Agetur (U.K.) Limited Company accounts

COMPANY REGISTRATION NUMBER: 03726044

AGETUR (U.K.) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

AGETUR (U.K.) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2025

Contents	Page

Strategic report	1

Director's report	3

Independent auditor's report to the members	5

Profit and loss account	8

Balance sheet	9

Statement of cash flows	10

Notes to the financial statements	11

AGETUR (U.K.) LIMITED

STRATEGIC REPORT

YEAR ENDED 28 FEBRUARY 2025

Principal activities The company is a contractor to large, nationally renowned companies in the house building sector. Its main activities are associated with new housing projects of varying sizes and are groundworks, drainage works and roadworks. Results for the financial year The audited financial statements for the year ended 28 February 2025 showed a loss of £497,796 (2024: profit £111,165). The balance sheet shows net assets of £3,641,415 (2024: £4,139,211). During the year ended 28 February 2025 the company achieved turnover of £22.8m (2024 £21.2m). Business review and future developments The business environment continues to be challenging, particularly when trying to compete with large scale developers for new projects and the rising prices of materials and equipment caused by macroeconomic issues post coronavirus and the conflict in Ukraine, coupled with increasing competition within the construction sector puts pressure on gross profit and the business faces challenges passing these costs on when contracts are in a fixed price period. This all impacts on gross profit margins. There has been no significant change in the client base during the year and we continue to focus on 10 to 20 contracts at any one time and are always looking for new opportunities with new customers and sites. The Directors, employees and supply chain remain key to our success and we continue to invest in the business through appropriate plant and invest in our staff through ongoing training, apprenticeship schemes, support for professional qualifications and promotion opportunities. Key financial performance indicators We consider that our key financial performance indicators are those that communicate the performance and strength of the company as a whole, these being turnover and gross margin as follows:

		2025		2024
		£		£

Turnover		22,855,766		21,238,768

Gross profit margin		10.1%		12.4%

Principal risks and uncertainties Health, safety and environmental risks are of paramount importance to the company's management. It is the company's policy to undertake necessary steps to comply with all requirements under the 'Health and Safety at Work Act' and other relevant codes of practice and they are continuing to invest in this area to minimise the risk. Liquidity risk - The company manages financial risk by continually monitoring and forecasting cashflows to ensure sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitably. Credit risk - The main asset from which credit risk arises is amounts recoverable from long term contracts which is mitigated by maintaining close relationships with customers and related parties and applying good credit control practices. Price risk - The company's exposure to price risk consists mainly of movements in the underlying raw material, wages and salary costs. The directors keep under review the price fluctuations and agree contract prices to reduce the risk.

This report was approved by the board of directors on 24 November 2025 and signed on behalf of the board by:

R J Rexton
Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

HP18 0RA

AGETUR (U.K.) LIMITED

DIRECTOR'S REPORT

YEAR ENDED 28 FEBRUARY 2025

The director presents his report and the financial statements of the company for the year ended 28 February 2025 .

Directors

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

R J Rexton
C D Dickens	(Resigned 11 March 2024)

C D Dickens resigned as a director on 11 March 2024.

Dividends

The director does not recommend the payment of a dividend.

Qualifying indemnity provision

The company has qualifying third party indemnity provisions for the benefit of the directors. These provisions remain in place at the time of approval.

Disclosure of information in the strategic report

The company has chose in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of future developments and financial risk management.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 director is 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. He is 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 of disclosure of information to auditors

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 24 November 2025 and signed on behalf of the board by:

R J Rexton
Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

HP18 0RA

AGETUR (U.K.) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGETUR (U.K.) LIMITED

YEAR ENDED 28 FEBRUARY 2025

Opinion

We have audited the financial statements of Agetur (U.K.) Limited (the 'company') for the year ended 28 February 2025 which comprise the profit and loss account, balance sheet, 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 FRS 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 loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs(UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's 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 director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Challenging assumptions and judgements made by management in their significant accounting estimates; - Identifying and testing journal entries, in particular any manual journal entries posted by unexpected users, posted with descriptions indicating a higher level of risk, or posted late with a favourable impact on financial performance. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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.

W J E Kerr

(Senior Statutory Auditor)

For and on behalf of

Xeinadin Audit Limited

Chartered Accountants & Statutory Auditor

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

HP18 0RA

27 November 2025

AGETUR (U.K.) LIMITED

PROFIT AND LOSS ACCOUNT

YEAR ENDED 28 FEBRUARY 2025

		2025	2024
Note		£	£
Turnover	4	22,855,766	21,238,768

Cost of sales	20,532,236	18,601,166
	------------	------------
Gross profit	2,323,530	2,637,602

Administrative expenses		2,964,289	2,468,647
		-----------	-----------
Operating (loss)/profit	5	( 640,759)	168,955

Other interest receivable and similar income	9	244	1,940
Interest payable and similar expenses	10	20,743	11,210
		-----------	-----------
(Loss)/profit before taxation		( 661,258)	159,685

Tax on (loss)/profit	11	( 163,462)	48,520
		--------	--------
(Loss)/profit for the financial year and total comprehensive income		( 497,796)	111,165
		--------	--------

Retained earnings at the start of the year	4,014,209	3,903,044
	-----------	-----------
Retained earnings at the end of the year	3,516,413	4,014,209
	-----------	-----------

All the activities of the company are from continuing operations.

AGETUR (U.K.) LIMITED

BALANCE SHEET

28 February 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	13	926,770	1,004,951
Investments	14	45,980	45,980
		--------	-----------
		972,750	1,050,931

Current assets

Debtors	15	5,811,621	5,282,487
Cash at bank and in hand		560,041	1,580,546
		-----------	-----------
		6,371,662	6,863,033

Creditors: amounts falling due within one year	16	3,620,334		3,414,607
		-----------		-----------
Net current assets			2,751,328		3,448,426
			-----------		-----------
Total assets less current liabilities			3,724,078		4,499,357

Creditors: amounts falling due after more than one year	17		82,663		196,684

Provisions

Taxation including deferred tax	19	–	163,462
		-----------	-----------
Net assets		3,641,415	4,139,211
		-----------	-----------

Capital and reserves

Called up share capital	22	3,000	3,000
Share premium account	23	120,002	120,002
Capital redemption reserve	23	2,000	2,000
Profit and loss account	23	3,516,413	4,014,209
		-----------	-----------
Shareholders funds		3,641,415	4,139,211
		-----------	-----------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 24 November 2025 , and are signed on behalf of the board by:

R J Rexton
Director

Company registration number: 03726044

AGETUR (U.K.) LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 28 FEBRUARY 2025

	2025	2024
	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 497,796)	111,165

Adjustments for:
Depreciation of tangible assets	250,669	279,456
Other interest receivable and similar income	( 244)	( 1,940)
Interest payable and similar expenses	20,743	11,210
Loss/(gains) on disposal of tangible assets	14,045	( 152,529)
Tax on (loss)/profit	( 163,462)	48,520

Changes in:
Trade and other debtors	( 529,134)	540,388
Trade and other creditors	136,703	( 832,645)
	--------	--------
Cash generated from operations	( 768,476)	3,625
	--------	------
Net cash (used in)/from operating activities	( 768,476)	3,625
	--------	------

Cash flows from investing activities

Purchase of tangible assets	( 206,068)	( 654,645)
Proceeds from sale of tangible assets	19,535	358,858
Interest received	244	1,940
	--------	--------
Net cash used in investing activities	( 186,289)	( 293,847)
	--------	--------

Cash flows from financing activities

Payments of finance lease liabilities	( 90,227)	( 67,140)
Interest paid	( 20,743)	( 11,210)
New finance leases and hire purchase contracts	45,230	268,650
	--------	--------
Net cash (used in)/from financing activities	( 65,740)	190,300
	--------	--------

Net decrease in cash and cash equivalents	( 1,020,505)	( 99,922)
Cash and cash equivalents at beginning of year	1,580,546	1,680,468
	-----------	-----------
Cash and cash equivalents at end of year	560,041	1,580,546
	-----------	-----------

AGETUR (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks, HP18 0RA.

2. Statement of compliance

The principal activity of the company during the year was that of a contractor for new house builders undertaking groundworks, brickworks, roads and sewers. These financial statements have been prepared in accordance with the Companies Act 2006 and applicable accounting standards including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102').

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Going concern After reviewing 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 company therefore continues to adopt the going concern basis in preparing its financial statements.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies The critical judgements that the directors have made in the progress of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both internal and external sources of information such as market conditions, counterparty credit ratings and experience recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (ii) Estimating value in use Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. (iii) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iv) Determining residual values and useful economic lives of property, plant and equipment The company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Revenue recognition

Turnover represents the amounts derived from construction contracts. Revenue for construction contracts is recognised by reference to the percentage of completion of the contract, provided the outcome can be reliably measured. When the outcome cannot be reliably measured, revenue is only recognised to the extent that it is probable that costs are recoverable. When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

This reflects the excess of the sum payable to a former shareholder and the nominal value of the shares issued over the value of the assets acquired. Goodwill is written off in equal annual instalments over its estimated useful life of 20 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% Straight Line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	2% Straight Line
Plant & Machinery	-	25% Reducing Balance
Fixtures and Fittings	-	33% Reducing Balance
Motor Vehicles	-	25% Reducing Balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Financial instruments

The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and obligations under hire purchase agreements, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Distributions to equity holders Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Construction contracts	22,855,766	21,238,768
	------------	------------

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

5. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	250,669	279,456
Loss/(gains) on disposal of tangible assets	14,045	( 152,529)
	--------	--------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	20,000	20,000
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	65	70
Administrative staff	38	37
	----	----
	103	107
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	5,192,617	5,184,931
Social security costs	622,277	588,462
Other pension costs	98,528	98,556
	-----------	-----------
	5,913,422	5,871,949
	-----------	-----------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	27,461	12,567
	-------	-------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	244	1,940
	----	------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	5,945	667
Interest on obligations under finance leases and hire purchase contracts	14,798	10,543
	-------	-------
	20,743	11,210
	-------	-------

11. Tax on (loss)/profit

Major components of tax (income)/expense

	2025	2024
	£	£

Deferred tax:

Origination and reversal of timing differences	( 163,462)	48,520
	--------	-------
Tax on (loss)/profit	( 163,462)	48,520
	--------	-------

Reconciliation of tax (income)/expense

The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
(Loss)/profit on ordinary activities before taxation	( 661,258)	159,685
	--------	--------
(Loss)/profit on ordinary activities by rate of tax	( 165,315)	39,921
Effect of expenses not deductible for tax purposes	8,370	8,480
Unused tax losses	( 6,637)	–
Investment tax credit	120	119
	--------	--------
Tax on (loss)/profit	( 163,462)	48,520
	--------	--------

12. Intangible assets

	Goodwill
	£
Cost
At 1 March 2024 and 28 February 2025	195,797
	--------
Amortisation
At 1 March 2024 and 28 February 2025	195,797
	--------
Carrying amount
At 28 February 2025	–
	--------
At 29 February 2024	–
	--------

13. Tangible assets

	Leasehold Property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 March 2024	230,627	1,472,965	188,473	814,245	2,706,310
Additions	10,711	4,549	12,273	178,535	206,068
Disposals	–	( 120,242)	( 42,340)	( 60,150)	( 222,732)
	--------	-----------	--------	--------	-----------
At 28 February 2025	241,338	1,357,272	158,406	932,630	2,689,646
	--------	-----------	--------	--------	-----------
Depreciation
At 1 March 2024	34,604	1,039,448	155,615	471,692	1,701,359
Charge for the year	4,826	105,817	13,076	126,950	250,669
Disposals	–	( 105,448)	( 36,836)	( 46,868)	( 189,152)
	--------	-----------	--------	--------	-----------
At 28 February 2025	39,430	1,039,817	131,855	551,774	1,762,876
	--------	-----------	--------	--------	-----------
Carrying amount
At 28 February 2025	201,908	317,455	26,551	380,856	926,770
	--------	-----------	--------	--------	-----------
At 29 February 2024	196,023	433,517	32,858	342,553	1,004,951
	--------	-----------	--------	--------	-----------

14. Investments

	Unquoted investments
	£
Cost
At 1 March 2024 and 28 February 2025	45,980
	-------
Impairment
At 1 March 2024 and 28 February 2025	–
	-------

Carrying amount
At 28 February 2025	45,980
	-------
At 29 February 2024	45,980
	-------

15. Debtors

	2025	2024
	£	£
Amounts owed by customers on construction contracts	4,725,638	3,196,480
Prepayments and accrued income	73,856	88,916
Other debtors	1,012,127	1,997,091
	-----------	-----------
	5,811,621	5,282,487
	-----------	-----------

Included in other debtors is £759,149 (£1,765,867) owed by other related parties. The amount is repayable on demand.

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,535,508	1,928,449
Accruals and deferred income	444,587	884,516
Social security and other taxes	186,922	155,501
Obligations under finance leases and hire purchase contracts	107,075	85,867
Other creditors	346,242	360,274
	-----------	-----------
	3,620,334	3,414,607
	-----------	-----------

The aggregate amount of secured liabilities falling due within one year amount to £107,075 (2024: £85,867). The liabilities are secured on the assets to which they relate. Included in other creditors is £214,854 (2024: £228,626) owed to other related parties which is repayable on demand and £47,816 (2024: £48,328) which is repayable within twelve months and on which interest is charged at 8%.

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Obligations under finance leases and hire purchase contracts	82,663	148,868
Other creditors	–	47,816
	-------	--------
	82,663	196,684
	-------	--------

The aggregate amount of secured liabilities falling due after more than one year amounts to £82,663 (2024: £148,868). The liabilities are secured on the assets to which they relate. Included in other creditors is £nil (2024: £47,816) owed to other related parties which is due after more than one year, interest is charged at 8%.

18. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	107,075	85,867
Later than 1 year and not later than 5 years	82,663	148,868
	--------	--------
	189,738	234,735
	--------	--------

Certain plant and machinery and motor vehicles are held under finance lease arrangements. Finance lease liabilities are secured by the related assets held under finance leases (see note 17 and 18). The lease agreements generally include fixed lease payments and a purchase option at the end of the lease term.

19. Provisions

	Deferred tax (note 20)
	£
At 1 March 2024	163,462
Charge against provision	( 163,462)
	--------
At 28 February 2025	–
	--------

20. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2025	2024
	£	£
Included in provisions (note 19)	–	163,462
	----	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	181,598	202,586
Unused tax losses	( 179,722)	( 37,128)
Pension plan obligations	( 1,876)	( 1,996)
	--------	--------
	–	163,462
	--------	--------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 98,528 (2024: £ 98,556 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 1 each	3,000	3,000	3,000	3,000
	------	------	------	------

23. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Mar 2024	Cash flows	At 28 Feb 2025
	£	£	£
Cash at bank and in hand	1,580,546	(1,020,505)	560,041
Debt due within one year	(85,867)	(21,208)	(107,075)
Debt due after one year	(148,868)	66,205	(82,663)
	-----------	-----------	--------
	1,345,811	( 975,508)	370,303
	-----------	-----------	--------

25. Operating leases

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

	2025	2024
	£	£
Not later than 1 year	150,248	83,772
Later than 1 year and not later than 5 years	109,965	92,707
	--------	--------
	260,213	176,479
	--------	--------

The amount recognised in the profit and loss account as an expense in relation to operating leases was £157,650 (2024: £70,109).

26. Related party transactions

Information about related party transactions and outstanding balances are outlined below:

	28 Feb 25	29 Feb 24
	£	£

Rent purchased from other related parties	£40,000	£40,000
Amounts owed to other related parties	£262,670	£324,770
Amounts due from other related parties	£759,149	£1,765,867

27. Controlling party

The ultimate controlling party is R J Rexton .