Vallectric (Holdings) Limited

Group Financial Statements

Vallectric (Holdings) Limited



For the Year Ended	31 March 2026





































Company No.		05846208

Vallectric (Holdings) Limited \| Registered Number: 05846208
		1
COMPANY INFORMATION
For the year ended 31 March 2026





Company registration number	05846208

Registered office	3 Hales Road
	Leeds
	LS12 4PL


Directors	Mr G S Slater
	Mr T S Vare



Secretary	Mr A R Bowers


Auditors	Kirk Newsholme Ltd
	Chartered Accountants and Statutory Auditors
	4315 Park Approach
	Thorpe Park
	Leeds
	West Yorkshire
	LS15 8GB

Vallectric (Holdings) Limited \| Registered Number: 05846208
		2
CONTENTS OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2026




Strategic report	3 - 6

Report of the directors	7 - 8

Report of the independent auditor	9 - 13

Consolidated statement of comprehensive income	14

Consolidated balance sheet	15

Consolidated statement of changes in equity	16

Company balance sheet	17

Company statement of changes in equity	18

Group cash flow statement	19

Notes to the financial statements	20 - 35

Vallectric (Holdings) Limited \| Registered Number: 05846208
										3
STRATEGIC REPORT
For the year ended 31 March 2026


Business Review

This report provides a formal review of the financial performance and operational delivery of Vallectric (Holdings) Limited for the financial year 1 April 2025 to 31 March 2026.

The Vallectric Group continues to operate from offices in Leeds and Hull and has recently relocated the business unit from Greenwich to a modern serviced facility at Devonshire House in Borehamwood.

The Leeds office, supported by the Hull business centre, handled comprehensive mechanical and electrical installation services to tier-one main contractors, nationwide. The Borehamwood office successfully completed numerous projects, predominantly associated with direct client works and social housing schemes across London Boroughs, alongside ongoing asset lifecycle upgrades and social housing engineering frameworks.

Operationally, the year was highlighted by major project successes, including a landmark regional contract win in Scotland that commenced in 2026, with a completion mid-2027 and steady progress on a high-profile mixed-use development in London, due for completion in early 2027. While the group faced contraction in both top-line revenue and gross margin in the year due to a highly selective bidding approach and broader UK construction sector pressures, our core working capital infrastructure remains stable. Our excellent internal cost control disciplines have once again provided good overall profitability, whilst maintaining strong cash reserves.

The end-of-year figures outline a contraction in volume compared to the previous period, reflecting the completion of several major legacy frameworks and a challenging procurement environment in mid-2025. Revenue fell by 14.9% to £10.8 million. This drop is primarily due to a selective commercial posture designed to bypass low-margin, high-risk tender competitions, alongside a brief pause in private sector developer starts early in the fiscal year. The gross margin percentage compression from 31.4% down to 29.6%, although still excellent, reflects persistent raw material cost inflation, labour increases and extended commissioning timelines on complex MEP installations.

Current indications are that current and future workload opportunities will contribute positively for the year to March 2027, and we expect turnover and margin contribution to increase substantially over this period. The addition of the long-term Scotland development provides the group with excellent longer-term revenue visibility, insulating the operations team from immediate short-term market volatility.

Key factors to our success continue to be strong relationships with our client base, providing a high level of managerial service delivery and an exemplary product. Our long standing and committed workforce ensures continuity of group performance, whilst ensuring we have sufficient and consistent quality workload levels to meet our targets. We also have a dedicated sales team who constantly review the marketplace for new opportunities, and we monitor and review the financial performance of our projects each month via our in-house contract costing system to ensure consistency in performance and profitability.

We continue to operate as an employee ownership trust and strive to provide an excellent working environment for our staff whilst remaining committed to training for personal development, along with providing opportunities for progression, as demonstrated by recent key promotions within the business.

Vallectric (Holdings) Limited \| Registered Number: 05846208
				4
STRATEGIC REPORT (CONTINUED)
For the year ended 31 March 2026


Business Review (continued)

The on-going success of our activities and internal cost disciplines gives us long term financial certainty and with a strong future order book and balance sheet, excellent credit rating, solid customer base, efficient processes, effective risk management and an engaged workforce, the board consider the group to be in a very strong position for the foreseeable future.

Key performance indicators
Note			2026	2025
£				£
Turnover		1	10,781,391	12,676,395
Gross Profit		1	3,188,961	3,977,715
Profit before taxation		2	789,738	1,280,677
Cash at bank and in hand		3	4,355,445	3,358,178
Source data is taken from the audited financial statements

Notes to KPI' s

1.	Turnover and gross profit

	The group aims to maximise underlying profitability by monitoring levels of turnover and gross profit.

2.	Profit before tax

	The group aims to maximise underlying profitability to enable investment back into the business and/or to reward staff and shareholders and uses profit before tax to measure this.

3.	Cash at bank and in hand

	The group aims to maintain sufficient cash as insurance against the principal risks and uncertainties facing the company. The group constantly monitors its forward cash position in order to make the most effective use of surplus funds.

Key performance indicators are monitored against expectations. The directors feel that these have been satisfactorily met in respect of the current financial year.

Vallectric (Holdings) Limited \| Registered Number: 05846208
										5
STRATEGIC REPORT (CONTINUED)
For the year ended 31 March 2026


Principal risks and uncertainties facing the company

Global and other macroeconomic risks
The current political and economic climate continues to drive significant uncertainty across all businesses. At the core of these pressures remains the potential for significant volatility across most markets, and with interest rates remaining high, this also presents a challenge for the business due to their impact on investment in construction projects.

Cyber security
The group's IT infrastructure is an integral part of its operations. The systems, and the data held within, require to be robust and private. The risks of compromised systems and data through a cyber attack or other security threats are key risks for any organisation. The group continually reviews its policies and security tools with its partners with a view to implementing appropriate levels of protection.

Reputational risk
As a services group in the construction industry any damage to, or loss of reputation could be a major concern. Rigorous management attention and quality control procedures are in place to maximise right first time and on time delivery.

Market risk
Management constantly monitors economic indicators and opportunities within the industry, as well as detailed, up to date information on group tender performance and future order book. The information obtained from this process is used in short, medium and long range forecasting tools to ensure that the business is prepared to respond, as appropriate, to emerging market scenarios.

Operational risk
Solid reporting systems and accurate and timely management information is reviewed by senior management and the directors monthly.

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Credit risk is mitigated by regular monitoring of customer credit status and by stringent management of the aggregate amount and duration of exposure to any one customer within an appropriately determined credit limit.

Vallectric (Holdings) Limited \| Registered Number: 05846208
										6
STRATEGIC REPORT (CONTINUED)
For the year ended 31 March 2026


Contract Performance risk
The group has developed many contract costing tools that enable management to review and monitor current and forecast future contract performance, so that the company is able to maximise profit opportunities and minimise profit risk.

Funding risk
The management reviews the cash performance on each contract and seeks to ensure applications for payment are raised in a timely manner to minimise any funding exposure.

Compliance risks
The group regularly monitors compliance with its own processes and procedures and with legislation. This is reviewed formally in Senior Management and Board meetings.

On behalf of the board:




Mr T S Vare
Director
2 November 2026

Vallectric (Holdings) Limited \| Registered Number: 05846208
										7
REPORT OF THE DIRECTORS
For the year ended 31 March 2026


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

Directors
The directors who served the company during the year were as follows:

Mr G S Slater
Mr T S Vare

A third party indemnity insurance policy is in place for the benefit of the directors.

Dividends
No dividends will be distributed for the year ended 31 March 2026

Disclosure in the strategic report
As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors’ report by Schedule 7 of the ‘Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008’, in the Strategic Report.

Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 Laws). 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 and profit or loss of the company and 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 group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company's transactions and disclose with reasonable accuracy at any time the financial position of 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Vallectric (Holdings) Limited \| Registered Number: 05846208
										8
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 March 2026

Statement as to disclosure of information to Auditors
The directors confirm that:

	•	so far as each director is 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.


The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor
Kirk Newsholme Ltd remain as auditors and having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

BY ORDER OF THE BOARD




Mr T S Vare
Director
2 November 2026


										9
Report of the Independent Auditor to the Members
of Vallectric (Holdings) Limited

Opinion
We have audited the financial statements of Vallectric (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Profit and Loss Account, 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 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 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 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 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.


			10
Report of the Independent Auditor to the Members
of Vallectric (Holdings) Limited (continued)


Other information
The directors are responsible for the other information. The other information comprises the information in the 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.

Opinion 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 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 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 its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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.


										11
Report of the Independent Auditor to the Members
of Vallectric (Holdings) Limited (continued)


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 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 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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.


			12
Report of the Independent Auditor to the Members
of Vallectric (Holdings) Limited (continued)


The extent to which the audit was considered capable of detecting irregularities including fraud
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 recognise non-compliance with applicable laws and regulations;

	•	We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and sector experience;

	•	We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006 and taxation legislation. The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as health and safety, Building Regulations 2010, employment law and data protection.
	•	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 group'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

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 any significant or unusual transactions.


			13
Report of the Independent Auditor to the Members
of Vallectric (Holdings) Limited (continued)


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 those charged with governance.
	•	Enquiring of management as to actual and potential litigation and claims;
	•	Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and
	•	Review of relevant legal or professional costs within the accounting records for any evidence of previously un-detected or un-reported instances of non-compliance.

There are inherent limitations in our audit procedures 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 laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 group'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 group's members those matters we are required to state to them 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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.


Andrew Thomas BA FCA (Senior Statutory Auditor)
For and behalf of Kirk Newsholme
Chartered Accountants and Statutory Auditors
4315 Park Aproach
Thorpe Park
Leeds
West Yorkshire
LS15 8GB

2 November 2026

Vallectric (Holdings) Limited \| Registered Number: 05846208
				14
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2026



		2026		2025
	Note	£	£

Turnover	3	10,781,391		12,676,395
Cost of sales		7,592,430		8,698,680
Gross profit		3,188,961		3,977,715
Administrative expenses		2,496,676		2,806,180
Operating profit	4	692,285		1,171,535

Interest receivable		97,453		114,414
Interest payable		0		(5,272)
Profit before taxation		789,738		1,280,677
Tax on profit	7	(203,117)		(324,113)
Profit for the financial year		586,621		956,564
Other comprehensive income		0		0
Total comprehensive income for the year		586,621		956,564

Profit attributable to owners of the parent		586,621		956,564

Total comprehensive income atrributable to
owners of the parent		586,621		956,564










The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
					15
CONSOLIDATED BALANCE SHEET
For the year ended 31 March 2026



			2026		2025
		Note	£	£
Fixed assets
Intangible assets		8	5,295		21,178
Tangible assets		9	408,621		406,407
			413,916		427,585
Current assets
Stocks		11	0		1,753
Debtors		12	1,374,090		1,247,122
Cash at bank and in hand		13	4,355,445		3,358,178
			5,729,535		4,607,053
Creditors: amounts falling due within one year		14	4,083,659		3,571,855
Net current assets			1,645,876		1,035,198
Total assets less current liabilities			2,059,792		1,462,783
Provisions for liabilities		15	53,500		50,000
Net assets			2,006,292		1,412,783

Capital and reserves
Called up equity share capital		18	123,817		120,345
Share premium account			5,693		2,277
Capital redemption reserve			0		358,040
Revaluation reserve			134,931		134,931
Retained earnings			1,741,851		797,190
Shareholders' funds			2,006,292		1,412,783

These financial statements were approved by the directors and authorised for issue on
2 November 2026	and are signed on their behalf by:


Mr T S Vare
Director

The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
						16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026



Called up		Share	Capital	Reval-	Retained	Total
share		premium	redemption	-uation	earnings	equity
capital		account	reserve	reserve
£		£	£	£	£	£

Balance as at 1 April 2024	119,187	1,139	358,040	134,931	(80,921)	532,376
Changes in equity
Total comprehensive income	0	0	0	0	956,564	956,564
Distribution to EOT	0	0	0	0	(78,453)	(78,453)
Share Issue	1,158	1,138	0	0	0	2,296

Balance as at 31 March 2025	120,345	2,277	358,040	134,931	797,190	1,412,783


Changes in equity
Total comprehensive income	0	0	0	0	586,621	586,621
Distribution to EOT	0	0	0	0	0	0
Capital reduction	0	0	(358,040)	0	358,040	0
Share Issue	3,472	3,416	0	0	0	6,888

Balance as at 31 March 2026	123,817	5,693	0	134,931	1,741,851	2,006,292



The Group's reserves are as follows:

The capital redemption reserve has arisen on the purchase of the company's own ordinary shares.

Retained earnings represents cumulative profits or losses net of dividends and other adjustments.

The revaluation reserve represents the gains in valuation of assets not yet realised by sales, net of the estimated
tax on the valuation uplift.

Share premium contains the premium arising on the issue of equity shares, net of issue expenses.
Subsequent to the year end distributions of £nil (2025: £nil) were paid to the EOT.



The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
					17
COMPANY BALANCE SHEET
For the year ended 31 March 2026



			2026		2025
		Note	£	£
Fixed assets
Tangible assets		9	400,000		400,000
Investments		10	2,091,895		2,091,895
			2,491,895		2,491,895
Current assets
Debtors		12	63		60
Cash at bank and in hand		13	9,992		9,992
			10,055		10,052
Creditors: amounts falling due within one year		14	276,641		455,236
Net current liabilities			(266,586)		(445,184)
Total assets less current liabilities			2,225,309		2,046,711
Provisions for liabilities		15	55,000		54,500
Net Assets			2,170,309		1,992,211

Capital and reserves
Called-up equity share capital		18	123,817		120,345
Share premium account			5,693		2,277
Capital redemption reserve			0		358,040
Revaluation reserve			134,931		134,931
Retained earnings			1,905,868		1,376,618
Shareholders' funds			2,170,309		1,992,211

Company's profit for the financial year			171,210		245,918

These financial statements were approved by the directors and authorised for issue on
2 November 2026	and are signed on their behalf by:


Mr T S Vare
Director

The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
						18
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026



Called up		Share	Capital	Reval-	Retained	Total
share		premium	redemption	-uation	earnings	equity
capital		account	reserve	reserve
£		£	£	£	£	£

Balance as at 1 April 2024	119,187	1,139	358,040	134,931	1,209,153	1,822,450

Changes in equity
Total comprehensive income	0	0	0	0	245,918	245,918
Distribution to EOT	0	0	0	0	(78,453)	(78,453)
Share Issue	1,158	1,138	0	0	0	2,296

Balance as at 31 March 2025	120,345	2,277	358,040	134,931	1,376,618	1,992,211


Changes in equity
Total comprehensive income	0	0	0	0	171,210	171,210
Distribution to EOT	0	0	0	0	0	0
Capital reduction	0	0	(358,040)	0	358,040	0
Share Issue	3,472	3,416	0	0	0	6,888

Balance as at 31 March 2026	123,817	5,693	0	134,931	1,905,868	2,170,309



The Company's reserves are as follows:

The capital redemption reserve has arisen on the purchase of the company's own ordinary shares.

Retained earnings represents cumulative profits or losses net of dividends and other adjustments.

The revaluation reserve represents the gains in valuation of assets not yet realised by sales, net of the estimated
tax on the valuation uplift.

Share premium contains the premium arising on the issue of equity shares, net of issue expenses.

Subsequent to the year end distributions of £nil (2025: £nil) were paid to the EOT.


The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
				19
GROUP CASH FLOW STATEMENT
For the year ended 31 March 2026



		2026		2025
	Note	£	£

Net cash flows from operating activities	21	910,685		889,003

Net cash flows from investing activities	21	79,694		115,385

Net cash flows from financing activities	21	6,888		(76,157)

Net increase in cash and cash equivalents.		997,267		928,231

Cash and cash equivalents at beginning of year		3,358,178		2,429,947

Cash and cash equivalents at end of year		4,355,445		3,358,178























The notes form part of these financial statements.

Vallectric (Holdings) Limited \| Registered Number: 05846208
		20
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026


1	Company information
	Vallectric (Holdings) Limited is a private company limited by shares, incorporated in England and Wales. It's registered number and registered office are given on page 1.

	The principal acivity of the Group during the year remained mechanical, electrical and multi-trade building service contracting in the social housing, commercial and public sectors. Trading continues to be conducted through offices in Leeds, London and Hull.

2	Principal Accounting Policies

2.1	Basis of accounting
	These financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The functional and presentational currency is considered to be pounds sterling.



2.2	Going concern
	In common with most non-trading holding companies, the company is financially supported by its trading subsidiary. In order to assess the position of the company the directors therefore assess the group as a whole, and consider that the group's strong cash position and loyal customer base places the group in a strong position. As a result the directors consider it appropriate to prepare the financial statements on a going concern basis.


2.3	Basis of consolidation
	The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisitions method and goodwill on consolidation is capitalised and written off over twenty years from the year of acquisition . The results of the companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

2.4	Financial reporting standard 102 - reduced disclosure exemptions
	The parent company has taken advantage of the following disclosure exemptions in preparing its financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
	•	the requirement of Section 7 Statement of Cash Flows;
	•	the requirement of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
	•	the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
	•	the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Vallectric (Holdings) Limited \| Registered Number: 05846208
		21
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


2.4	Financial reporting standard 102 - reduced disclosure exemptions (continued)

	Related Party exemption
	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 of the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

2.5	Turnover
	Turnover, stated net of VAT, represents the value of contracting work carried out in the period including, where applicable, amounts not invoiced.
	Construction contracts are valued at cost plus attributable profit less foreseeable losses. Profit on construction contracts is recognised when the outcome of them can be assessed with reasonable certainty and is the amount estimated fairly to reflect the profit arising on the work completed by the balance sheet date.
	Amounts recoverable on construction contracts (gross amount due from customers for contract work), which are included in debtors, are stated at the net sales value of the work done being costs recognised as contract expenses plus recognised profits less the sum of recognised losses, progress billings and provisions.
	Payments received in advance of work performed (gross amounts due to customers for contract costs) are included within creditors as payments received on account, where progress billings on contracts in progress exceed contract expenses plus recognised profits (less recognised losses).


2.6	Goodwill
	Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired is capitalised and written off on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

2.7	Tangible fixed assets
	Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

	Freehold buildings - 50 years
	Fixtures and fittings - 10 years
	Plant and equipment - 2 to 7 years

	No depreciation has been provided on freehold property as the directors are of the opinion that its carrying value is at its estimated residual value.
	Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already at the age and in condition expected at the end of its useful life.

Vallectric (Holdings) Limited \| Registered Number: 05846208
										22
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026

2.8	Investments in subsidiaries
	The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activites.

	All intra group transactions, balances, income and expenses are eliminated in full on consolidation. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

2.9	Cash and cash equivalents
	Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

2.10	Lease commitments
	Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2.11	Employee benefits
	The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Group. The annual contributions payable are charged to the profit and loss account.

	The Group operates an annual holiday pay, long service pay and profit share scheme for the benefit of the employees.

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

2.12	Taxation
	Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

	Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

	Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

	Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event resulted in the tax expense or income.

Vallectric (Holdings) Limited \| Registered Number: 05846208
		23
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


2.13	Dividends paid and received
	Dividends paid and received are included in the Company financial statements in the period in which the related dividends are actually payable or receivable.

2.14	Distributions
	Gifts to the controlling Employee Ownership Trust, formed for the benefit of employees, are included in the financial statements as a distribution in the period in which the gifts are payable.


2.15	Financial Instruments
	Financial instruments are recognised in the balance sheet, when the company and group becomes party to the contractual provisions of the instrument.
	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 company after deducting all of its liabilities.
	All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
	The following assets and liabilities are classified as basic financial instruments - other debtors, cash and bank balances, trade creditors, other creditors, accruals and inter group balances.
	Inter-group balances (being repayable on demand), other debtors, cash and bank balances, trade creditors, other creditors and accruals are measured at amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.


2.16	Impairment of assets
	Assets are assessed for indicators of impairment at each balance sheet date, if there is objective evidence of impairment, an impairment loss is recognised in the profit and loss as described below.
	Non financial assets:
	An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of the asset is the higher of its fair value less costs to sell and its value in use.
	Financial assets:
	For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the present value of estimated cash flows, discounted at the financial assets original effective interest rate.
	Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised.

Vallectric (Holdings) Limited \| Registered Number: 05846208
										24
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026

2.17	Critical accounting judgements and sources of estimation uncertainty
	In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
	The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
	Turnover and contract balances:
	See the accounting policy for Turnover and Long Term Contracts for details surrounding revenue recognition.
	As described above the calculation of turnover in the profit and loss account and the resulting contract balances in the balance sheet involve estimates surrounding the extent of completion of contracts at the year end and the expected ultimate outcome of those conracts ongoing at the balance sheet date.

	Freehold buildings
	The company makes an estimate of the fair value of freehold property at each reporting date. The last independent professional valuation of the company’s investment property portfolio was performed at 27 February 2023. The directors undertake a review of the property value at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current commercial property trends.

3	Turnover
	The turnover and loss before tax are attributable to the one principal activity of the group.
	An analysis of turnover is given below:

		2026		2025
£			£
	Income from construction contracts	10,781,391		12,676,395
	Turnover arises solely within the United Kingdom.

4	Operating profit
	Operating profit is stated after charging:
		2026		2025
£			£
	Amortisation of intangible assets	15,883		15,883
	Depreciation of owned fixed assets	3,678		4,344
	Auditor's remuneration	18,450		17,250
	Operating lease charges	52,832		52,842

Vallectric (Holdings) Limited \| Registered Number: 05846208
				25
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


5	Particulars of employees
	The average number of persons employed by the group during the financial year, including the directors, amounted to:

		2026		2025
	Managerial & administrative	14		15
	Operational	22		24
		36		39

	The aggregate payroll costs of the above were:
		2026		2025
£			£
	Wages and salaries	2,026,715		2,373,507
	Social security costs	252,010		263,366
	Other pension costs	80,270		91,204
		2,358,995		2,728,077

6	Directors
	Remuneration in respect of the directors was as follows:
		2026		2025
£			£
	Emoluments receivable	345,072		400,375
	Value of company pension contributions to money purchase schemes	20,727		23,734
		365,799		424,109

	The total amount payable to the highest paid director in respect of emoluments was £175,720 (2025: £197,855). Company pension contributions of £10,460 (2025: £11,655) were made to a money purchase scheme on their behalf.

	The number of directors who accrued benefits under company pension schemes was as follows.

		2026		2025
No			No
	Money purchase schemes	2		3

Vallectric (Holdings) Limited \| Registered Number: 05846208
				26
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


7	Tax on profit on ordinary activities

	(a) Analysis of charge in the year	2026		2025
£			£
	Current tax:

	UK Corporation tax based on the results for the year at 25%	199,617		325,613

	Deferred tax:

	Origination and reversal of timing differences (note 15)	3,500		(1,500)
	Tax on profit on ordinary activities	203,117		324,113


	(b) Factors affecting current tax charge

		2026		2025
£			£

	Profit on ordinary activities before taxation	789,738		1,280,677

	Profit on ordinary activities by rate of tax at 25%	197,435		320,169
	Expenses not deductible for tax purposes	4,718		4,866
	Sundry tax adjusting items	964		(922)
	Total current tax (note 7 (a))	203,117		324,113

Vallectric (Holdings) Limited \| Registered Number: 05846208
		27
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


8	Intangible fixed assets

	Group	Goodwill
£
	Cost

	At 1 April 2025 and 31 March 2026	317,662

	Amortisation
	At 1 April 2025	296,484

	Charge for the year	15,883
	At 31 March 2026	312,367

	Net book value
	At 31 March 2026	5,295
	At 31 March 2025	21,178

Vallectric (Holdings) Limited \| Registered Number: 05846208
								28
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


9	Tangible fixed assets


	Group

Freehold			Fixtures &		Plant and
buildings			fittings		equipment		Total
£			£		£		£

	Cost
	At 1 April 2025	400,000		22,332		46,364		468,696
	Additions	0		845		5,047		5,892
	Disposals	0		(8,624)		(10,775)		(19,399)
	At 31 March 2026	400,000		14,553		40,636		455,189


	Depreciation
	At 1 April 2025	0		21,895		40,394		62,289
	Charge for the year	0		267		3,411		3,678
	On disposal	0		(8,624)		(10,775)		(19,399)
	At 31 March 2026	0		13,538		33,030		46,568

	Net book value
	At 31 March 2026	400,000		1,015		7,606		408,621
	At 31 March 2025	400,000		437		5,970		406,407


	Freehold land and building was valued on an open market basis on 27 February 2023 by Eddisons Commercial Limited. If freehold property had not been revalued it would have been included at a historic cost of £255,973 and aggregate depreciation of £26,904.

Vallectric (Holdings) Limited \| Registered Number: 05846208
				29
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


9	Tangible fixed assets (continued)

	Company	Freehold
buildings			Total

£			£

	Cost
	At 1 April 2025	400,000		400,000
	At 31 March 2026	400,000		400,000


	Depreciation
	At 1 April 2025	0		0
	At 31 March 2026	0		0

	Net book value
	At 31 March 2026	400,000		400,000
	At 31 March 2025	400,000		400,000


	Freehold land and building was valued on an open market basis on 27 February 2023 by Eddisons Commercial Limited. If freehold property had not been revalued it would have been included at a historic cost of £255,973 and aggregate depreciation of £26,904.

Vallectric (Holdings) Limited \| Registered Number: 05846208
								30
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


10	Investments

	Company							Group
companies
£

	Cost at 1 April 2025 and 31 March 2026							2,091,895

	Net book value as at 31 March 2026							2,091,895


	Net book value as at 31 March 2025							2,091,895


	The company's investments at the Balance Sheet date in the share capital of companies include the following:

	Subsidiaries

	Vallectric Limited

	Registered office: 3 Hales Road, Leeds, LS12 4PL

	Nature of business: Construction
%
	Class of shares:	holding
	Ordinary shares	100.00
	A Ordinary shares	100.00



11	Stocks

		The group				The company
		2026		2025		2026		2025
£			£		£		£

	Work in progress	0		1,753		0		0

Vallectric (Holdings) Limited \| Registered Number: 05846208
								31
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


12	Debtors

		The group				The company
		2026		2025		2026		2025
£			£		£		£

	Amounts recoverable on contracts	1,318,416		1,211,160		0		0
	Other debtors	11,114		4,528		0		0
	Prepayments and accrued income	44,560		31,434		63		60
		1,374,090		1,247,122		63		60


	The debtors above include the following amounts falling due after more than one year.

		The group				The company
		2026		2025		2026		2025
£			£		£		£

	Amounts recoverable on contracts	303,854		295,829		0		0

Vallectric (Holdings) Limited \| Registered Number: 05846208
								32
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


13	Cash at bank
		The group				The company
		2026		2025		2026		2025
£			£		£		£

	Cash at bank and in hand	3,353,081		1,352,302		9,992		9,992
	Cash equivalents	1,002,364		2,005,876		0		0
		4,355,445		3,358,178		9,992		9,992


14	Creditors: amounts falling due within one year
		The group				The company
		2026		2025		2026		2025
£			£		£		£

	Trade creditors	2,110,006		1,580,523		0		0
	Amounts owed to group undertakings	0		0		203,534		385,805
	Corporation tax	146,212		150,423		57,033		55,570
	Other taxation and social security	247,619		186,538		10,891		9,081
	Other creditors	454,060		414,370		3,769		3,407
	Accruals and deferred income	231,707		569,667		1,414		1,373
	Payments received on account	894,055		670,334		0		0
		4,083,659		3,571,855		276,641		455,236

Vallectric (Holdings) Limited \| Registered Number: 05846208
								33
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


15	Deferred taxation
	The movement in the deferred taxation during the year was:

		The group				The company
		2026		2025		2026		2025

£			£		£		£
	Liability brought forward	50,000		51,500		54,500		55,000
	Charge / (Credit) to profit and loss (note 7)	3,500		(1,500)		500		(500)
	Liability carried forward	53,500		50,000		55,000		54,500

	The group's liability for deferred taxation consists of the tax effect of timing differences in respect of:

	Group					2026		2025
Provided							Provided
£							£
	Excess of taxation allowances over depreciation allowances					22,000		20,500
	Revaluation of tangible assets					36,000		36,000
	Other timing differences					(4,500)		(6,500)
						53,500		50,000

Vallectric (Holdings) Limited \| Registered Number: 05846208
								34
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


16	Commitments under operating leases
	Total future minimum lease payments under non- cancellable operating leases are as follows.

	The group					2026		2025
£							£

	Within 1 year					41,636		20,485
	Between 2 to 5 years					68,275		4,723
						109,911		25,208

	The company
	The company has no commitments under operating leases.

17	Contingent liabilities
	As a consequence of the group VAT registration Vallectric (Holdings) Limited has a joint and several liability in respect of Vallectric Limited's VAT liability. As at 31 March 2026 this liability amounted to £136,748 (2025: £108,752).

18	Share capital
	Allotted, called up and fully paid:	2026		2026		2025		2025
No			£		No		£
	Ordinary Shares of £0.83 each	149,774		123,817		145,574		120,345


	Share based payments
	Options were granted in the 2021-22 year under an Enterprise Management Incentive scheme. The options granted rights to certain directors of the subsidiary company, Vallectric Limited, to acquire 7,000 new Ordinary Shares of £0.82669 each at an option price of £1.64 per share. The share options can be exercised in stages three years from 2023 subject to the attainment of certain performance conditions throughout the vesting period. Of these share options, 4,200 were exercised by directors during the year, bringing the total exercised as at 31st March 2026 to 7,000.

19	Key management personnel compensation
	The total remuneration for key management personnel was £871,235 (2025: £981,894).

20	Ultimate controlling party
	Vallectric (Holdings) Limited is 95% owned by the Vallectric Employee Ownership Trust. The directors consider that there is no ultimate controlling party.

Vallectric (Holdings) Limited \| Registered Number: 05846208
				35
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026


21	Notes to the cash flow statement

	Reconciliation of profit for the financial year to net cash
	flows from operating activities
		2026		2025
£			£
	Profit before tax	789,738		1,280,677

	Adjustments for:

	Amortisation charges	15,883		15,883
	Depreciation charges	3,678		4,343
	Finance income	(97,453)		(114,414)
	Finance costs	0		5,272
	Decrease / (increase) in stocks	1,753		(1,702)
	(Increase) / decrease in debtors	(115,100)		2,801,219
	Increase / (decrease) in creditors	521,345		(2,459,044)
	Cash from operations	1,119,844		1,532,234
	Interest paid	(5,330)		(2,075)
	Taxation paid	(203,829)		(641,156)
	Net cash flows from operating activities	910,685		889,003

	Cash flows from investing activities
		2026		2025
£			£
	Purchase of tangible fixed assets	(5,892)		(4,018)
	Interest received	85,586		119,403
	Net cash flows from investing activites	79,694		115,385

	Cash flows from financing activities
		2026		2025
£			£
	Distribution to EOT	0		(78,453)
	Exercise of share options	6,888		2,296
	Net cash flows from financing activites	6,888		(76,157)

	Analysis of Net Debt
	No analysis of net debt has been disclosed on the basis that the group has no debt instruments, finance leases, or other non-cash changes or has acquired or disposed of any subsidiary companies.