REGISTERED NUMBER: 12560828 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MILESTONE SOUTH EAST LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Statement of Financial Position

8

Notes to the Financial Statements

9

DIRECTORS:

Mr S E Demetriou

Mr S X Ioannou

Mr M E Loizias

REGISTERED OFFICE:

3 Beauchamp Court

10 Victors Way

Chipping Barnet

Barnet

EN5 5TZ

REGISTERED NUMBER:

12560828 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialised construction services.

REVIEW OF BUSINESS

In 2025, the company demonstrated solid financial performance:

- Turnover: The company's total turnover increased to £19,725,699 (2024: £12,779,269).

- Gross Profit: Gross profit for the year was £2,537,134 (2024: £2,593,869).

- EBITDA: The company achieved an EBITDA of £938,783 (2024: £671,912), reflecting strong operational performance from continuing operations.

DIVIDENDS

Interim dividends per share on the shares were paid as follows:

£1,182.33

- 30 June 2025

£3,910.50

- 31 December 2025

£5,092.83

The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,527,850 .

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

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

Mr S E Demetriou

Mr S X Ioannou

Mr M E Loizias

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S X Ioannou - Director

12 October 2026

Opinion

We have audited the financial statements of Milestone South East Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

-	we have not received all the information and explanations we require for our audit; 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' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedure described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with law and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Robert Perez (BA FCA)

for and on behalf of Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

12 October 2026

REVENUE

19,725,699

12,779,269

Cost of sales

17,180,516

10,185,400

GROSS PROFIT

2,545,183

2,593,869

Administrative expenses

1,618,823

1,961,357

926,360

632,512

Other operating income

12,423

11,871

OPERATING PROFIT

938,783

644,383

Interest receivable and similar income

3,339

192

942,122

644,575

Interest payable and similar expenses

943

11,036

PROFIT BEFORE TAXATION

941,179

633,539

Tax on profit

4

201,924

(7,205

)

PROFIT FOR THE FINANCIAL YEAR

739,255

640,744

FIXED ASSETS

Intangible assets

5

16,771

20,682

Property, plant and equipment

6

-

97,129

16,771

117,811

CURRENT ASSETS

Debtors

7

3,703,039

3,466,717

Cash at bank

1,877,542

1,499,581

5,580,581

4,966,298

CREDITORS

Amounts falling due within one year

8

4,882,938

3,543,727

NET CURRENT ASSETS

697,643

1,422,571

TOTAL ASSETS LESS CURRENT LIABILITIES

714,414

1,540,382

CREDITORS

Amounts falling due after more than one year

9

-

(9,206

)

PROVISIONS FOR LIABILITIES

11

-

(24,256

)

NET ASSETS

714,414

1,506,920

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

714,114

1,506,620

714,414

1,506,920

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 12 October 2026 and were signed on its behalf by:

Mr S X Ioannou - Director

1.	STATUTORY INFORMATION

Milestone South East 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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 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.

Revenue

Revenue is recognised by reference to the stage of completion of the contract at the reporting date, using the percentage-of-completion (POC) method, where the outcome of the contract can be estimated reliably. The stage of completion is determined based on the proportion of actual costs incurred to date to the total estimated costs of the contract, i.e. **Actual costs incurred to date ÷ Total estimated costs**. Revenue recognised for the period represents the cumulative contract revenue attributable to the stage of completion, less amounts recognised in prior periods. Costs incurred in relation to work performed are recognised in accordance with the stage of completion.

Where amounts invoiced or billed to customers exceed the revenue recognised based on the stage of completion, the excess is recognised as deferred income and recognised as revenue as the related work is performed. Conversely, where revenue recognised based on the stage of completion exceeds amounts billed, the resulting balance is recognised as 'amounts recoverable on contracts', These balances are reviewed at each reporting date and adjusted to reflect the cumulative revenue attributable to the stage of completion of each contract.

Intangible assets

Intangible assets are initially recognised at cost. Subsequent to initial recognition, intangible assets are measured at fair value. Any revaluation increase shall be recognised in other comprehensive income and accumulated in equity, to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Computer equipment

- 33% straight line method

Motor Vehicle

- 33% straight line method

Leasehold Additions

- 10% straight line method

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Debt factoring

Where debts are factored without recourse, substantially all risks and rewards associated with the receivables are transferred to the factor, and the receivables are therefore derecognised from the balance sheet at the point of transfer. Any difference between the carrying amount of the receivables and the proceeds received is recognised in the profit and loss account. In contrast, where debts are factored with recourse, the company retains substantially all risks and rewards of ownership and continues to recognize the receivables within trade debtors. Advances received from the factor under such arrangements are presented as borrowings within creditors, and any related finance charges or factoring fees are recognised in the profit and loss account as incurred.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

604,265

551,286

Social security costs

67,574

58,832

Other pension costs

10,707

10,810

682,546

620,928

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

2025

2024

15

15

4.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

226,180

-

Deferred tax

(24,256

)

(7,205

)

Tax on profit

201,924

(7,205

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

£

£

Profit before tax

941,179

633,539

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

235,295

158,385

Effects of:

Expenses not deductible for tax purposes

623

114

Depreciation in excess of capital allowances

-

7,151

Deferred tax

(24,256

)

(7,205

)

Group Relief

(9,738

)

(165,650

)

Total tax charge/(credit)

201,924

(7,205

)

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Gain/loss on revaluation of intangibles

(3,911

)

-

(3,911

)

2024

Gross

Tax

Net

£

£

£

Gain/loss on revaluation of intangibles

7,771

-

7,771

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 January 2025

20,682

Impairments

(3,911

)

At 31 December 2025

16,771

NET BOOK VALUE

At 31 December 2025

16,771

At 31 December 2024

20,682

Intangible assets relates to XRP crypto tokens, its fair vaue was based on the market price listed on CNBC as at 31 December 2025.

Cost or valuation at 31 December 2025 is represented by:

Other

intangible

assets

£

Valuation in 2024

7,771

Valuation in 2025

(3,911

)

Cost

12,911

16,771

6.	PROPERTY, PLANT AND EQUIPMENT

Short

Motor

Computer

leasehold

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

138,607

1,196

24,638

164,441

Disposals

(97,129

)

-

-

(97,129

)

At 31 December 2025

41,478

1,196

24,638

67,312

DEPRECIATION

At 1 January 2025

and 31 December 2025

41,478

1,196

24,638

67,312

NET BOOK VALUE

At 31 December 2025

-

-

-

-

At 31 December 2024

97,129

-

-

97,129

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

713,451

1,420,569

Amounts owed by group undertakings

708,312

1,066,744

Amounts recoverable on contract

1,323,391

934,170

Other debtors

957,885

45,234

3,703,039

3,466,717

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

5,867

4,170

Trade creditors

678,466

1,153,727

Amounts owed to group undertakings

2,032,175

707,473

Taxation and social security

1,298,018

752,852

Other creditors

868,412

925,505

4,882,938

3,543,727

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

9,206

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Factoring finance

-

57,240

The above loan is secured by way of a negative pledge, fixed and floating charge on all the property or undertaking of the company.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

-

24,256

Deferred

tax

£

Balance at 1 January 2025

24,256

Credit to Income Statement during year

(24,256

)

Balance at 31 December 2025

-

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other debtors are amounts owed by companies under common control of £309,000 (2024: £35,000) which are interest free and repayable on demand.

13.	POST BALANCE SHEET EVENTS

No significant events have occurred between the reporting date, 31 December 2025, and the date the financial statements were authorized for issue that would require adjustment to or disclosure in the financial statements.

14.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking and ultimate controlling party is Milestone Group Investments Limited.

The largest and smallest group in which the result of the company are consolidated is that headed by Milestone Group Investments Limited which is incorporated in the United Kingdom. The consolidated financial statements of this company are available to the public and may be obtained from company's registered office, being 3 Beauchamp Court 10 Victors Way, Chipping Barnet, Barnet, United Kingdom, EN5 5TZ.