ACCOUNTS - Final Accounts

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

Year ended 2025

Period ended 2024

Registered number: 02944618

AJS LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

AJS LTD

COMPANY INFORMATION

Directors	PJ O'Connor
	Mrs S H O'Connor


Company secretary	Mrs S H O'Connor


Registered number	02944618


Registered office	Grosvenor House
	51 New London Road
	Chelmsford
	Essex
	CM2 0ND


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

AJS LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of income and retained earnings	9
Balance sheet	10
Statement of cash flows	11
Analysis of net debt	12
Notes to the financial statements	13 - 24

AJS LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors' present their strategic report for the period ended 31 March 2025. The strategic report includes discussion of significant matters that impact the development and performance of the business for the year.

Business review

The principal activity of the Company continues to be that of installation, upgrades and repairs, compliance testing, PPM and certification. Our clients are drawn from public and private sectors and include housing, commercial and retail.

The Directors are pleased with the results for the period which are in line with expectations and are positive in their outlook for the coming financial year based on this year’s strong financial performance and the current pipeline.

Future developments

The Company plans to continue to build on its strong foundations by continuing to train and increase knowledge, so it can deliver a quality service without compromise.

The Company has established a strong committed order book and remains positive about the future outlook.

The Directors aim to continue to focus on the growth of the Company and to build on its strong reputation within the Fire & Security and Electrical sectors.

Principal risks and uncertainties

The concern around inflation, the impact on costs and the shortage of labour continue to be a challenge but the directors feel they are well placed and have the systems and controls in place to mitigate these risks.

Competition in the market place as always continues to be a risk to the Company, with price pressure to secure new business and successfully retender existing contracts increasing the threat of margin erosion.

The Company meets its day-to-day working capital requirements through its cash flow, and forecasts show that the Company will be able to operate within the level of its current facilities.

Financial key performance indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover and gross profit:
- Turnover £20.26m (2024 - £10.086m)
- Gross profit £6.560m (2024 - £2.389m)
- Gross profit percentage 32.4% (2024 - 23.7%)

Page 1

AJS LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 20 November 2025 and signed on its behalf.

PJ O'Connor

Director

Page 2

AJS LTD

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.

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 profit or loss 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 £2,659,790 (2024 - £662,340).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

PJ O'Connor

Mrs S H O'Connor

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Page 3

AJS LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end which haven't already been reflected in the accounts.

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 20 November 2025 and signed on its behalf.

PJ O'Connor

Director

Page 4

AJS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AJS LTD

Opinion

We have audited the financial statements of AJS Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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 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 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 5

AJS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AJS LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 3, 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 6

AJS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AJS LTD (CONTINUED)

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 an Auditors' 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:

∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.

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

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

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

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions; and

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 7

AJS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AJS LTD (CONTINUED)

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 Auditors' 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.

Andrew May ACCA (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants
Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

21 November 2025

Page 8

AJS LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025


	Year ended 2025	Period ended 2024
Note	£	£


Turnover	4	20,260,840	10,086,067
Cost of sales		(13,699,862)	(7,697,102)
Gross profit		6,560,978	2,388,965
Administrative expenses		(3,167,726)	(1,551,722)
Other operating income	5	23,975	-
Operating profit		3,417,227	837,243
Interest receivable and similar income	9	62,724	54,042
Interest payable and similar expenses	10	(13,717)	(5,168)
Profit before tax		3,466,234	886,117
Tax on profit	11	(806,444)	(223,777)
Profit after tax		2,659,790	662,340



Retained earnings at the beginning of the year	4,799,591	4,137,251
	4,799,591	4,137,251
Profit for the year	2,659,790	662,340
Retained earnings at the end of the year	7,459,381	4,799,591

The notes on pages 13 to 24 form part of these financial statements.

Page 9

AJS LTD

REGISTERED NUMBER: 02944618

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		64,305		38,948
			64,305		38,948
Current assets
Stocks	13	40,300		43,462
Debtors: amounts falling due within one year	14	9,156,653		10,955,913
Cash at bank and in hand	15	1,806,834		7,783,320
		11,003,787		18,782,695
Creditors: amounts falling due within one year	16	(3,606,609)		(14,022,050)
Net current assets			7,397,178		4,760,645
Total assets less current liabilities			7,461,483		4,799,593
Provisions for liabilities
Deferred tax	17	(2,100)		-
			(2,100)		-
Net assets			7,459,383		4,799,593

Capital and reserves
Called up share capital	2	2
Profit and loss account	7,459,381	4,799,591
	7,459,383	4,799,593

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2025.

PJ O'Connor

Director

The notes on pages 13 to 24 form part of these financial statements.

Page 10

AJS LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,659,790	662,340
Adjustments for:
Depreciation of tangible assets	14,143	6,923
Interest paid	13,717	5,168
Interest received	(62,724)	(54,042)
Taxation charge	806,444	223,777
Decrease/(increase) in stocks	3,162	(22,462)
Decrease/(increase) in debtors	1,234,493	(76,471)
(Decrease) in creditors	(10,415,441)	(1,525,298)
Corporation tax (paid)	(120,000)	(474,500)
Net cash generated from operating activities	(5,866,416)	(1,254,565)

Cash flows from investing activities
Purchase of tangible fixed assets	(159,077)	-
Interest received	62,724	54,042
Net cash from investing activities	(96,353)	54,042
Cash flows from financing activities
Interest paid	(13,717)	(5,168)
Net cash used in financing activities	(13,717)	(5,168)
Net (decrease) in cash and cash equivalents	(5,976,486)	(1,205,691)
Cash and cash equivalents at beginning of year	7,783,320	8,989,011
Cash and cash equivalents at the end of year	1,806,834	7,783,320

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,806,834	7,783,320
	1,806,834	7,783,320

The notes on pages 13 to 24 form part of these financial statements.

Page 11

AJS LTD

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	7,783,320	(5,976,486)	1,806,834
	7,783,320	(5,976,486)	1,806,834

The notes on pages 13 to 24 form part of these financial statements.

Page 12

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

AJS Ltd ("the Company") is a private company limited by shares, incorporated in England and Wales, its registered office is Grosvenor House, 51 New London Road, Chelmsford, Essex, CM2 0ND.

The principal activity of the company continued to be that of electrical contractors.

1.1

Reporting period

The figures for the year ended 31 March 2025 represent a full 12-month period, whereas the comparatives represent figures for the 6 months to 31 March 2024. This is due to a change in the company's accounting reference date.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

After reviewing the company's management accounts to the date of the signing of these accounts and the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern in preparing these financial statements.

2.3

Revenue

Turnover is measured by reference to the stage of completion of the contract activity.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company and when specific criteria have been met as described below.

Long term contracts

Profit on long term contracts is taken as the work carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 13

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

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.

2.6

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 profit or loss 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.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Page 14

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance
Other fixed assets	-	25% reducing balance

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 profit or loss.

2.9

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 profit or loss.

2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Page 15

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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

Estimates and judgments 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.

a) Critical judgments in applying accounting policies

The company does not consider there to be any critical judgments in applying accounting policies.

b) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience. See note 14 for the net carrying amount of the debtors.

ii) Contracts

The Company applies a general policy of recognising profit on contracts only when the final outcome can be assessed with reasonable certainty. In doing so the directors have made key assumptions regarding the future costs to complete the contracts.

	Contract revenue	20,260,840	10,086,067

Analysis of turnover by country of destination:


					Year ended 2025	Period ended 2024
					£	£

	United Kingdom	20,260,840	10,086,067

Page 16

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Insurance claims receivable	23,975	-

Fees payable to the Company's auditors for the audit of the Company's financial statements

13,000

Page 17

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	1,490,549	747,175
Social security costs	158,150	78,221
Cost of defined contribution scheme	35,351	17,657
	1,684,050	843,053

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

	Year ended 2025	Period ended 2024
	No.	No.

Directors	2	2
Managers	6	7
Administration	16	15
Site workers	12	15

	36	39

	Directors' emoluments	32,443	15,269

Page 18

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Other interest

62,724

54,042

Other interest

13,717

5,168

Corporation tax
Current tax on profits for the year	725,635	-

Total current tax	725,635	-

Deferred tax
Origination and reversal of timing differences	80,809	223,777
Total deferred tax	80,809	223,777


	Tax on profit	806,444	223,777

Page 19

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

3,466,234

886,117

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	866,559	221,529
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	56,458	1,673
Capital allowances for year/period in excess of depreciation	-	575
Change in rate on losses brought forward	(116,573)	-
Total tax charge for the year/period	806,444	223,777

Factors that may affect future tax charges

The Company has tax losses carried forward amounting to £nil (2024 - £297,147).

Page 20

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Computer and office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	61,495	45,488	-	286,767	393,750
Additions	-	-	39,500	-	39,500
At 31 March 2025	61,495	45,488	39,500	286,767	433,250
Depreciation
At 1 April 2024	50,121	39,543	-	265,138	354,802
Charge for the year on owned assets	2,760	1,486	3,694	6,203	14,143
At 31 March 2025	52,881	41,029	3,694	271,341	368,945
Net book value
At 31 March 2025	8,614	4,459	35,806	15,426	64,305
At 31 March 2024	11,374	5,945	-	21,629	38,948

Page 21

AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Stocks
		2025	2024
		£	£

	Spare parts	40,300	43,462

14.

Debtors

					2025	2024
					£	£


Trade debtors	3,559,748	2,247,299
Other debtors	4,087,478	6,860,189
Prepayments and accrued income	162,328	29,882
Amounts recoverable on long-term contracts	1,347,099	1,739,834
Deferred taxation	-	78,709
	9,156,653	10,955,913

15.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,806,834	7,783,320

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

Trade creditors	3,104,036	13,289,448
Other taxation and social security	270,845	290,355
Other creditors	18,314	19,454
Accruals and deferred income	213,414	422,793
	3,606,609	14,022,050

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AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Deferred taxation

		2025
		£

	At beginning of year	78,709
	Credited to profit or loss	(80,809)
	At end of year	(2,100)

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

Accelerated capital allowances	(2,100)	4,422
Tax losses carried forward	-	74,287
	(2,100)	78,709

18.	Prior year adjustment

The comparative figures for the year ended 31 March 2024 have been restated in order to correct the
original classification of subcontracted labour cost of £791,533 which were wrongly included within wages and salaries. The restatement has had no impact on the profit nor on the net assets as it is a presentational adjustment to reanalyse an expense between different cost codes.

19.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,351 (2024 - £17,657). Contributions totalling £9,383 (2024 - £8,521) were payable to the fund at the balance sheet date and are included in creditors.

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AJS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Not later than 1 year	314,313	219,381
Later than 1 year and not later than 5 years	470,819	290,893
	785,132	510,274

21.

Related party transactions

During the period the company hired equipment and vehicles from a company under the common control of a director totalling £730,842 (2024 - £449,754).

During the period the company paid rental charges of £230,400 (2024 - £115,200) to a company under the common control of a director.

During the period the company made purchases of £3,011,595 (2024 - (£1,189,834) and sales of -£20,778 (2024 - £6,485) to companies under the common control of a director.

At the year end the company was owed £3,608,597 (2024 - £6,000,000) by companies under the common control of a director.

Included in other debtors is an amount of £225,077 (2024 - Nil) due from one of the directors. The amount is unsecured and repayable on demand.

22.	Controlling party

The company considers P J O'Connor to be the ultimate controlling party.

Page 24