JONES HOLDINGS LTD

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15—25

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

Principal Activity

The principal activity of the company is that of a holding company.

Review of the Business

The results for the year are set out in the consolidated profit and loss account and the balance sheet.

Turnover for the year was £11.15 million (2025: £13.25 million), a reduction of approximately 16 per cent. The decrease reflects the planned reduction of lower-margin adaptations work and continued client caution over the timing and funding of building safety programmes across the social housing sector.

Gross profit was £4.44 million (2025: £4.89 million), with the gross profit margin increased to 40 per cent (2025: 37 per cent). Maintaining the margin through a period of lower volume reflects the operational controls established in the previous year, including tighter project controls and more disciplined resource planning.

Profit before tax was £1.06 million (2025: £1.83 million). The reduction is proportionately greater than the fall in turnover, reflecting the largely fixed nature of the group's overhead costs against lower revenue and continued investment in

leadership, systems and business development. It also includes a considerable one-off loss of £0.19 million on the disposal of older fleet vehicles, arising from previously overstated residual values, which have since been corrected in the group's depreciation approach. This item is not expected to recur.

The group retains a sound balance sheet position, with net assets of £9.10 million (2025: £9.15 million).

During the year the group completed a planned withdrawal from adaptations work in non-social-housing properties. That work carried a high degree of scope change, rework and limited repeatability, which constrained both margin and predictability. The group ceased certain local authority adaptations contracts and, as a result, undertook a redundancy programme. This was a deliberate step to concentrate capacity on higher-margin, regulation-driven compliance work.

The company secured six new contract awards and six contract extensions during the year, spanning fire safety, active fire safety and adaptations workstreams, reflecting both new business and strong client retention. Revenue from active fire safety and electrical works grew from £28,000 to £0.69 million as that capability scaled following BAFE SP203 accreditation.

Work delivered through subcontractors represented less than 2 per cent of turnover in the year. The group's directly employed model remains a distinguishing feature and is valued by clients for the quality, control and continuity it provides.

Health and safety performance improved across the year. Stronger fleet driving standards contributed to a reduction in motor claims, and site safety improved, with fewer accidents and incidents recorded. The group also maintained consistently strong scores in independent third-party audits across its accreditation schemes, reflecting the standards its directly employed model is built to sustain.

During the year the group completed the implementation of a new stock control system, which went live on 1 April 2026. This enables tighter cost control and reporting on a job-by-job basis, supporting the group's continued focus on margin discipline.

Demand for fire and building safety compliance is expected to remain firm, though within tightening landlord budgets as spending is stretched across many compliance areas. The group's strategy is to grow adjacent, regulation-driven services for existing clients, including ventilation works associated with Awaab's Law and electrical compliance, as the lower-risk first stage of diversification. To lead this, the group has, since the year end, appointed a Head of Growth, its first dedicated commercial investment of this kind. Over the longer term, the group sees scope to extend into new public sector client types, with early interest emerging from the health and defence sectors.

The directors thank all employees for their commitment through a year of significant and deliberate change.

Key Financial Performance Indicators

● Turnover: £11,153,725 (2025: £13,250,066)

● Turnover growth: -16% (2025: -13%)

● Gross profit: £4,443,899 (2025: £4,892,649)

● Gross profit margin: 40% (2025: 37%)

● Profit before tax: £1,057,589 (2025: £1,829,885)

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JONES HOLDINGS LTD

Strategic Report (continued)

For The Year Ended 31 March 2026

Principal Risks and Uncertainties

The group recognises a number of risks that could affect future growth and profitability, including:

1. Public sector funding and landlord affordability. The group serves housing associations and local authorities, whose spending is shaped by public funding and rent settlements. Rising compliance obligations are increasing total demand, but landlord affordability, rather than need, is the binding constraint on the timing and scale of programmes. The group manages this through a broad client base and a focus on non-discretionary, regulation-driven work.

2. Operational dependencies. Recruitment, retention and leadership succession remain priorities. The group continues to invest in employee development, leadership structure and reward to support engagement and continuity, and operates a direct-employment model that protects quality and control.

3. Technology and systems risk. The business relies on integrated digital systems for contract management, compliance tracking, scheduling and reporting. Business continuity and cyber resilience arrangements are maintained and tested, and dedicated cyber insurance cover is in place.

4. Client concentration. To reduce reliance on a limited number of clients, the group continues to broaden its service offer to existing clients and to pursue new frameworks and contracts, building a more resilient pipeline of work.

On behalf of the board

Mr Daniel Jones Director	Mrs Samantha Jones Director
04/11/2026

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JONES HOLDINGS LTD

Company No. 14344314

Directors' Report For The Year Ended 31 March 2026

Directors' Report

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

Dividends

After the year end, dividends of £524,700 have been paid.

Financial Instruments

Price risk, credit risk, liquidity risk and cash flow risk

The business's principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the business, and hire purchase agreements. The main purpose of these instruments is to finance the business's operations.

In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility, through the use of loans. All of the business cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the consolidated balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise loans from the directors. The business manages the liquidity risk in respect of these by ensuring that there are sufficient funds to meet the payments.

The business is a lessee in respect of assets on hire purchase. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

In addition to listed investments and exchange-traded funds, the group has commenced investment activity in private equity and private debt opportunities within privately owned companies. These investments are made on a deal-by-deal basis and may include both equity and debt instruments. The principal risks associated with these holdings relate to price risk, credit risk, and liquidity risk. Price risk arises from potential changes in the fair value of unlisted investments, which are not subject to active market pricing. Credit risk arises primarily in respect of private debt instruments, where performance depends on the trading strength of the underlying businesses. Liquidity risk is managed by limiting overall exposure to illiquid assets and maintaining sufficient reserves in cash and listed securities to meet operational and strategic requirements. The Directors monitor these investments on a regular basis and assess their performance and valuation in line with available financial and management information. The private company investments are held for the medium to long term and form part of the group’s broader diversification strategy aimed at achieving sustainable, risk-adjusted returns while maintaining prudent balance sheet strength.

Directors

The directors who held office during the year were as follows:

Mr Daniel Jones

Mrs Irene Jones

Miss Louise Abdy

Mr Mark Jones

Mrs Samantha Jones

Miss Tanya Jones

Statement of Directors' Responsibilities

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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

...CONTINUED

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JONES HOLDINGS LTD

Directors' Report (continued)

For The Year Ended 31 March 2026

Statement of Directors' Responsibilities - continued

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 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 of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information (as defined by s418 of the Companies Act 2006) of which the group's auditors are unaware; and
they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board

Mr Daniel Jones Director	Mrs Samantha Jones Director
04/11/2026

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Independent Auditor's Report

to the Members of

JONES HOLDINGS LTD

Independent Auditor's Report

Opinion

We have audited the financial statements of JONES HOLDINGS LTD (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 Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2026 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 Auditor's 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 parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the Strategic Report and Directors' Report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report and Directors' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

JONES HOLDINGS LTD

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept 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 or 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 Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

Use Of Our Report

This report is made solely to the company's 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 that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor's Report (continued)

to the Members of

JONES HOLDINGS LTD

Rachel Davis BA FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited , Statutory Auditor

04/11/2026

Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall, Main Street

Strelley

Nottingham

NG8 6PE

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JONES HOLDINGS LTD

Consolidated Profit and Loss Account

For The Year Ended 31 March 2026

Consolidated Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER	3	11,153,725	13,250,066
Cost of sales		(6,709,826 )	(8,357,417 )

GROSS PROFIT		4,443,899	4,892,649

Administrative expenses		(3,594,878 )	(3,073,974 )

OPERATING PROFIT	4	849,021	1,818,675
Fair value gains/(losses) on investments		126,453	(49,358 )
Income from other fixed asset investments		660	-
Other interest receivable and similar income	9	136,359	114,013
Interest payable and similar charges	10	(54,904 )	(53,445 )

PROFIT BEFORE TAXATION		1,057,589	1,829,885
Tax on Profit	11	(283,376 )	(458,143 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		774,213	1,371,742

The notes on pages 14 to 25 form part of these financial statements.

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JONES HOLDINGS LTD

Consolidated Balance Sheet

As At 31 March 2026

Consolidated Balance Sheet

Registered number: 14344314

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		1,731,998		1,975,956
Investments	14		4,633,955		507,403

			6,365,953		2,483,359
CURRENT ASSETS
Stocks	15	127,329		133,635
Debtors	16	2,283,162		2,887,380
Cash at bank and in hand		2,511,224		6,108,208

		4,921,715		9,129,223
Creditors: Amounts Falling Due Within One Year	17	(1,353,096 )		(1,554,748 )

NET CURRENT ASSETS (LIABILITIES)			3,568,619		7,574,475

TOTAL ASSETS LESS CURRENT LIABILITIES			9,934,572		10,057,834

Creditors: Amounts Falling Due After More Than One Year	18		(375,710 )		(418,470 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(459,974 )		(493,989 )

NET ASSETS			9,098,888		9,145,375

CAPITAL AND RESERVES
Called up share capital	22		198		198
Profit and Loss Account			9,098,690		9,145,177

SHAREHOLDERS' FUNDS			9,098,888		9,145,375

On behalf of the board

Mr Daniel Jones Director	Mrs Samantha Jones Director
04/11/2026

The notes on pages 14 to 25 form part of these financial statements.

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JONES HOLDINGS LTD

Company Balance Sheet

As At 31 March 2026

Company Balance Sheet

Registered number: 14344314

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Investments	14		4,634,153		507,601

			4,634,153		507,601
CURRENT ASSETS
Cash at bank and in hand		777,073		4,334,199

		777,073		4,334,199
Creditors: Amounts Falling Due Within One Year	17	(55,422 )		(12,964 )

NET CURRENT ASSETS (LIABILITIES)			721,651		4,321,235

TOTAL ASSETS LESS CURRENT LIABILITIES			5,355,804		4,828,836

NET ASSETS			5,355,804		4,828,836

CAPITAL AND RESERVES
Called up share capital	22		198		198
Profit and Loss Account			5,355,606		4,828,638

SHAREHOLDERS' FUNDS			5,355,804		4,828,836

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,347,668 (2025: £ 732,442 profit).

On behalf of the board

Mr Daniel Jones Director	Mrs Samantha Jones Director
04/11/2026

The notes on pages 14 to 25 form part of these financial statements.

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JONES HOLDINGS LTD

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2026

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2024	198	8,618,135	8,618,333
Profit for the year and total comprehensive income	-	1,371,742	1,371,742

Dividends paid	-	(844,700)	(844,700)

As at 31 March 2025 and 1 April 2025	198	9,145,177	9,145,375


Profit for the year and total comprehensive income	-	774,213	774,213

Dividends paid	-	(820,700)	(820,700)

As at 31 March 2026	198	9,098,690	9,098,888

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JONES HOLDINGS LTD

Company Statement of Changes in Equity

For The Year Ended 31 March 2026

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2024	198	4,940,896	4,941,094
Profit for the year and total comprehensive income	-	732,442	732,442

Dividends paid	-	(844,700)	(844,700)

As at 31 March 2025 and 1 April 2025	198	4,828,638	4,828,836


Profit for the year and total comprehensive income	-	1,347,668	1,347,668

Dividends paid	-	(820,700)	(820,700)

As at 31 March 2026	198	5,355,606	5,355,804

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JONES HOLDINGS LTD

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2026

Consolidated Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,676,391	2,463,398
Tax paid		(119,706 )	(753,863 )

Net cash generated from operating activities		1,556,685	1,709,535

Cash flows from investing activities
Purchase of tangible assets		(223,815 )	(383,210 )
Proceeds from disposal of tangible assets		186,491	31,270
Purchase of other fixed asset investments		(3,980,541 )	(500,000 )
Interest received		117,452	114,013

Net cash used in investing activities		(3,900,413 )	(737,927 )

Cash flows from financing activities
Repayment of finance leases		(380,943 )	(304,457 )
Interest paid		(54,893)	(54,028)
Repayment of other borrowing		(817,420)	(1,313,474)

Net cash used in financing activities		(1,253,256 )	(1,671,959 )



Decrease in cash and cash equivalents		(3,596,984 )	(700,351 )
Cash and cash equivalents at beginning of year	2	6,108,208	6,808,559

Cash and cash equivalents at end of year	2	2,511,224	6,108,208

Major non-cash transactions

Non-cash changes relate to new finance leases entered into with a capital value at inception of the leases of £335,037

(2025: £271,071) and dividends declared and credited to the directors' loan accounts of £820,700 (2025: £844,700).

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JONES HOLDINGS LTD

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2026

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025
	£	£
Profit for the financial year	774,213	1,371,742
Adjustments for:
Tax on profit	283,376	458,143
Interest expense	54,905	53,461
Interest income	(136,359 )	(114,013 )
Income from investments	(660)	-
Depreciation of tangible assets	430,604	312,281
Loss on disposal of tangible assets	185,712	20,487
Net fair value (gains)/losses recognised in profit or loss	(126,453)	49,358
Movements in working capital:
Decrease in stocks	6,306	61,726
Decrease in trade and other debtors	464,452	208,085
(Decrease)/increase in trade and other creditors	(259,705 )	42,128

Net cash generated from operations	1,676,391	2,463,398

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025
	£	£
Cash at bank and in hand	2,511,224	6,108,208

3. Analysis of changes in net funds

	As at 1 April 2025	Cash flows	As at 31 March 2026
	£	£	£
Cash at bank and in hand	6,108,208	(3,596,984)	2,511,224
Finance leases	(729,039)	45,906	(683,133)

	5,379,169	(3,551,078)	1,828,091

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JONES HOLDINGS LTD

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

JONES HOLDINGS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14344314 . The registered office is 9 Ketterer Court, Ketterer Court, St Helens, WA9 3AH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention, as modified by the valuation at fair value of fixed asset investments, and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The presentation currency is £ Sterling.

2.2. Basis Of Consolidation

The consolidated financial statements present the results of the company and its subsidiary ("the Group") as if they formed a single entity. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiary, which is a related party, are eliminated in full.

On 16 December 2022 Jones Holdings Ltd purchased the shares in TF Jones Property Services Ltd under a group reconstruction and this was accounted for using merger accounting principles. Therefore, although the group reconstruction did not become effective until 16 December 2022 the consolidated financial statements of Jones Holdings Ltd were presented as if TF Jones Property Services Ltd and Jones Holdings Ltd had always been part of the same Group.

Accordingly, the results of the Group for the entire year ended 31 March 2023 were shown in the consolidated profit and loss account.

Uniform group accounting policies are used for determining the amounts to be included in the consolidated financial statements. Where necessary, amounts which have been reported by the subsidiary undertaking in their individual financial statements are adjusted for on consolidation.

2.3. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

the profit and loss account of the parent company is not presented, in accordance with exemptions available under section 408 of the Companies Act 2006; and

no statement of cash flows has been presented for the company.

2.4. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future due to the fact that the group has continued to trade well. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.5. Significant judgements and estimations

Significant judgements

In the preparation of these financial statements the directors have made the following judgement:

Estimation of the stage of completion of contracts determines the income recognised in the year.

Other key sources of estimation uncertainty

Tangible assets are depreciated over their anticipated useful lives taking into account residual values where appropriate. The useful lives of the assets and residual values are assessed annually, and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset, and projected disposal values.

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JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

The group recognises revenue when:

The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the group; and
Specific criteria have been met for each of the group's activities.

Contract revenue is recognised by reference to the stage of completion of the contract activity as at the year end, any amounts not yet invoiced are included in debtors within gross amount due from customers for contract work.

2.7. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% Reducing Balance
Motor Vehicles	15-25% Reducing Balance
Fixtures & Fittings	15% Reducing Balance
Office Equipment	10% Reducing Balance

2.9. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

2.10. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.11. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Page 16

Page 17

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.13. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.14. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Profit and Loss Account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.15. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.16. Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2.17. Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Page 17

Page 18

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.18. Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3. Turnover

Analysis of turnover by class of business is as follows:

	2026	2025
	£	£
Provision of Services	11,153,725	13,250,066

The whole of the turnover is attributable to the subsidiary's principal activity wholly undertaken in the United Kingdom.

4. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Operating lease rentals	114,037	114,569
Depreciation of tangible fixed assets	430,604	312,281

5. Auditor's Remuneration

Remuneration received by the group's auditors during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the group and company's financial statements	30,000	26,915

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	4,295,546	4,993,466
Social security costs	535,133	481,666
Other pension costs	382,048	388,735

	5,212,727	5,863,867

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JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2026	2025
Office and administration	31	11
Directors	6	6
Site Based	77	125

	114	142

Company

Average number of employees, including directors, during the year was: 6 (2025: 6)

8. Directors' remuneration

	2026	2025
	£	£
Emoluments	75,240	75,240
Company contributions to money purchase pension schemes	300,000	300,000

	375,240	375,240

The number of directors to whom retirement benefits were accruing was as follows:

	2026		2025
Money purchase pension schemes	5		5

9. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	114,122	113,694
Interest rebate on early payment of corporation tax	22,237	319
Dividends from other fixed asset investments - listed	660	-

	137,019	114,013

10. Interest Payable and Similar Charges

	2026	2025
	£	£
Interest payable on other loans	54,893	53,461
Foreign exchange charges	11	(16 )

	54,904	53,445

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Page 20

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

11. Tax on Profit

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

	Tax Rate		2026	2025
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	326,075	385,372
Prior period adjustment			(8,684 )	-

			317,391	385,372
Deferred Tax
Origination and reversal of timing differences			(34,015 )	72,771


Total tax charge for the period			283,376	458,143

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

	2026	2025
	£	£
Profit before tax	1,057,589	1,829,885

Tax on profit at 25% (UK standard rate)	264,397	457,471
Expenses not deductible for tax purposes	853	-
Short term timing differences	26,810	672
Prior period adjustment	(8,684 )	-

Total tax charge for the period	283,376	458,143

Page 20

Page 21

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2025	300,000

As at 31 March 2026	300,000

Amortisation
As at 1 April 2025	300,000

As at 31 March 2026	300,000

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	-

Company

The company had no intangible fixed assets as at 31 March 2026 or 31 March 2025.

13. Tangible Assets

Group

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Office Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2025	20,747	2,745,618	27,766	45,112	2,839,243
Additions	-	549,676	7,043	2,130	558,849
Disposals	(2,258 )	(817,565 )	-	-	(819,823 )

As at 31 March 2026	18,489	2,477,729	34,809	47,242	2,578,269

Depreciation
As at 1 April 2025	8,089	825,010	21,671	8,517	863,287
Provided during the period	1,808	423,554	1,585	3,657	430,604
Disposals	(1,057 )	(446,563 )	-	-	(447,620 )

As at 31 March 2026	8,840	802,001	23,256	12,174	846,271

Net Book Value
As at 31 March 2026	9,649	1,675,728	11,553	35,068	1,731,998

As at 1 April 2025	12,658	1,920,608	6,095	36,595	1,975,956

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2026	2025
	£	£
Motor Vehicles	1,035,105	1,162,916

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JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Company

The company had no tangible fixed assets as at 31 March 2026 or 31 March 2025.

14. Investments

Group

	Listed	Other	Total
	£	£	£
Cost or Valuation
As at 1 April 2025	507,403	-	507,403
Additions	3,850,000	130,541	3,980,541
Fair value adjustments	146,011	-	146,011

As at 31 March 2026	4,503,414	130,541	4,633,955

Provision
As at 1 April 2025	-	-	-

As at 31 March 2026	-	-	-

Net Book Value
As at 31 March 2026	4,503,414	130,541	4,633,955

As at 1 April 2025	507,403	-	507,403

Company

	Subsidiaries	Listed	Other	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2025	198	507,403	-	507,601
Additions	-	3,850,000	130,541	3,980,541
Fair value adjustments	-	146,011	-	146,011

As at 31 March 2026	198	4,503,414	130,541	4,634,153

Provision
As at 1 April 2025	-	-	-	-

As at 31 March 2026	-	-	-	-

Net Book Value
As at 31 March 2026	198	4,503,414	130,541	4,634,153

As at 1 April 2025	198	507,403	-	507,601

Fixed asset investments comprise listed securities, exchange-traded funds, and unlisted private equity and private debt holdings.

Subsidiaries

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
TF Jones Property Services Ltd	9 Ketterer Court, Jackson Street, St Helens, WA9 3AH Country of incorporation; England and Wales	Ordinary Shares	100.00%	-

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Page 23

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

15. Stocks

	2026	2025
	£	£
Stock	127,329	133,635

16. Debtors

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Due within one year
Trade debtors	1,082,347	1,593,624	-	-
Amounts recoverable on contracts	1,154,640	1,099,015	-	-
Other debtors	46,175	194,741	-	-

	2,283,162	2,887,380	-	-

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	307,423	310,569	-	-
Trade creditors	500,137	560,610	-	(1 )
Other creditors	34,021	87,031	3,280	1
Corporation tax	70,882	12,964	52,142	12,964
Taxation and social security	328,784	425,908	-	-
Accruals and deferred income	111,849	157,666	-	-

	1,353,096	1,554,748	55,422	12,964

18. Creditors: Amounts Falling Due After More Than One Year

	Group
	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	375,710	418,470

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	307,423	310,569
Later than one year and not later than five years	375,710	418,470

	683,133	729,039

	683,133	729,039

Secured Debts

Included within Net obligations under finance lease and hire purchase contracts are secured debts relating to assets under hire purchase contracts of £683,133 (2025: £729,039). The obligations under hire purchase contracts are secured on the assets to which they relate.

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Page 24

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Other timing differences	459,974	493,989

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2025	493,989	493,989
Utilised	(34,015 )	(34,015)

Balance at 31 March 2026	459,974	459,974

22. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
33 Ordinary A shares of £ 1.00 each	33	33
33 Ordinary B shares of £ 1.00 each	33	33
33 Ordinary C shares of £ 1.00 each	33	33
33 Ordinary D shares of £ 1.00 each	33	33
33 Ordinary E shares of £ 1.00 each	33	33
33 Ordinary F shares of £ 1.00 each	33	33

	198	198

These are non-redeemable Ordinary shares. Each class of share carries full voting rights. On the subdivided A- F shares,dividends may be declared independently on each share class at the discretion of the directors but otherwise rank pari passu.

23. Other Commitments

Lessee

The total of future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than one year	34,752	25,000
Later than one year and not later than five years	118,736	100,000
Later than five years	-	10,417

	153,488	135,417

Page 24

Page 25

JONES HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £382,048 (2025: £388,735).

At the balance sheet date contributions of £7,647 (2025: £6,007) were due to the fund and are included in creditors.

25. Directors Advances, Credits and Guarantees

Directors' loan account balances of £3,280 (2025: £nil) are included within Other creditors due in less than one year. These are payable on demand, unsecured and no interest is due.

Dividends totalling £820,700 (2025: £844,700) were paid to the directors by the company during the year.

26. Dividends

	2026	2025
	£	£
On equity shares:
Interim dividend paid	820,700	844,700

27. Controlling Parties

At 31 March 2026, the company was under the control of its directors, with no one individual being a controlling party.

Page 25