ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Year ended

31 March

18 months ended

31 March

Registered number: 01269605

A.T. JONES & SON LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

A.T. JONES & SON LIMITED

COMPANY INFORMATION

Directors	D T Harper-Jones
	K J Harfield
	B R Sheppard
	J Whitley
	K A Horsford
	A P D Lee


Company secretary	B R Sheppard


Registered number	01269605


Registered office	9 The Gardens
	Fareham
	England
	PO16 8SS


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

A.T. JONES & SON LIMITED

CONTENTS

	Page
Strategic Report	1 - 5
Directors' Report	6 - 7
Independent Auditor's Report	8 - 11
Statement of Comprehensive Income	12
Balance Sheet	13
Statement of Changes in Equity	14
Notes to the Financial Statements	15 - 33

A.T. JONES & SON LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present the strategic report for the period ended 31 March 2025.

Fair review of the business

AT Jones & Son Limited (ATJ) is a specialist interior fit-out subcontractor, undertaking various trades including drylining, plastering, suspended ceilings, cladding, facades, and fire protection. We have extensive experience in offering design, planning and delivery of the ideal drywall systems to meet the requirements of complex projects.

As the Board sign off our March 2025 audited accounts, we reflect on another challenging year where our business has been impacted by multiple external factors both financially and operationally.

Over the past few years we have seen economic uncertainty created by Covid-19, the wars in Ukraine and the Middle East, inflationary pressures across both labour and materials and high inflation across world markets.

Having strategically undertaken an efficiency and streamlining programme as part of the longer-term consolidation of the business to get through this difficult period, we were further impacted by numerous anti-business decisions of the new Labour Government since they won the General Election in July 2024.

Again, the construction industry has faced the brunt and been through another extraordinary period that has impacted businesses at every level. Businesses within the industry continue to announce job losses or announce they are going into administration which further hits an already precarious supply chain.

Following the numerous changes in the previous period, 2025 has seen the first year of the streamlined, consolidated business and ATJ has met the majority of targets set at the start of the financial year.

The Board and Management continue to learn a lot and are in good shape operationally and financially. ATJ continues to maintain a clear focus across each of the chosen sectors, revenues have again demonstrated a strong resilience, underpinned by the very strong relationships with both long-standing and new clients.

Page 1

A.T. JONES & SON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Performance Review

As planned, sales growth was not the focus as ATJ looked to consolidate their position in the market and remain both sustainable and robust. Although revenues for the year were lower, margins did improve.

The Building Safety Act 2022 (BSA) has also had an impact on sales in the period.

While ATJ fully back the requirements for higher standards, safety, quality and accountability, the number of project delays has resulted in expected sales pushed into 2025/26 and beyond.

Pre-construction phases of jobs are taking longer but ATJ has a very strong pre-con team and are investing in this to ensure they are well placed to benefit from the anticipated improvements in the BSA approval process.

Despite these delays, ATJ has seen continued improvement from this across the financial period and up to the date of sign-off. Working Capital has been further strengthened by the addition of some facilities as ATJ works towards an improved cash position.

Debt, particularly CBILS loans, has also been cleared down as the slow recovery from the impact on the whole industry over the past few years continues.

The Board, therefore, remain optimistic into 2025/26. ATJ are at the forefront of interior fit-out, our innovation, experience, and performance drives sustainability and we are proud of our reputation for high quality of project delivery across our chosen market sectors.

Page 2

A.T. JONES & SON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Reported performance for this year and the previous period is as follows:

Actual
FY 2025

Actual
FP 2024*


Turnover	£22.1m	£53.2m
Gross Profit	£4.5m	£8.8m
GPM %	20.4%	16.5%

Overhead	£3.5m	£7.6m
Overhead %	15.8%	14.3%

Operating Profit	£1.2m	£1.2m
Operating Profit %	5.4%	2.3%

∙Revenues reduced by 38% (pro-rated) following a period of strategic consolidation

∙Gross Profit Margin (like-for-like costs) increased to 20.4%

∙Net Current Assets were £5.5m

∙Net Worth increased to £5.0m

∙Credit insurances continue to protect the Group from the risk of Bad Debts
*FP2024 refers to an 18 month period.

Page 3

A.T. JONES & SON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future Prospects

ATJ continues to make progress on the key financial and non-financial targets and are on track to deliver on the Strategic Plans. ATJ is a great place to work, known throughout the industry for operational excellence and being the partner of choice to Main Contractor clients and supply chain partners, working closely with all the major plasterboard manufacturers to offer the most safe, environmental, and buildable solution.

Despite all the challenges detailed ATJ has a stable platform to grow/improve margins exploiting a wealth of experience and talent in their people. The Board would like to thank all of the staff for their hard work and loyalty to get us through another challenging period. The level of commitment and willingness shown to go the extra mile once again has been truly humbling and ATJ has every reason to be excited for the future.

At the date of this report, both the 2025/26 revenues and operating profits are in line with budget and the sales pipeline continues to look healthy and consistent with expectations.

Principal risks and uncertainties

There has been a significant level of turbulence in the construction market over the past few years. Unsurprisingly, this has led to increased scrutiny of the performance of companies operating in the sector and the ways in which it operates. The Board is committed to a long-term strategy. It believes that there are still many challenges and much uncertainty ahead but there are also real opportunities, by focusing on the core business capabilities allowing ATJ to dynamically engage in a market that is going through unprecedented change. ATJ are financially resilient, it has a committed Board with a dedicated work force all working with a robust strategy to meet the market demands head on:

• Labour availability / costs
• Material price increases
• Fuel costs
• Further economic uncertainty created by the impact of high inflation across world markets
• The continuing wars in Ukraine and The Middle East

Liquidity Risk

To support the continued strategic consolidation and with margins key, ATJ continues to focus on liquidity. ATJ continues to clear down and make all repayments in full and on time for all CBILS loans and can report a year-on-year improvement in working capital and strong relationships with all funders.

Page 4

A.T. JONES & SON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Operating environment

Health & Safety

Turning to safety, which is at the heart of ATJ’s licence to operate and remains a priority for clients when procuring work, ATJ are delighted to say that our safety performance remains excellent.

ATJ operate a robust, integrated management system which supports ISO9001, 14001, and 45001. Detailed planning, monitoring and risk assessments are executed for every site, including regular training of the workforce. Internal and external health and safety audits are conducted regularly by our in-house team, and all results reviewed carefully. Thorough investigations are conducted of all accidents and near misses. ATJ has a system of regular sharing of good practices and learnings from accidents and near misses. The application of these processes are regularly monitored by the Board.

Health and Wellbeing

The health and wellbeing of the teams, both ATJ employees and the supply chain, is key as it directly impacts on operational safety. ATJ have health champions across the business who are trained to monitor and assess employees’ mental and physical wellbeing.

Summary
The ATJ business model is at the heart of our competitive differentiation and aim to continue to leverage the skills, knowledge and innovation to provide solutions, providing stability and certainty when markets fluctuate. The core business is performing well and ATJ has the leading positions in the chosen markets. Follow a period of consolidation, ATJ are very well placed for the future.

This report was approved by the board on 27 November 2025 and signed on its behalf.

D T Harper-Jones

Director

Page 5

A.T. JONES & SON LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the provision of specialist fit out services.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the Statement of comprehensive income of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £762,808 (2024 - £673,465).

Dividends of £300,000 were declared during the year.

Directors

The directors who served during the year were:

D T Harper-Jones

K J Harfield

B R Sheppard

J Whitley

K A Horsford

A P D Lee

Page 6

A.T. JONES & SON LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 27 November 2025 and signed on its behalf.

D T Harper-Jones

Director

Page 7

A.T. JONES & SON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A.T. JONES & SON LIMITED

Opinion

We have audited the financial statements of A.T. Jones & Son Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 8

A.T. JONES & SON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A.T. JONES & SON LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report 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 company and its 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, 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 9

A.T. JONES & SON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A.T. JONES & SON LIMITED (CONTINUED)

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:

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 company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙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 company, including the Companies Act 2006 and ISO standards;

∙We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

∙Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and

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

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

∙Performed analytical procedures to identify and unusual or unexpected relationships;

∙Tested journal entries to identify unusual transactions;

∙Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙Investigated the rationale behind significant or unusual transactions.

Page 10

A.T. JONES & SON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A.T. JONES & SON LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures 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.

Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.

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

Adam Dodds (Senior Statutory Auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

27 November 2025

Page 11

A.T. JONES & SON LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	Year ended 31 March	18 months ended 31 March
	2025	2024
Note	£	£


Turnover	4	22,102,696	53,159,121
Cost of sales		(17,603,628)	(44,364,716)
Gross profit		4,499,068	8,794,405
Administrative expenses		(3,490,958)	(7,598,104)
Other operating income	5	215,938	40,978
Operating profit	6	1,224,048	1,237,279
Interest receivable and similar income	11	1,082	217
Interest payable and similar expenses	12	(438,046)	(747,427)
Profit before tax		787,084	490,069
Tax on profit	13	(24,276)	183,396
Profit for the financial year		762,808	673,465

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 15 to 33 form part of these financial statements.

Page 12

A.T. JONES & SON LIMITED

REGISTERED NUMBER: 01269605

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	15		147,470		169,826
Current assets
Debtors: amounts falling due after more than one year	16	351,541		519,716
Debtors: amounts falling due within one year	16	11,752,814		17,172,505
Cash at bank and in hand	17	176,087		151,484
		12,280,442		17,843,705
Creditors: amounts falling due within one year	18	(6,806,701)		(12,570,998)
Net current assets			5,473,741		5,272,707
Total assets less current liabilities			5,621,211		5,442,533
Creditors: amounts falling due after more than one year	19		(594,035)		(912,880)
Provisions for liabilities
Deferred tax	22	(34,715)		-
			(34,715)		-
Net assets			4,992,461		4,529,653

Capital and reserves
Called up share capital	23	100	100
Profit and loss account	24	4,992,361	4,529,553
		4,992,461	4,529,653

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2025.

D T Harper-Jones

Director

The notes on pages 15 to 33 form part of these financial statements.

Page 13

A.T. JONES & SON LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2022	100	4,526,088	4,526,188

Profit for the period	-	673,465	673,465
Contributions by and distributions to owners
Dividends: Equity capital	-	(670,000)	(670,000)

At 1 April 2024	100	4,529,553	4,529,653

Profit for the year	-	762,808	762,808
Contributions by and distributions to owners
Dividends: Equity capital	-	(300,000)	(300,000)
At 31 March 2025	100	4,992,361	4,992,461

The notes on pages 15 to 33 form part of these financial statements.

Page 14

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

A.T. Jones & Son Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 9 The Gardens, Fareham, England, PO16 8SS. The accounting period covers the 12 month period from 1 April 2024 to 31 March 2025.

The principal activity of the company continued to be that of the provision of specialist fit out services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of AT Jones Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 15

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Going concern

There continues to be a significant level of turbulence in the construction market. The overall economic uncertainty created by the many global events of the past few years continues to create economic uncertainty for businesses. This, coupled with the uncertainty within the UK markets and additional costs put on businesses from the 2024 budget and anticipated announcements in the 2025 budget, adds to the uncertainty.

Unsurprisingly, this continues to see a number of companies in the industry close down and has led to increased scrutiny of the performances of companies operating in our sectors and the ways in which we operate.

Strategically, the Group’s focus since 2022 on improving our productivity and removing the duplication of processes is now coming to fruition and is in good shape operationally and financially. The Group continues to maintain a clear focus across each of our chosen sectors, revenues have again demonstrated a strong resilience, underpinned by our very strong relationships with both long-standing and new clients.

Having taken the above into consideration, along with the expected performance over the foreseeable future (a forward order book for 2025/26 already shows we have secured circa £19m of our forecast revenue of circa £25m (76%)), the Directors consider that the ATJ Group has sufficient resources to continue to operate for a period of at least 12 months from the date of approval of the financial statements. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 16

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for specialised fit out services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of fit out services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.6

Operating leases: the company as lessor

Rental income from operating leases is credited to the Statement of comprehensive income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.7

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 17

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 18

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as outlined below.

Depreciation is provided on the following basis:

Leasehold land and buildings	-	10%	straight line
Plant and equipment	-	10%	reducing balance
Motor vehicles	-	25%	straight line
Fixtures and fittings	-	10%	reducing balance
Computers	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 19

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

Page 20

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue
A high proportion of job contracts entered into span the year end. On each job an independent external valuer regularly reviews the stage of completion of each project and provides valuation certificates. Revenue is recognised based on these valuations. For job contracts spanning the year end, judgement is applied in recognising the appropriate amount of revenues based on work performed up to the year end since the latest valuation certification.

Page 21

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Construction services	22,102,696	53,159,121

All turnover arose within the United Kingdom.

Net rents receivable	-	15,500
Government grants receivable	70,938	25,478
R&D Tax credit	145,000	-
	215,938	40,978

Government grants of £70,938 (2024 - £25,478) were received in the period in respect of training grants.

Other operating lease rentals	31,374	161,194
Depreciation of owned tangible fixed assets	23,789	59,327
Government grants receivable	(70,938)	(25,478)
Depreciation of financed tangible fixed assets	20,736	31,132
Loss on disposal of tangible fixed assets	-	18,666

Page 22

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


Staff costs	110,441	784,285
Subcontracted work and consumables	458,959	1,196,124
	569,400	1,980,409

Fees payable to the company's auditor for the audit of the company's financial statements

23,500

17,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 23

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Staff salaries	2,238,645	4,727,791
Social security costs	219,131	481,153
Cost of defined contribution scheme	52,519	115,311
	2,510,295	5,324,255

The average monthly number of employees, including the directors, during the year was as follows:

	Year ended 31 March	18 months ended 31 March
	2025	2024
	No.	No.

Directors	6	7
Staff	40	73

	46	80

Page 24

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Directors' emoluments	282,442	260,273
Company contributions to defined contribution pension schemes	8,100	6,750

	The highest paid director received remuneration of £87,109 (2024 - £130,606).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,700 (2024 - £4,050).

As total directors' remuneration was more than £200,000 in the current year, disclosure is provided for the year.

In the current year. the directors remuneration has been borne largely by the holding company. AT Jones Holdings Limited.

Other interest receivable

1,082

217

Bank interest payable	390,631	718,272
Other loan interest payable	43,089	21,621
Finance leases and hire purchase contracts	4,326	7,534
	438,046	747,427

Page 25

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	38,914	(183,396)
Adjustments in respect of previous periods	(50,890)	-
	(11,976)	(183,396)

Total current tax	(11,976)	(183,396)

Deferred tax
Origination and reversal of timing differences	36,252	-
Total deferred tax	36,252	-


		24,276	(183,396)

Page 26

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.Taxation (continued)

Profit on ordinary activities before tax

787,084

490,069

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	196,771	122,517
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(1,629)	59,336
Capital allowances for year/period in excess of depreciation	(30,841)	9,169
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	-	(342,162)
Other differences leading to an increase (decrease) in the tax charge	26,872	(32,256)
Group relief	(166,897)	-
Total tax charge for the year/period	24,276	(183,396)

14.	Dividends
		2025	2024
		£	£

Ordinary dividends

300,000

670,000

Page 27

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Tangible fixed assets

	Leasehold land and buildings	Plant and equipment	Motor vehicles	Fixtures and fittings	Computers	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	51,417	20,887	83,000	79,553	52,454	287,311
Additions	-	-	-	5,991	16,541	22,532
Disposals	-	-	-	(1,815)	(15,536)	(17,351)
At 31 March 2025	51,417	20,887	83,000	83,729	53,459	292,492
Depreciation
At 1 April 2024	-	-	33,234	39,832	44,419	117,485
Charge for the year on owned assets	5,139	2,088	-	8,786	7,776	23,789
Charge for the year on financed assets	-	-	20,736	-	-	20,736
Disposals	-	-	-	(1,452)	(15,536)	(16,988)
At 31 March 2025	5,139	2,088	53,970	47,166	36,659	145,022
Net book value
At 31 March 2025	46,278	18,799	29,030	36,563	16,800	147,470
At 31 March 2024	51,417	20,887	49,766	39,721	8,035	169,826

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


	Motor vehicles	29,030	49,766

Page 28

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Debtors
		2025	2024
		£	£

Due after more than one year
Other debtors	351,541	519,716

					2025	2024
					£	£

Due within one year
Trade debtors	58,633	331,468
Amounts owed by group undertakings	3,724,302	4,008,226
Other debtors	1,261,912	1,428,340
Prepayments	68,593	277,091
Amounts recoverable on long-term contracts	6,639,374	11,125,843
Deferred taxation	-	1,537
	11,752,814	17,172,505

17.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	176,087	151,484
Less: bank overdrafts	(1,644,028)	(4,003,537)
	(1,467,941)	(3,852,053)

Page 29

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	1,644,028	4,003,537
Bank loans	348,058	657,633
Trade creditors	3,062,411	4,512,164
Amounts owed to group undertakings	4,299	11,989
Corporation tax	-	86,257
Other taxation and social security	461,625	1,176,922
Obligations under finance lease and hire purchase contracts	8,288	8,679
Other creditors	1,204,092	2,022,182
Accruals	73,900	91,635
	6,806,701	12,570,998

19.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	550,000	860,557
Net obligations under finance leases and hire purchase contracts	44,035	52,323
	594,035	912,880

The bank loans of £898,058 (2024 - £1,511,940) are secured by way of fixed and floating charges over the assets of the company.

The bank loan of £1,500,000 is repayable over 5 years in quarterly instalments. Interest is payable at 3.8% above Base Rate.

The bank loan of £250,000 is repayable over 5 years in monthy instalments. Interest is payable at 8.9% above Base Rate. This was repaid post year end.

The bank loan of £1,000,000 is repayable over 2 years in monthly instalments. Interest is payable at 5.0% above Base Rate. This was repaid post year end.

The company entered into an invoice finance facility which is cross-guaranteed by a fellow subsidiary. The amount of £1,644,028 is secured via a fixed and floating charge over the company's assets. Post year end this was moved to a new provider.

Page 30

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	348,058	657,633
Amounts falling due 1-2 years
Bank loans	550,000	310,557
Amounts falling due 2-5 years
Bank loans	-	550,000
	898,058	1,518,190

Within one year	8,288	8,679
Between 1-5 years	44,035	52,323
	52,323	61,002

The loans are secured over the assets of the company.

22.	Deferred taxation

		2025
		£

	At beginning of year	1,537
	Charged to profit or loss	(36,252)
	At end of year	(34,715)

Page 31

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.Deferred taxation (continued)

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(34,715)	(38,894)
	Tax losses carried forward	-	40,431

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

24.

Reserves

Profit and loss account

Profit and loss account reserve relates to accumulated profits less distributions to shareholders.

25.	Contingent liabilities

The company is in correspondence with HMRC regarding a technical matter under the Construction Industry Scheme (CIS). This matter is procedural in nature and relates to the verification of subcontractor status. External tax counsel has advised that the company has a strong legal position, and, on the basis of this advice, management does not consider any material liability is likely to arise. Accordingly, no provision has been made in these financial statements, in line with the requirements of FRS 102, Section 21.

26.	Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company In an independently administered fund. Contributions totalling £10,871 (2024 - £43,170) were payable to the fund at the reporting date and are included in other creditors. During the year contributions to the scheme totalled £55,519 (2024 - £115,311).

Page 32

A.T. JONES & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Not later than 1 year	136,235	91,332
Later than 1 year and not later than 5 years	136,220	216,099
Later than 5 years	-	679
	272,455	308,110

28.	Transactions with directors

Included within other debtors is £144,499 (2024 - £154,499) due from the directors. During the period advances of £696,752 (2024 - £10,000) and repayments of £706,752 (2024 - £285,000) were made.

Interest is charged on the loans at HMRC official rate.

29.	Related party transactions
	Related party and intercompany transactions during the period are as follows: Charges for rent of £Nil (2024 - £72,251) were raised by companies controlled by the directors in the normal course of business and at fair commercial values. At the period end the company was owed £660 to companies controlled by the directors (2024 -£158,286 owed from).

30.	Controlling party

The immediate and ultimate parent company of A.T. Jones & Son Limited is AT Jones Holdings Limited whose registered office is 9 The Gardens, Fareham, England, PO16 8SS.

The smallest and largest company which prepares consolidated accounts in which these figures are included is AT Jones Holdings Limited.

Page 33