REGISTERED NUMBER: 02113380 (England and Wales)

A. & N. Lewis Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Period

1 October 2023 to 28 February 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

A Gooch

L C Bevan

A Crewe

J Nelson

REGISTERED OFFICE:

Unit 8 Ely Bridge Ind Estate

Wroughton Place

Ely

Cardiff

CF5 4AQ

REGISTERED NUMBER:

02113380 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

The directors present their strategic report for the period 1 October 2023 to 28 February 2025.

REVIEW OF BUSINESS

The annexed financial statements indicate the results for the period along with the financial standing and accounting details of the company.

In the period under review, The company achieved a modest growth on the previous year's results. On the 27th March 2024, AG Newco Limited, the parent of A. & N. Lewis Limited was sold to Cardo Group Limited in a share sale agreement.

The operations of A. & N. Lewis Limited have subsequently been merged with Cardo (Wales & West) Limited as of the 1st February 2025.

KEY FINANCIAL HIGHLIGHTS

The company has a robust trading position that instils confidence for clients. The company maintains a strong balance sheet, with cash reserves healthy at all times and bad debts low.

The company's key financial and other performance indicators during the year were as follows:

Unit

2025

2023

Turnover

£

11,609,799

9,531,983

Gross profit margin

%

27.6

25.6

Profit before tax

£

62,311

684,431

PRINCIPAL RISKS AND UNCERTAINTIES

Following the sales of AG Newco Limited and it's 100% subsidiary A. & N. Lewis Limited to Cardo Group Limited and subsequent transfer of trade and assets to fellow subsidiary Cardo (Wales & West) Limited all risk and uncertainties have passed to the new group parent company Cardo Group Limited.

ON BEHALF OF THE BOARD:

L C Bevan - Director

23 September 2025

The directors present their report with the financial statements of the company for the period 1 October 2023 to 28 February 2025.

The financial statements represent a 17 month period. The period end has been extended from 30 September to 28 February. As a result, the comparative amounts included in the financial statements (including the related notes) are not entirely comparable.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of building contractors and specialist decorators.

DIVIDENDS

No dividends will be distributed for the period ended 28 February 2025.

DIRECTORS

A Gooch has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

L C Bevan - appointed 27 March 2024

A Crewe - appointed 27 March 2024

J Nelson - appointed 27 March 2024

A R Gentile and G W M White ceased to be directors after 28 February 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, hire purchases and group inter company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining strong cash balances with access to overdraft facilities if required.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Financial support from parent and other subsidiary undertakings is provided and available to support financing the company's operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

L C Bevan - Director

23 September 2025

Opinion

We have audited the financial statements of A. & N. Lewis Limited (the 'company') for the period ended 28 February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the period then ended;

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

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

Basis for opinion

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

Emphasis of matter - Financial statements prepared other than on a going concern

basis

We draw your attention to note 2 in the financial statements, which indicates that the financial statement have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

-

The nature of the industry and sector, control environment and business performance including the company's

remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;

-

Results of the enquiries of management about their own identification and assessment of the risks of

irregularities;

-

Any matters we have identified having obtained and reviewed the company's documentation of their

policies and procedures relating to:

--

identifying, evaluating and complying with laws and regulations and whether they were aware of any

instances of noncompliance;

--

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected

or alleged fraud;

--

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

--

the matters discussed among the audit engagement team regarding how and where fraud might occur in

the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, foreign currency translation and value of stocks. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company

operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of

material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal

entries and other adjustments; assessing whether the judgements made in making accounting estimates are

indicative of a potential bias; and evaluating the business rationale of any significant transactions that are

unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Ingram FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

23 September 2025

TURNOVER

3

11,609,799

9,531,983

Cost of sales

8,580,015

7,093,407

GROSS PROFIT

3,029,784

2,438,576

Administrative expenses

2,992,642

1,924,394

OPERATING PROFIT

5

37,142

514,182

Interest receivable and similar income

27,279

192,303

64,421

706,485

Interest payable and similar expenses

6

2,110

22,054

PROFIT BEFORE TAXATION

62,311

684,431

Tax on profit

7

(14

)

147,402

PROFIT FOR THE FINANCIAL PERIOD

62,325

537,029

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

62,325

537,029

FIXED ASSETS

Tangible assets

9

-

225,821

CURRENT ASSETS

Stocks

10

5,250

5,250

Debtors

11

5,965,217

4,309,644

Cash at bank and in hand

384,546

1,647,669

6,355,013

5,962,563

CREDITORS

Amounts falling due within one year

12

2,076,947

1,971,014

NET CURRENT ASSETS

4,278,066

3,991,549

TOTAL ASSETS LESS CURRENT LIABILITIES

4,278,066

4,217,370

CREDITORS

Amounts falling due after more than one year

13

-

1,629

NET ASSETS

4,278,066

4,215,741

CAPITAL AND RESERVES

Called up share capital

16

40,000

40,000

Retained earnings

17

4,238,066

4,175,741

SHAREHOLDERS' FUNDS

4,278,066

4,215,741

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

L C Bevan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

40,000

3,899,712

3,939,712

Changes in equity

Dividends

-

(261,000

)

(261,000

)

Total comprehensive income

-

537,029

537,029

Balance at 30 September 2023

40,000

4,175,741

4,215,741

Changes in equity

Total comprehensive income

-

62,325

62,325

Balance at 28 February 2025

40,000

4,238,066

4,278,066

1.	STATUTORY INFORMATION

A. & N. Lewis Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

On 1st February 2025 the trade and assets of the company were hived across to Cardo (Wales & West) Ltd, a fellow group company. As a result, the financial statements have been prepared on a basis other than that of a going concern in line with the requirements of FRS 102. In adopting a basis other than going concern, the following policies were implemented:

- All fixed and current assets have been disclosed at values at which they are expected to be realised; and

- All liabilities reflect the full amount at which they are expected to materialise.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of AG Newco Limited. These consolidated financial statements are available at the companies registered office.

Related party exemption

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

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 in the revision affects only that period, or in the period of the revision and future periods if the revision affect both current and future periods.

The items in the financial statements where these judgements and estimates have been made are:

2025

2024

£

£

Amounts recoverable on contracts

(112,000

125,175

The company uses qualified and experienced Quantity Surveyors to calculate the values earned on contracts and the contract costs to the balance sheet date.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the group and value added tax.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

i) Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Deposits received in advance for goods are included in creditors due within one year.

ii) Rendering of services

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for that financial year.

Contract turnover is calculated as that proportion of total contract value which revenue generated to date bears to total expected revenue for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Motor vehicles

-

25% on cost

Computer equipment

-

33% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Inventories

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

i) Finance leased assets

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

ii) Operating leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

iii) Lease incentives

Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Other employee benefits such as paid holiday arrangements are recognised as an expense in the period in which they are incurred.

Long term contracts

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover of such contracts is stated at cost appropriate to their stage of completion plus attributable profits less amounts recognised in previous years. Provision is made for any losses which are forseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments received on account.

Provisions and contingencies

i) Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

ii) Contingencies

Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Work done

11,559,494

9,492,069

Other sales income

50,305

39,914

11,609,799

9,531,983

4.	EMPLOYEES AND DIRECTORS

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Wages and salaries

2,979,657

2,042,491

Social security costs

291,874

196,861

Other pension costs

49,195

36,593

3,320,726

2,275,945

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

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

Administrative and support

17

14

Site staff

50

48

67

62

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Directors' remuneration

259,287

-

Information regarding the highest paid director for the period ended 28 February 2025 is as follows:

Period

1.10.23

to

28.2.25

£

Emoluments etc

259,287

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Hire of plant and machinery

630,094

395,021

Depreciation - owned assets

55,221

22,544

Depreciation - assets on hire purchase contracts

-

15,785

Profit on disposal of fixed assets

(194,089

)

(500

)

Auditors' remuneration

-

12,500

Auditors' remuneration for non audit work

-

1,532

Management charge

1,330,100

829,912

The auditors are remunerated by Cardo (Wales & West) Limited for their services to the company. Audit fees relating to A & N Lewis Limited was £12,500.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Loan

-

19,739

Hire purchase

2,110

2,315

2,110

22,054

7.

TAXATION

Analysis of the tax (credit)/charge

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

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Current tax:

UK corporation tax

(14

)

147,402

Tax on profit

(14

)

147,402

UK corporation tax was charged at 22.01%) in 2023.

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

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

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Profit before tax

62,311

684,431

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 22.010%)

15,578

150,643

Effects of:

Expenses not deductible for tax purposes

3,643

573

Capital allowances in excess of depreciation

-

(3,682

)

Depreciation in excess of capital allowances

25,405

-

Adjustments to tax charge in respect of previous periods

(14

)

-

Profit on disposal of assets

(48,522

)

(110

)

Group relief surrendered

3,896

-

Change in corporation tax rates

-

(22

)

Total tax (credit)/charge

(14

)

147,402

8.

DIVIDENDS

Period

1.10.23

to

Year Ended

28.2.25

30.9.23

£

£

Interim

-

261,000