

9,443,549

NET CURRENT ASSETS

777,856

634,341

TOTAL ASSETS LESS CURRENT LIABILITIES

779,170

640,485

CREDITORS

Amounts falling due after more than one year

15

(141,526

)

(130,448

)

PROVISIONS FOR LIABILITIES

17

(204

)

-

NET ASSETS

637,440

510,037

CAPITAL AND RESERVES

Called up share capital

18

50

50

Share premium

19

28,848

28,848

Capital redemption reserve

19

80

80

Retained earnings

19

608,462

556,033

SHAREHOLDERS' FUNDS

637,440

585,011

NON-CONTROLLING INTERESTS

-

(74,974

)

TOTAL EQUITY

637,440

510,037

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2026 and were signed on its behalf by:

J C Corley - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

350

325

350

325

CURRENT ASSETS

Debtors

13

624,310

853,764

Cash at bank

320,600

160,649

944,910

1,014,413

CREDITORS

Amounts falling due within one year

14

39,820

175,356

NET CURRENT ASSETS

905,090

839,057

TOTAL ASSETS LESS CURRENT LIABILITIES

905,440

839,382

CAPITAL AND RESERVES

Called up share capital

18

50

50

Retained earnings

19

905,390

839,332

SHAREHOLDERS' FUNDS

905,440

839,382

Company's profit for the financial year

267,058

1,150,972

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2026 and were signed on its behalf by:

J C Corley - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 14 June 2023

50

1,155,482

28,848

Changes in equity

Dividends on equity shares

-

(311,640

)

-

Total comprehensive income

-

(287,809

)

-

Balance at 31 October 2024

50

556,033

28,848

Changes in equity

Dividends on equity shares

-

(201,000

)

-

Total comprehensive income

-

253,429

-

Balance at 31 October 2025

50

608,462

28,848

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 14 June 2023

80

1,184,460

-

1,184,460

Changes in equity

Dividends on equity shares

-

(311,640

)

-

(311,640

)

Total comprehensive income

-

(287,809

)

(74,974

)

(362,783

)

Balance at 31 October 2024

80

585,011

(74,974

)

510,037

Changes in equity

Dividends on equity shares

-

(201,000

)

-

(201,000

)

Total comprehensive income

-

253,429

74,974

328,403

Balance at 31 October 2025

80

637,440

-

637,440

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

50

-

50

Dividends on equity shares

-

(311,640

)

(311,640

)

Total comprehensive income

-

1,150,972

1,150,972

Balance at 31 October 2024

50

839,332

839,382

Changes in equity

Dividends on equity shares

-

(201,000

)

(201,000

)

Total comprehensive income

-

267,058

267,058

Balance at 31 October 2025

50

905,390

905,440

Cash flows from operating activities

Cash generated from operations

1

(2,183,051

)

(719,592

)

Interest paid

(56,551

)

(41,048

)

Tax paid

568,814

63,066

Net cash from operating activities

(1,670,788

)

(697,574

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,013

)

-

Sale of tangible fixed assets

-

123,920

Sale of fixed asset investments

299,896

25

Interest received

50,610

116,459

Net cash from investing activities

349,493

240,404

Cash flows from financing activities

Amount withdrawn by directors

11,641

(31,893

)

Equity dividends paid

(201,000

)

(311,640

)

Net cash from financing activities

(189,359

)

(343,533

)

Decrease in cash and cash equivalents

(1,510,654

)

(800,703

)

Cash and cash equivalents at beginning of year

2

3,068,886

3,869,589

Cash and cash equivalents at end of year

2

1,558,232

3,068,886

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

Period

14.6.23

Year Ended

to

31.10.25

31.10.24

£

£

Profit before taxation

423,637

102,546

Depreciation charges

5,843

38,310

(Profit)/loss on disposal of fixed assets

(299,921

)

11,547

Finance costs

56,551

41,048

Finance income

(50,610

)

(116,459

)

135,500

76,992

(Increase)/decrease in trade and other debtors

(3,725

)

2,753,580

Decrease in trade and other creditors

(2,314,826

)

(3,550,164

)

Cash generated from operations

(2,183,051

)

(719,592

)

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

1,558,232

3,068,886

Period ended 31 October 2024

31.10.24

14.6.23

£

£

Cash and cash equivalents

3,068,886

3,869,589

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

3,068,886

(1,510,654

)

1,558,232

3,068,886

(1,510,654

)

1,558,232

Total

3,068,886

(1,510,654

)

1,558,232