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REGISTERED NUMBER: 02460613 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MAY 2025 |

| FOR |

| PAUL EARL LIMITED |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

PAUL EARL LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | D R Moore

| Mr W P B Moore

| Mrs K B Coade

| C J Foote

| L J Matthews

| REGISTERED OFFICE: | Moore House

| Albourne Court

| Henfield Road

| Albourne

| West Sussex

| BN6 9FF

| REGISTERED NUMBER: | 02460613 (England and Wales)

| AUDITORS: | Watson Associates (Audit Services) Ltd

| Statutory Auditor

| 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

The directors present their strategic report for the year ended 31 May 2025.

REVIEW OF BUSINESS

Paul Earl Limited is a well-established Design and Build Electrical Installations Contractor with a strong reputation for quality and reliability. The company operates across a broad range of sectors, including retail, entertainment, education, healthcare, banking, and commercial office fit-outs. Our diverse portfolio and sector spread provide resilience against market fluctuations, while our continued success in securing repeat business and long-term framework agreements underlines the strength of our client relationships and service delivery.

For the year ended 31 May 2025, the company delivered electrical services on a range of high-profile projects for a number of well-known, blue-chip organisations across various sectors. These projects were delivered either directly or through established partnerships with leading main contractors. This performance reflects both the company's strong operational capabilities and its ability to maintain a healthy and sustainable pipeline through a competitive and efficient bid process.

Subsequent to the year end, a management buyout was completed, enabling two longstanding shareholders, RK Moore and LA Moore, to retire from the business after 35 years of ownership. The buyout was undertaken by existing shareholders, including the current Managing Director, DR Moore. As a result, there has been no change in leadership or the strategic direction of the company. The transaction was funded entirely through existing cash reserves held within the business, and no additional external borrowing was required to complete the process.

The new management team are excited about their future plans for the company and are committed to building on the strong foundations established over the past three decades. They would also like to take this opportunity to sincerely thank RK Moore and LA Moore for their dedication and contribution to the business and wish them the very best in their retirement.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in the construction industry and is subject to significant government regulation including stringent laws relating to health and safety.

Like every business, our management team is regularly monitoring our risk profile and provides clear guidelines and assurances that all social, legal and health and safety responsibilities are adhered to.

In 2020 the directors made the decision to take out trade credit insurance on all of our clients to ensure that the business is fully protected moving forward from the risk of bad debts.

FINANCIAL KEY PERFORMANCE INDICATORS

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

| 2025 |  |  | 2024 |

| £ |  |  | £ |

Turnover |  |  | 29,820,989 |  |  | 20,494,115 |

Profit before taxation |  |  | 4,190,573 |  |  | 1,536,319 |

Net assets |  |  | 5,057,234 |  |  | 2,994,554 |

EBITDA |  |  | 4,473,749 |  |  | 1,782,642 |

Turnover for 2025 shows an increase of £9.32m (45.51%). The gross profit margin expressed as a percentage has increased to 23.47% from 19.72% in the previous year. The net profit margin has increased to 14.05% compared to 7.50% last year.

DEVELOPMENT AND PERFORMANCE

The company has continued trading well after the year end with turnover increasing and the net profit margin remaining relatively consistent.

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

FURTHER BUSINESS REVIEW AND RISKS

The liquidity of the company remains strong and additional financing measures have not been required and are not considered necessary. The balance sheet remains positive.

The company has a good forward order book and order pipeline and will be in a strong position to maintain market share and contracts with key customers.

ON BEHALF OF THE BOARD:

D R Moore - Director

2 September 2025

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of electrical and mechanical contracting and design.

DIVIDENDS

The total distribution of dividends for the year ended 31 May 2025 will be £1,083,650.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

D R Moore

Mr W P B Moore

Mrs K B Coade

C J Foote

L J Matthews

Other changes in directors holding office are as follows:

R K Moore and Mrs L A Moore ceased to be directors after 31 May 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D R Moore - Director

2 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAUL EARL LIMITED

Opinion

We have audited the financial statements of Paul Earl Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 May 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 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAUL EARL 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 Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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.

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:

- enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters;

- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;

- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off

- identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users;

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PAUL EARL LIMITED

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.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

2 September 2025

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 29,820,989 |  | 20,494,115 |  |

Cost of sales | (22,822,008 | ) | (16,452,636 | ) |

GROSS PROFIT | 6,998,981 |  | 4,041,479 |  |

Administrative expenses | (2,825,881 | ) | (2,499,031 | ) |

OPERATING PROFIT | 5 | 4,173,100 |  | 1,542,448 |  |

Interest receivable and similar income | 38,548 |  | 12,404 |  |

4,211,648 |  | 1,554,852 |  |

Interest payable and similar expenses | 6 | (21,075 | ) | (18,533 | ) |

PROFIT BEFORE TAXATION | 4,190,573 |  | 1,536,319 |  |

Tax on profit | 7 | (1,037,299 | ) | (401,086 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,153,274 |  | 1,135,233 |  |

OTHER COMPREHENSIVE |

Income tax relating to other comprehensive | - |  | - |  |

OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,153,274 |  | 1,135,233 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

BALANCE SHEET

31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,323,009 |  | 1,333,689 |  |

CURRENT ASSETS

Debtors | 10 | 7,304,640 |  | 4,080,381 |  |

Cash at bank and in hand | 3,302,459 |  | 1,686,133 |  |

10,607,099 |  | 5,766,514 |  |

CREDITORS

Amounts falling due within one year | 11 | (6,600,759 | ) | (3,779,078 | ) |

NET CURRENT ASSETS | 4,006,340 |  | 1,987,436 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,329,349 |  | 3,321,125 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (74,261 | ) | (167,240 | ) |

PROVISIONS FOR LIABILITIES | 14 | (181,083 | ) | (159,331 | ) |

NET ASSETS | 5,074,005 |  | 2,994,554 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 112,573 |  | 110,450 |  |

Share premium | 16 | 27,279 |  | 17,622 |  |

Capital redemption reserve | 16 | 16,228 |  | 16,228 |  |

Retained earnings | 16 | 4,917,925 |  | 2,850,254 |  |

SHAREHOLDERS' FUNDS | 5,074,005 |  | 2,994,554 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

D R Moore - Director

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 110,166 |  | 2,695,383 |  | 16,031 |  | 16,228 |  | 2,837,808 |  |

Changes in equity

Issue of share capital | 284 |  | - |  | 1,591 |  | - |  | 1,875 |  |

Dividends | - |  | (980,362 | ) | - |  | - |  | (980,362 | ) |

Total comprehensive income | - |  | 1,135,233 |  | - |  | - |  | 1,135,233 |  |

Balance at 31 May 2024 | 110,450 |  | 2,850,254 |  | 17,622 |  | 16,228 |  | 2,994,554 |  |

Changes in equity

Issue of share capital | 2,123 |  | - |  | 9,657 |  | - |  | 11,780 |  |

Dividends | - |  | (1,085,603 | ) | - |  | - |  | (1,085,603 | ) |

Total comprehensive income | - |  | 3,153,274 |  | - |  | - |  | 3,153,274 |  |

Balance at 31 May 2025 | 112,573 |  | 4,917,925 |  | 27,279 |  | 16,228 |  | 5,074,005 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,491,695 |  | 2,387,813 |  |

Interest element of hire purchase payments paid | (21,075 | ) | (18,533 | ) |

Tax paid | (356,897 | ) | (457,868 | ) |

Net cash from operating activities | 3,113,723 |  | 1,911,412 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (347,858 | ) | (521,671 | ) |

Sale of tangible fixed assets | 62,542 |  | 73,391 |  |

Interest received | 38,548 |  | 12,404 |  |

Net cash from investing activities | (246,768 | ) | (435,876 | ) |

Cash flows from financing activities

New HP agreements | 42,295 |  | 356,972 |  |

Capital repayments in year | (253,305 | ) | (272,697 | ) |

Amount introduced by directors | 257,821 |  | 38,680 |  |

Amount withdrawn by directors | (236,558 | ) | (24,335 | ) |

Share issue | 11,780 |  | 1,875 |  |

Equity dividends paid | (1,072,662 | ) | (971,081 | ) |

Net cash from financing activities | (1,250,629 | ) | (870,586 | ) |

Increase in cash and cash equivalents | 1,616,326 |  | 604,950 |  |

Cash and cash equivalents at beginning of year | 2 | 1,686,133 |  | 1,081,183 |  |

Cash and cash equivalents at end of year | 2 | 3,302,459 |  | 1,686,133 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,190,573 |  | 1,536,319 |  |

| Depreciation charges | 300,648 |  | 256,784 |  |

| Profit on disposal of fixed assets | (4,651 | ) | (16,590 | ) |

| Finance costs | 21,075 |  | 18,533 |  |

| Finance income | (38,548 | ) | (12,404 | ) |

4,469,097 |  | 1,782,642 |  |

| Increase in trade and other debtors | (3,224,261 | ) | (106,730 | ) |

| Increase in trade and other creditors | 2,246,859 |  | 711,901 |  |

| Cash generated from operations | 3,491,695 |  | 2,387,813 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 3,302,459 |  | 1,686,133 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 1,686,133 |  | 1,081,183 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.6.24 | Cash flow | At 31.5.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,686,133 |  | 1,616,326 |  | 3,302,459 |  |

1,686,133 |  | 1,616,326 |  | 3,302,459 |  |

| Debt

| Finance leases | (404,837 | ) | 211,010 |  | (193,827 | ) |

(404,837 | ) | 211,010 |  | (193,827 | ) |

| Total | 1,281,296 |  | 1,827,336 |  | 3,108,632 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| Paul Earl 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain assets and liabilities measured at fair value.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

| In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

| Tangible fixed assets

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

| Freehold property | - | not provided

| Plant and machinery | - | 10% on cost and 10% on reducing balance

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 20% on reducing balance

| No provision for depreciation is made in respect of the freehold properties as the directors consider such a charge to be immaterial.

| 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, loans from banks and other third parties, and loans to related parties.

| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| No significant judgements have had to be made by management in preparing these financial statements.

| There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,547,840 |  | 2,190,420 |  |

| Social security costs | 311,378 |  | 261,726 |  |

| Other pension costs | 81,719 |  | 71,155 |  |

2,940,937 |  | 2,523,301 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Directors | 5 |  | 5 |  |

| Cost of sales and Administrative staff | 46 |  | 43 |  |

51 |  | 48 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 93,700 |  | 91,200 |  |

| Directors' pension contributions to money purchase schemes | 4,158 |  | 4,158 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 153,497 |  | 118,666 |  |

| Depreciation - owned assets | 137,249 |  | 96,313 |  |

| Depreciation - assets on hire purchase contracts | 163,398 |  | 160,474 |  |

| Profit on disposal of fixed assets | (4,651 | ) | (16,590 | ) |

| Auditors' remuneration | 20,000 |  | 14,330 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase | 21,075 |  | 18,533 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,030,075 |  | 361,300 |  |

| Prior year CT | (14,528 | ) | (9,486 | ) |

| Total current tax | 1,015,547 |  | 351,814 |  |

| Deferred tax | 21,752 |  | 49,272 |  |

| Tax on profit | 1,037,299 |  | 401,086 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,190,573 |  | 1,536,319 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,047,643 |  | 384,080 |  |

| Effects of:

| Expenses not deductible for tax purposes | 9,469 |  | 13,570 |  |

| Capital allowances in excess of depreciation | (10,266 | ) | (36,350 | ) |

| Deferred Tax | 21,752 |  | 49,272 |  |

| Prior year taxation | (14,528 | ) | (9,486 | ) |

| EMI scheme adjustment | (16,771 | ) | - |  |

| Total tax charge | 1,037,299 |  | 401,086 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Purchase of own shares

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary A to J shares of £1 each

| Interim | 1,085,603 |  | 980,362 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 368,838 |  | 241,407 |  | 152,560 |  | 1,660,381 |  | 2,423,186 |  |

| Additions | - |  | 50,504 |  | 34,062 |  | 263,292 |  | 347,858 |  |

| Disposals | - |  | (40,346 | ) | - |  | (214,727 | ) | (255,073 | ) |

| At 31 May 2025 | 368,838 |  | 251,565 |  | 186,622 |  | 1,708,946 |  | 2,515,971 |  |

| DEPRECIATION

| At 1 June 2024 | 69,246 |  | 144,496 |  | 143,306 |  | 732,449 |  | 1,089,497 |  |

| Charge for year | - |  | 19,763 |  | 2,641 |  | 278,243 |  | 300,647 |  |

| Eliminated on disposal | - |  | (26,705 | ) | - |  | (170,477 | ) | (197,182 | ) |

| At 31 May 2025 | 69,246 |  | 137,554 |  | 145,947 |  | 840,215 |  | 1,192,962 |  |

| NET BOOK VALUE

| At 31 May 2025 | 299,592 |  | 114,011 |  | 40,675 |  | 868,731 |  | 1,323,009 |  |

| At 31 May 2024 | 299,592 |  | 96,911 |  | 9,254 |  | 927,932 |  | 1,333,689 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 June 2024 | 1,180,313 |  |

| Additions | 46,996 |  |

| Disposals | (116,460 | ) |

| At 31 May 2025 | 1,110,849 |  |

| DEPRECIATION

| At 1 June 2024 | 558,111 |  |

| Charge for year | 163,398 |  |

| Eliminated on disposal | (89,928 | ) |

| At 31 May 2025 | 631,581 |  |

| NET BOOK VALUE

| At 31 May 2025 | 479,268 |  |

| At 31 May 2024 | 622,202 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,780,795 |  | 2,024,417 |  |

| Applications applied not yet billed | 2,863,857 |  | 1,759,229 |  |

| Amounts recoverable on contract | 181,177 |  | 142,214 |  |

| Other debtors | 2,202,251 |  | 2,520 |  |

| Directors' current accounts | - |  | 1 |  |

| VAT | 213,054 |  | 78,512 |  |

| Prepayments | 63,506 |  | 73,488 |  |

7,304,640 |  | 4,080,381 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 13) | 119,566 |  | 237,597 |  |

| Trade creditors | 3,706,605 |  | 2,280,874 |  |

| Tax | 869,950 |  | 211,300 |  |

| Social security and other taxes | 112,873 |  | 103,846 |  |

| Proposed dividends | 35,404 |  | 22,463 |  |

| Other creditors | 20,074 |  | 15,462 |  |

| Directors' current accounts | 36,542 |  | 15,280 |  |

| Accrued expenses | 1,699,745 |  | 892,256 |  |

6,600,759 |  | 3,779,078 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 13) | 74,261 |  | 167,240 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 119,566 |  | 237,597 |  |

| Between one and five years | 74,261 |  | 167,240 |  |

193,827 |  | 404,837 |  |

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

13. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 168,739 |  | 133,167 |  |

| Between one and five years | 474,569 |  | 425,743 |  |

| In more than five years | 765,850 |  | 853,144 |  |

1,409,158 |  | 1,412,054 |  |

14. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 159,331 |  | 110,059 |  |

| Other timing differences | 21,752 |  | 49,272 |  |

181,083 |  | 159,331 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 159,331 |  |

| Provided during year | 21,752 |  |

| Balance at 31 May 2025 | 181,083 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 112,573 | Ordinary A to J | £1 | 112,573 |  | 110,450 |  |

16. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 2,850,254 |  | 17,622 |  | 16,228 |  | 2,884,104 |  |

| Profit for the year | 3,153,274 |  | 3,153,274 |  |

| Dividends | (1,085,603 | ) | (1,085,603 | ) |

| Cash share issue | - |  | 9,657 |  | - |  | 9,657 |  |

| At 31 May 2025 | 4,917,925 |  | 27,279 |  | 16,228 |  | 4,961,432 |  |

17. | RELATED PARTY DISCLOSURES

| During the year the company made payments totalling £86,700 (2024: £86,700) for rent of 7, 8 and 9 Albourne Court to a pension scheme, Paul Earl SIPPs, in which three of the directors are beneficiaries. At the year end, £2,202,251 was owed to the company by Paul Earl Holdings Ltd.

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

18. | POST BALANCE SHEET EVENTS

| Subsequent to the year end, on 4th July 2025, all of the company’s issued share capital was acquired by Paul Earl Holdings Limited, making the company a wholly owned subsidiary. This non-adjusting event has not resulted in any changes to these financial statements.