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REGISTERED NUMBER: 05677591 (England and Wales)

| Sipral UK Limited |

| Strategic Report, Directors' Report and |

| Financial Statements |

| for the Year Ended 31 December 2024 |

Sipral UK Limited (Registered number: 05677591)

Contents of the Financial Statements

for the Year Ended 31 December 2024

| Page |

Company information | 1 |

Strategic report | 2 |  | to |  | 3

Directors' report | 4 |  | to |  | 5

Report of the independent auditors | 6 |  | to |  | 9

Statement of income and retained earnings | 10 |

Statement of financial position | 11 |

Statement of cash flows | 12 |

Notes to the statement of cash flows | 13 |

Notes to the financial statements | 14 |  | to |  | 21

Sipral UK Limited

Company Information

for the Year Ended 31 December 2024

| Directors: | R Kostial

| J Young

| T Peterka

| J Juras

| Registered office: | 40 Bank Street

| Canary Wharf

| London

| E14 5NR

| Registered number: | 05677591 (England and Wales)

| Senior statutory auditor: | C Reid

| Auditors: | Moore Thompson

| Bank House

| Broad Street

| Spalding

| Lincolnshire

| PE11 1TB

Sipral UK Limited (Registered number: 05677591)

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business

The company continues to fulfil its existing contracts in London and Reading and has started the preconstruction phase on one new acquisition.

During 2024, we successfully progressed on three already live projects, in London and Reading, heading to successful and profitable practical completions and final accounts in 2025/2026. These projects represent important milestones for us, being for Tier 1 clients and main contractors and one in a new market sector. We also secured a project with a new client for hotel development in London, which commenced the PCSA phase towards the end of 2024.

Progress on these projects has been good, despite some delays which were outside of our control. We are now in discussions with these same clients about future projects, which reinforces the open and collaborative approach we have.

We have focused efforts on securing new projects for 2025, 2026 and beyond. This has proven to be successful with us being confirmed as the chosen subcontractor on a further two projects, which will commence Early Works and PCSA in early 2025, once the orders are finalised. We continue to work on a number of further opportunities which are planned to commence in 2025.

Market development

Year 2024 was a year with increased effort on sustainability and reduction of C02. This is reflected in running live projects, new acquisitions and new tenders. Effort and preference of materials and solutions with lower embodied Carbon content as part of project life cycle C02 footprint, is increasing priority of developers as well as future tenants. We successfully fulfil these requirements and will build part of our strategy on this. This also includes new material and technical solutions as well as new market segments and applications. From this we see more opportunities.

We are taking a proactive approach to the challenges our industry faces with the Building Safety Act. We are taking an active role in industry wide initiatives to help put formulate a framework for ensuring competence of the companies and people working in the facade sector.

Principal risks and uncertainties

As for many businesses of our size, the economic climate in which we operate will have some effect on the company's operations for the forthcoming period. The management team both in Sipral UK Limited and the group continue to evaluate ways of maintaining margins through greater efficiency and cost control and trying to limit the impact of foreign currency fluctuations, inflation and the continued impact of Brexit, the War in Ukraine and political issues worldwide. These all have been having an impact on labour availability, increasing rates, gas and fuel cost, material availability and cost etc. as well as general market confidence amongst developers and clients.

We are noticing a change in the types of projects being tendered and changes to the procurement process. The projects are tending to be smaller and are being procured as PCSAs and with Early Works Agreements. There is also a marked reduction in the number of high-rise residential projects. We are actively adapting to the changing market and are in the final stages of negotiating a number of new projects for 2025 and 2026.

Sipral UK Limited (Registered number: 05677591)

Strategic Report

for the Year Ended 31 December 2024

Development and performance

The business is monitored by the board and senior management on an ongoing basis, both at the company and group strategic level. This senior management structure gives us extensive knowledge and expertise in key focus areas of the business.

We continue to see this as positive for the long-term continuous organic growth and success of the business. Years 2024 and 2025 have a good pipeline and the group is continually tendering for new work for years 2025 and further, both in the UK and the rest of Europe, building on Sipral UK Limited and Sipral a.s's excellent reputation in the construction industry.

Financial key performance indicators

We consider that our key performance indicators are those that communicate the financial performance and strength of the whole holding, these being turnover, gross margin and return on capital employed.

In 2023 turnover of Sipral UK Ltd. Increased significantly to £39.2m from £24.4m in the prior year. This resulted in record net profit of £1.3m

At the same time, on the group level, the LBSH holding increased its net worth by equivalent of £12.4m in 2023.

In 2024 we reached in SipraI UK turnover of £37.4m and our profit before tax reached a targeted £0.6m. This is resulting in a net worth of £2.9m.

Sipral UK Ltd. is therefore financially stable and a trustworthy partner to our clients in the UK. The group holding position and 2024 results are also stable and strong.

Management

We reorganized the management of Sipral UK in 2024. The new Managing Director started, and the UK board was expanded to include senior members of the team from the Group and Sipral UK.

We are also strengthening our UK based Commercial and Technical teams with some further appointments, to allow us to better manage these functions.

The directors believe the financial statements show a true and fair view of the company's position at the year's end and adequately represent the business moving forward.

On behalf of the board:

J Young - Director

13 August 2025

Sipral UK Limited (Registered number: 05677591)

Directors' Report

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of work in the building and construction industry.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

R Kostial has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

J Young - appointed 30 August 2024

T Peterka - appointed 30 August 2024

J Juras - appointed 30 August 2024

Disclosure in the strategic report

The director, in accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, has prepared the company's strategic report as required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008 as per pages 2 and 3.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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.

Sipral UK Limited (Registered number: 05677591)

Directors' Report

for the Year Ended 31 December 2024

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

J Young - Director

13 August 2025

Report of the Independent Auditors to the Members of

Sipral UK Limited

Opinion

We have audited the financial statements of Sipral UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of income and retained earnings, Statement of financial position, Statement of cash flows and Notes to the statement of cash flows, 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 31 December 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Directors' report, 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 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.

Report of the Independent Auditors to the Members of

Sipral UK Limited

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 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 four, 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.

Report of the Independent Auditors to the Members of

Sipral UK Limited

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:

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in lines with our responsibilities, outlines 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-compliances with laws and regulations, was as follows:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client company's sector. |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |

- |  | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |

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

- |  | making 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. |

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

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journals entries to identify unusual transactions; |

- |  | investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims; |

- |  | reviewing correspondence with HMRC and the company's legal advisors. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Report of the Independent Auditors to the Members of

Sipral UK Limited

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

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 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.

C Reid (Senior Statutory Auditor)

for and on behalf of Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

28 August 2025

Sipral UK Limited (Registered number: 05677591)

Statement of Income and Retained Earnings

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Turnover | 4 | 37,402,127 |  | 39,233,156 |  |

Cost of sales | 35,361,763 |  | 36,648,613 |  |

Gross profit | 2,040,364 |  | 2,584,543 |  |

Administrative expenses | 1,522,117 |  | 1,370,909 |  |

518,247 |  | 1,213,634 |  |

Other operating income | 89,255 |  | 125,577 |  |

Operating profit | 6 | 607,502 |  | 1,339,211 |  |

Interest receivable and similar income | 90 |  | 120 |  |

607,592 |  | 1,339,331 |  |

Interest payable and similar expenses | 7 | 1,814 |  | 1,513 |  |

Profit before taxation | 605,778 |  | 1,337,818 |  |

Tax on profit | 8 | 154,379 |  | 238,134 |  |

Profit for the financial year | 451,399 |  | 1,099,684 |  |

Retained earnings at beginning of year | (265,568 | ) | (1,365,252 | ) |

Retained earnings at end of year | 185,831 |  | (265,568 | ) |

Sipral UK Limited (Registered number: 05677591)

Statement of Financial Position

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

Fixed assets

Tangible assets | 10 | 831 |  | 206 |  |

Current assets

Debtors | 11 | 9,730,045 |  | 14,573,100 |  |

Cash at bank and in hand | 12 | 68,286 |  | 22,069 |  |

9,798,331 |  | 14,595,169 |  |

Creditors

Amounts falling due within one year | 13 | 6,863,331 |  | 12,110,943 |  |

Net current assets | 2,935,000 |  | 2,484,226 |  |

Total assets less current liabilities | 2,935,831 |  | 2,484,432 |  |

Capital and reserves

Called up share capital | 16 | 2,750,000 |  | 2,750,000 |  |

Retained earnings | 17 | 185,831 |  | (265,568 | ) |

Shareholders' funds | 2,935,831 |  | 2,484,432 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2025 and were signed on its behalf by:

J Young - Director

Sipral UK Limited (Registered number: 05677591)

Statement of Cash Flows

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,755,341 |  | (4,340,035 | ) |

Interest paid | (1,814 | ) | (1,513 | ) |

Net cash from operating activities | 1,753,527 |  | (4,341,548 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,108 | ) | - |  |

Interest received | 90 |  | 120 |  |

Net cash from investing activities | (1,018 | ) | 120 |  |

Cash flows from financing activities

Share issue | - |  | 1,750,000 |  |

Loans received from group members | - |  | 2,085,218 |  |

Loans repaid to group members | (1,706,292 | ) | - |  |

Net cash from financing activities | (1,706,292 | ) | 3,835,218 |  |

Increase/(decrease) in cash and cash equivalents | 46,217 |  | (506,210 | ) |

Cash and cash equivalents at beginning of year | 2 | 22,069 |  | 528,279 |  |

Cash and cash equivalents at end of year | 2 | 68,286 |  | 22,069 |  |

Sipral UK Limited (Registered number: 05677591)

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit for the financial year | 451,399 |  | 1,099,684 |  |

| Depreciation charges | 483 |  | 549 |  |

| Finance costs | 1,814 |  | 1,513 |  |

| Finance income | (90 | ) | (120 | ) |

| Taxation | 154,379 |  | 238,134 |  |

607,985 |  | 1,339,760 |  |

| Decrease/(increase) in trade and other debtors | 4,773,201 |  | (6,470,689 | ) |

| (Decrease)/increase in trade and other creditors | (3,625,845 | ) | 790,894 |  |

| Cash generated from operations | 1,755,341 |  | (4,340,035 | ) |

2. | Cash and cash equivalents

| The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 68,286 |  | 22,069 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 22,069 |  | 528,279 |  |

3. | Analysis of changes in net funds

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 22,069 |  | 46,217 |  | 68,286 |  |

22,069 |  | 46,217 |  | 68,286 |  |

| Total | 22,069 |  | 46,217 |  | 68,286 |  |

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | Statutory information

| Sipral UK 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. | Statement of compliance

| 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.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

| Judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty

| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other 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 as follows:

| - Valuation of "Amounts recoverable on long term contracts"

| Revenue recognition

| Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty by including the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. Any anticipated losses on long term contracts are recognised immediately. Excess progress payments are included in creditors as payments on account, however where insufficient progress payments have been made a debtor is recognised as amounts recoverable in relation to long term contracts.

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | Accounting policies - continued

| 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:

| Plant and machinery |  | - 20% straight line |  |

| Computer and office equipment |  | - 25% straight line |  |

| 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.

| Income tax

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | Accounting policies - continued

| Foreign currencies

| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

| Operating leases

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

| Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

| Defined contribution plans

| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

| Provisions

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

| Financial instruments

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | Accounting policies - continued

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. | 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:

| 2024 |  | 2023

£ | £ |

| Construction contracts | 37,402,127 |  | 39,233,156 |  |

37,402,127 |  | 39,233,156 |  |

| At the year end the company had £9,586,293 (2023 - £13,828,788) gross amount due from customers for contract work and included as an asset within debtors (including both trade debtors, retentions and amounts owed on long term contracts).

5. | Employees and directors

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 804,432 |  | 712,172 |  |

| Social security costs | 111,944 |  | 100,395 |  |

| Other pension costs | 24,712 |  | 25,383 |  |

941,088 |  | 837,950 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Production staff | 6 |  | 6 |  |

| Administrative staff | 5 |  | 4 |  |

11 |  | 10 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 276,875 |  | 47,592 |  |

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

| Money purchase schemes | 3 |  | 1 |  |

| Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

| 2024 |

£ |  |

| Emoluments etc | 139,767 |  |

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | Operating profit

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

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 37,744 |  | 19,515 |  |

| Depreciation - owned assets | 483 |  | 548 |  |

| Auditors' remuneration | 31,500 |  | 47,500 |  |

| Foreign exchange differences | 1,066 |  | (274 | ) |

7. | Interest payable and similar expenses |

| 2024 |  | 2023

£ | £ |

| Interest on late payment of PAYE and CIS | 1,814 |  | 1,513 |  |

8. | Taxation

| Analysis of the tax charge

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

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 84,525 |  | - |  |

| Deferred tax | 69,854 |  | 238,134 |  |

| Tax on profit | 154,379 |  | 238,134 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 605,778 |  | 1,337,818 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 151,445 |  | 334,455 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,934 |  | 3,185 |  |

| Adjustments to tax charge in respect of increase in corporation tax rates | - |  | (99,506 | ) |

| Total tax charge | 154,379 |  | 238,134 |  |

9. | Employee benefits

| Defined contribution plans

| The amount recognised in the profit and loss as an expense in relation to defined contribution plans was £24,712 (2023 - £25,383).

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | Tangible fixed assets

| Computer |

| and |

| Plant and |  | office |

| machinery |  | equipment |  | Totals

£ | £ | £ |

| Cost

| At 1 January 2024 | 1,032 |  | 14,541 |  | 15,573 |  |

| Additions | - |  | 1,108 |  | 1,108 |  |

| Disposals | - |  | (1,168 | ) | (1,168 | ) |

| At 31 December 2024 | 1,032 |  | 14,481 |  | 15,513 |  |

| Depreciation

| At 1 January 2024 | 826 |  | 14,541 |  | 15,367 |  |

| Charge for year | 206 |  | 277 |  | 483 |  |

| Eliminated on disposal | - |  | (1,168 | ) | (1,168 | ) |

| At 31 December 2024 | 1,032 |  | 13,650 |  | 14,682 |  |

| Net book value

| At 31 December 2024 | - |  | 831 |  | 831 |  |

| At 31 December 2023 | 206 |  | - |  | 206 |  |

11. | Debtors: amounts falling due within one year |

2024 | 2023 |

£ | £ |

| Trade debtors | 3,433,901 |  | 2,376,948 |  |

| Trade debtors - Retentions | 4,895,890 |  | 3,474,018 |  |

| Amounts recoverable on long term contracts | 1,256,502 |  | 7,977,822 |  |

| Other debtors | 1,659 |  | 1,659 |  |

| Corporation tax | 10,821 |  | 10,821 |  |

| VAT | 53,700 |  | 57,828 |  |

| Deferred tax asset | 100 |  | 69,954 |  |

| Prepayments | 77,472 |  | 604,050 |  |

9,730,045 |  | 14,573,100 |  |

| Deferred tax asset

2024 | 2023 |

£ | £ |

| Deferred tax | 69,954 |  | 308,088 |  |

| Deferred tax movement | (69,854 | ) | (238,134 | ) |

100 |  | 69,954 |  |

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | Cash at bank and in hand

| CSOB holds a charge over the rights, title, interest and benefits that Sipral UK Limited have on the current contract between the company, as trade creditor, and EcoWorld - Ballymore Arrowhead Quay Company Limited as employer (known as The Wardian Project).

| Ceská sporitelna, A.S. holds a charge over the rights, title, interest and benefits that Sipral UK Limited have on the current contract between the company, as trade creditor, and Renaker Build Limited as employer (known as The Crown Street Project).

13. | Creditors: amounts falling due within one year |

2024 | 2023 |

£ | £ |

| Trade creditors | 310,878 |  | 1,171,971 |  |

| Amounts owed to group undertakings | 3,942,432 |  | 5,648,724 |  |

| Corporation tax | 84,525 |  | - |  |

| Social security and other taxes | 39,032 |  | 23,964 |  |

| Net wages | 38,629 |  | 30,819 |  |

| Other creditors | 423,274 |  | 650,163 |  |

| Accruals | 444,742 |  | 495,270 |  |

| Deferred income | 1,579,819 |  | 4,090,032 |  |

6,863,331 |  | 12,110,943 |  |

14. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 100,178 |  | 125,870 |  |

| Between one and five years | 40,762 |  | 258,217 |  |

140,940 |  | 384,087 |  |

15. | Deferred tax

£ |

| Balance at 1 January 2024 | (69,954 | ) |

| Charge to Income statement during year | 69,854 |  |

| Balance at 31 December 2024 | (100 | ) |

16. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 2,750,000 | Ordinary | £1 | 2,750,000 |  | 2,750,000 |  |

| During the 2023 financial year, 1,750,000 shares of £1 each were issued to increase the share capital of the company. The consideration received in this respect was £1,750,000 of trade debt converted to share capital.

Sipral UK Limited (Registered number: 05677591)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

17. | Reserves

| Retained

| earnings

£ |

| At 1 January 2024 | (265,568 | ) |

| Profit for the year | 451,399 |  |

| At 31 December 2024 | 185,831 |  |

18. | Directors' advances, credits and guarantees

| The balance due to Sipral UK Limited from Mr L Bares at the balance sheet date was £1,659 (2023 - £1,659). Mr L Bares ceased to be the company director on 31st October 2017 but remains the managing director and majority shareholder in the ultimate parent company LBSH Holding A.S.

19. | Related party disclosures

| Other related parties |

| The company was under the control of L Bares throughout the current and previous year. L Bares is the ultimate owner via his 100% shareholding in the ultimate parent company within the group; LBSH Holding A.S.

| At the year end the company owed £3,942,432 (2023 - £5,648,724) to its immediate parent company; Sipral A.S. The balance relates to trading activities and is repayable on demand.

20. | Controlling party

| Sipral UK Limited is 100% owned by Sipral A.S, a company registered in the Czech Republic, which in turn is 100% owned by LBSH Holding A.S, a company also registered in the Czech Republic.

| Mr L Bares is the 100% shareholder of LBSH Holding A.S.

| The ultimate controlling party of Sipral UK Limited is Mr L Bares by virtue of his 100% shareholding in LBSH Holding A.S

| Copies of the group accounts can be obtained from the parent company's registered office at Trebohosticka 3165/5a, 100 00 Praha 10, Ceska Republika.