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REGISTERED NUMBER: 04128539 (England and Wales)

| STRATEGIC REPORT, DIRECTORS' REPORT AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| CABLE AND SPLICING SERVICES LIMITED |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Directors' Report | 4 |

| Directors' Responsibilities Statement | 5 |

| Independent Auditors' Report | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| CABLE AND SPLICING SERVICES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | M A McKinney

| A M Sargent

| REGISTERED OFFICE: | Unit 1, Glebe Farm

| Wolverton Road

| Snitterfield

| Warwickshire

| CV37 0HB

| REGISTERED NUMBER: | 04128539 (England and Wales)

| INDEPENDENT AUDITORS: | Armstrongs Accountancy Ltd

| Chartered Accountants and Statutory Auditor

| 1 & 2 Mercia Village

| Torwood Close

| Westwood Business Park

| Coventry

| West Midlands

| CV4 8HX

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITIES

The company provides a broad range of field-based telecommunication services to the UK Communication Service Providers (CSP's). Our daily tasking sees the company's field operatives located across whole of the UK supporting fibre, copper and related light civils works on both legacy fibre and copper networks. We are one of the key suppliers into the UK's new and modern fibre projects.

FAIR REVIEW OF BUSINESS

Market Context and Trading Environment

The telecommunications market in early 2024 continued to change quickly. There was further consolidation among small and medium-sized alternative network providers (AltNets) and acquisitions by larger operators. These structural changes caused many companies to slow or pause their building activities while reevaluating their strategic priorities. This led to lower build volumes across the sector and put pressure on profitability in the first half of the year.

At the same time, investors in network infrastructure looked for higher returns on their capital. This shift led to a greater focus on customer connection activities instead of just network expansion.

Group Performance

In response, CASS took clear steps to protect its financial position. During Q2, it implemented strategic cost-control measures to maintain strong liquidity, reduce profit loss, and ensure operational readiness for a market recovery.

By June 2024, activity levels started to improve, aided by a new strategic build partnership in the Midlands. This partnership led to a stronger second half, with significant growth in the customer connections market. Building on investments made in 2023, CASS attracted new customers and was completing over 3,000 installations per month by year-end.

Customer connections are now a key strength of the business, supported by a team of skilled engineers and an experienced back-office function. Continued investment in early 2025, which includes substantial increases in engineering and operational capacity, positions the Group to meet rising demand.

Strategic Framework - The 3Es

The Group's strategy is driven by its "3Es" framework:

Engagement - High colleague engagement, supported by more investment in training, development, and upskilling across all areas.

Efficiency - Ongoing investment in IT infrastructure and process improvements leads to measurable productivity and service quality gains.

Engineers - Improved satisfaction, earnings, retention, and output, with better quality assurance and safety records.

Diversification and Growth Opportunities

As part of its strategy to diversify revenue streams, CASS entered the solar farm sector in late 2024 through a partnership with a leading UK operator. In early 2025, it began remedial work on storm-damaged solar sites, with full-scale new-build projects expected to start during the year.

To support this growth, a specialised solar training facility has been set up within the CASS Training Academy. This facility enables the creation of a top-notch accreditation program for solar engineers. Progress continues in the electric vehicle (EV) infrastructure market, bolstered by a partnership with an established supplier that brings the skills and expertise needed for upcoming EV projects.

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks affecting the business include:

Market consolidation

The possibility of further mergers and acquisitions impacting build volumes which may impact the group by reduction in installation volumes, loss of contracts, competitive pricing pressures.

Economic conditions

Inflationary pressures on material and labour costs.

Regulatory change

Changing telecoms and energy infrastructure regulations.

Supply chain disruption

The risk of delays in critical component deliveries.

Mitigation measures include maintaining a flexible cost base, diversifying sector exposure, securing long-term supplier relationships, and ongoing regulatory monitoring.

PERFORMANCE IN THE YEAR

The company performance is monitored by review of key financial indicators, including but not limited to;

| 2024 |  | 2023 |

| £ |  | £ |

Turnover |  | 16,273 |  | 18,490 |

Gross profit |  | 18,490 |  | 7,712 |

Profit before taxation & exceptional items |  | 1,135 |  | 2,954 |

ON BEHALF OF THE BOARD:

M A McKinney - Director

2 September 2025

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

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.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 160,000 .

FUTURE DEVELOPMENTS

These are referred to in the Company strategic report on page 3.

DIRECTOR

M A McKinney 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:

A M Sargent was appointed as a director after 31 December 2024 but prior to the date of this report.

The beneficial interest of the director holding office at 31 December 2024 in the shares of the company, according to the register of directors' interests, was as follows:

| 31.12.24 |  | 1.1.24

Ordinary shares of £1 each | - |  | 76 |  |

He did not hold any non-beneficial interests in the shares of the company.

POLITICAL DONATIONS AND EXPENDITURE

The company has not made any political donations or incurred any political expenditure during the year.

FINANCIAL RISK MANAGEMENT

The company operations are exposed to a variety of financial risks which are referred to in the company strategic report on page 3.

GOING CONCERN

The director has made an assessment of the company's ability to continue as a going concern and is satisfied that the company has the resources to continue in business for the foreseeable future. Furthermore, the director is not aware of material uncertainties that may cast significant doubt upon the company's ability to continue as going concern. Therefore, the financial statements are prepared on going concern basis.

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.

AUDITORS

The auditors, Armstrongs Accountancy Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M A McKinney - Director

2 September 2025

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director is responsible for preparing the Strategic Report, Directors' 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 Accounting Standards and applicable law (United Kingdom Generally Accepted Accounting Practice ), including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Under company law the director 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 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 judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards, including FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- notify its shareholders in writing about the use of disclosure exemptions, if any, of FRS102 used in the preparation of financial statements; and

- 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

CABLE AND SPLICING SERVICES LIMITED

Opinion

We have audited the financial statements of Cable And Splicing Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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 December 2024 and of its loss 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.

Report on other information

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

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

CABLE AND SPLICING SERVICES 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 Directors' Responsibilities Statement set out on page five, 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Enquiry with management, those charged with governance around actual and potential litigation and claims;

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Performing audit work over the risk of understatement of turnover including analytical review and obtaining corroborated explanations from management.

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

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

CABLE AND SPLICING SERVICES LIMITED

Use of our report

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

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Armstrongs Accountancy Ltd

Chartered Accountants and Statutory Auditor

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

2 September 2025

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 16,272,960 |  | 18,490,475 |  |

Cost of sales | 10,599,029 |  | 10,778,029 |  |

GROSS PROFIT | 5,673,931 |  | 7,712,446 |  |

Administrative expenses | 6,059,518 |  | 4,863,177 |  |

OPERATING (LOSS)/PROFIT | (385,587 | ) | 2,849,269 |  |

Interest receivable and similar income | 213,878 |  | 110,539 |  |

(171,709 | ) | 2,959,808 |  |

Interest payable and similar expenses | 5 | 6,173 |  | 5,871 |  |

(LOSS)/PROFIT BEFORE TAXATION | 6 | (177,882 | ) | 2,953,937 |  |

Tax on (loss)/profit | 7 | 285,503 |  | 62,840 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (463,385 | ) | 2,891,097 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (463,385 | ) | 2,891,097 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (463,385 | ) | 2,891,097 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,314,146 |  | 1,248,640 |  |

Investments | 10 | 100 |  | - |  |

1,314,246 |  | 1,248,640 |  |

CURRENT ASSETS

Stocks | 11 | 681,400 |  | 1,221,855 |  |

Debtors | 12 | 10,982,983 |  | 3,953,389 |  |

Cash at bank and in hand | 1,003,175 |  | 8,184,275 |  |

12,667,558 |  | 13,359,519 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,617,601 |  | 2,661,031 |  |

NET CURRENT ASSETS | 10,049,957 |  | 10,698,488 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,364,203 |  | 11,947,128 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (72,690 | ) | (51,424 | ) |

PROVISIONS FOR LIABILITIES | 17 | (202,786 | ) | (183,592 | ) |

NET ASSETS | 11,088,727 |  | 11,712,112 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 76 |  | 76 |  |

Capital redemption reserve | 19 | 24 |  | 24 |  |

Retained earnings | 19 | 11,088,627 |  | 11,712,012 |  |

SHAREHOLDERS' FUNDS | 11,088,727 |  | 11,712,112 |  |

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:

M A McKinney - Director

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 76 |  | 8,985,915 |  | 24 |  | 8,986,015 |  |

Changes in equity

Dividends | - |  | (165,000 | ) | - |  | (165,000 | ) |

Total comprehensive income | - |  | 2,891,097 |  | - |  | 2,891,097 |  |

Balance at 31 December 2023 | 76 |  | 11,712,012 |  | 24 |  | 11,712,112 |  |

Changes in equity

Dividends | - |  | (160,000 | ) | - |  | (160,000 | ) |

Total comprehensive income | - |  | (463,385 | ) | - |  | (463,385 | ) |

Balance at 31 December 2024 | 76 |  | 11,088,627 |  | 24 |  | 11,088,727 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (172,313 | ) | 4,339,661 |  |

Interest paid | (159 | ) | (135 | ) |

Interest element of hire purchase payments paid | (6,014 | ) | (5,736 | ) |

Tax paid | (358,241 | ) | 115,491 |  |

Net cash from operating activities | (536,727 | ) | 4,449,281 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (427,007 | ) | (121,714 | ) |

Purchase of fixed asset investments | (100 | ) | - |  |

Sale of tangible fixed assets | 117,442 |  | 113,103 |  |

Interest received | 213,878 |  | 110,539 |  |

Net cash from investing activities | (95,787 | ) | 101,928 |  |

Cash flows from financing activities

New loans in year | (1,313,004 | ) | - |  |

Capital repayments in year | 27,318 |  | (8,900 | ) |

Amount introduced by director | 160,079 |  | 165,000 |  |

Amount withdrawn by director | (160,479 | ) | (144,705 | ) |

Amounts owed by group undertakings | (5,102,500 | ) | - |  |

Equity dividends paid | (160,000 | ) | (165,000 | ) |

Net cash from financing activities | (6,548,586 | ) | (153,605 | ) |

(Decrease)/increase in cash and cash equivalents | (7,181,100 | ) | 4,397,604 |  |

Cash and cash equivalents at beginning of year | 2 | 8,184,275 |  | 3,786,671 |  |

Cash and cash equivalents at end of year | 2 | 1,003,175 |  | 8,184,275 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before taxation | (177,882 | ) | 2,953,937 |  |

| Depreciation charges | 246,838 |  | 289,604 |  |

| Profit on disposal of fixed assets | (2,780 | ) | (40,502 | ) |

| Loss on revaluation of fixed assets | 1,313,004 |  | - |  |

| Finance costs | 6,173 |  | 5,871 |  |

| Finance income | (213,878 | ) | (110,539 | ) |

1,171,475 |  | 3,098,371 |  |

| Decrease in stocks | 540,455 |  | 391,852 |  |

| (Increase)/decrease in trade and other debtors | (1,927,094 | ) | 226,534 |  |

| Increase in trade and other creditors | 42,851 |  | 622,904 |  |

| Cash generated from operations | (172,313 | ) | 4,339,661 |  |

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 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,003,175 |  | 8,184,275 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 8,184,275 |  | 3,786,671 |  |

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 | 8,184,275 |  | (7,181,100 | ) | 1,003,175 |  |

8,184,275 |  | (7,181,100 | ) | 1,003,175 |  |

| Debt

| Finance leases | (56,206 | ) | (27,318 | ) | (83,524 | ) |

(56,206 | ) | (27,318 | ) | (83,524 | ) |

| Total | 8,128,069 |  | (7,208,418 | ) | 919,651 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Cable And Splicing Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

| 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

| The director has made an assessment of the company's ability to continue as a going concern and is satisfied that the company has the resources to continue in business for the foreseeable future. Furthermore, the director is not aware of material uncertainties that may cast significant doubt upon the company's ability to continue as going concern. Therefore, the financial statements are prepared on going concern basis.

| Preparation of consolidated financial statements

| The financial statements contain information about Cable And Splicing Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Cable and Splicing Services Trustees Ltd, .

| Turnover

| Rendering of services

| Revenue from contracts to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; the costs incurred and cost to complete the contract can be measured reliably.

| Interest income

| Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold | - | 3% on reducing balance

| Plant and machinery | - | 25% on reducing balance and Straight line over 10 years

| Fixtures and fittings | - | 25% on reducing balance and 10% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| At each reporting end date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss

| Work in progress

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

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

| Work in progress comprises work-completed or measured parts thereof not yet invoiced to customers and is stated after making due allowance for irrecoverable amounts. Profit on contracting activities is taken as work progresses, unless a more conservative approach is necessary. The percentage margin on each individual contract is the lower of margin earned to date and that forecast completion, taking into account of agreed claims. Profit for the period includes settlement of claims arising on completed contracts with a provision made for notified claims during the period where further work is required.

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Company only enters into basic fìnancial instrument transactions that result in the recognition of financial assets and liabilities like trade and other deb.tors and creditors, loans from banks and other third parties and loans to related parties.

| Debt instruments (other than those wholly repayable or receivable within one yëar), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| 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 the Statement of Comprehensive Income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest ra"te. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

| Taxation

| 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 balance sheet date.

| Deferred tax

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

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

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware if the obligation, and are measured at the best estimate at the Balance Sheet date of the.expenditure required to settle the obligation, taking into 'account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

| Hire purchase and leasing commitments

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

| 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.

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Judgements and accounting estimates

| In the application of the accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period in the period of the revision and future periods if the revision affects both current and future periods.

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

| Useful economic lives of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical conditions of the tangible assets.

| Stocks and work in progress

| The stocks require assessment of the cost of recoverability and the associated provisions. When calculating those provisions management considers the nature and condition of the goods as well as applying assumptions around anticipated saleability of the goods.

| Amounts recoverable on contracts

| Amounts recoverable on contracts are valued at the amount expected to be recovered at balance sheet date with detailed post year end analysis understaken to ensure the fair value of this accrued income.

| Impairment of debtors

| The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3. | TURNOVER

| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 16,272,960 |  | 18,490,475 |  |

16,272,960 |  | 18,490,475 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,082,229 |  | 2,964,637 |  |

| Social security costs | 293,407 |  | 270,037 |  |

| Other pension costs | 57,815 |  | 51,599 |  |

3,433,451 |  | 3,286,273 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2024 |  | 2023

| Office & Management | 80 |  | 76 |  |

| Directors | 2 |  | 1 |  |

82 |  | 77 |  |

| 2024 |  | 2023

£ | £ |

| Director's remuneration | 50,317 |  | 20,000 |  |

| Director's excess retirement benefits | 60,000 |  | 140,000 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 159 |  | 135 |  |

| Hire purchase | 6,014 |  | 5,736 |  |

6,173 |  | 5,871 |  |

6. | (LOSS)/PROFIT BEFORE TAXATION

| The loss (2023 - profit) is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 13,916 |  | 51,801 |  |

| Other operating leases | 17,833 |  | 9,867 |  |

| Depreciation - owned assets | 246,839 |  | 289,604 |  |

| Profit on disposal of fixed assets | (2,780 | ) | (40,502 | ) |

| Auditors' remuneration | 16,250 |  | 22,845 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 266,308 |  | 38,513 |  |

| Deferred tax | 19,195 |  | 24,327 |  |

| Tax on (loss)/profit | 285,503 |  | 62,840 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION - continued

| 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

£ | £ |

| (Loss)/profit before tax | (177,882 | ) | 2,953,937 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (44,471 | ) | 694,766 |  |

| Effects of:

| Expenses not deductible for tax purposes | 328,252 |  | - |  |

| Depreciation in excess of capital allowances | 1,722 |  | 24,274 |  |

| Utilisation of tax losses | - |  | (360,798 | ) |

| Research and Development Claims 2021 & 2022 | - |  | (319,728 | ) |

| Deferred tax | - |  | 24,326 |  |

| Total tax charge | 285,503 |  | 62,840 |  |

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Interim | 160,000 |  | 165,000 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures

| Long |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2024 | 386,659 |  | 1,464,985 |  | 199,979 |  |

| Additions | - |  | 219,952 |  | 8,880 |  |

| Disposals | - |  | (12,480 | ) | - |  |

| At 31 December 2024 | 386,659 |  | 1,672,457 |  | 208,859 |  |

| DEPRECIATION

| At 1 January 2024 | 41,274 |  | 1,095,649 |  | 153,309 |  |

| Charge for year | 10,682 |  | 110,700 |  | 9,646 |  |

| Eliminated on disposal | - |  | (6,986 | ) | - |  |

| At 31 December 2024 | 51,956 |  | 1,199,363 |  | 162,955 |  |

| NET BOOK VALUE

| At 31 December 2024 | 334,703 |  | 473,094 |  | 45,904 |  |

| At 31 December 2023 | 345,385 |  | 369,336 |  | 46,670 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 1,857,450 |  | 14,532 |  | 3,923,605 |  |

| Additions | 87,708 |  | 110,467 |  | 427,007 |  |

| Disposals | (490,556 | ) | - |  | (503,036 | ) |

| At 31 December 2024 | 1,454,602 |  | 124,999 |  | 3,847,576 |  |

| DEPRECIATION

| At 1 January 2024 | 1,377,845 |  | 6,888 |  | 2,674,965 |  |

| Charge for year | 109,605 |  | 6,206 |  | 246,839 |  |

| Eliminated on disposal | (381,388 | ) | - |  | (388,374 | ) |

| At 31 December 2024 | 1,106,062 |  | 13,094 |  | 2,533,430 |  |

| NET BOOK VALUE

| At 31 December 2024 | 348,540 |  | 111,905 |  | 1,314,146 |  |

| At 31 December 2023 | 479,605 |  | 7,644 |  | 1,248,640 |  |

| Included in motor vehicles is an asset held under a HP agreement, the net book value of the asset at 31st December 2024 is £83,524 (2023: £52,908)

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 100 |  |

| At 31 December 2024 | 100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 100 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| VIACASS Connections Ltd

| Registered office:

| Nature of business: Manufacturing and install of Electrical Eq.

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The company was dormant during the period.

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | STOCKS

2024 | 2023 |

£ | £ |

| Raw materials | 257,809 |  | 288,141 |  |

| Work-in-progress | 423,591 |  | 933,714 |  |

681,400 |  | 1,221,855 |  |

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

2024 | 2023 |

£ | £ |

| Trade debtors | 4,680,791 |  | 2,745,474 |  |

| Amounts owed by group undertakings | 5,102,500 |  | - |  |

| Other debtors | 1,028,674 |  | 848,510 |  |

| Corporation tax | - |  | 149,218 |  |

| Prepayments | 171,018 |  | 210,187 |  |

10,982,983 |  | 3,953,389 |  |

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

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 10,834 |  | 4,782 |  |

| Trade creditors | 1,334,618 |  | 1,291,796 |  |

| Corporation tax | 266,308 |  | 358,241 |  |

| Social security and other taxes | 240,741 |  | 231,797 |  |

| VAT | 724,676 |  | 738,790 |  |

| Directors' current accounts | 1,864 |  | 2,264 |  |

| Accrued expenses | 38,560 |  | 33,361 |  |

2,617,601 |  | 2,661,031 |  |

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

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 72,690 |  | 51,424 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 10,834 |  | 4,782 |  |

| Between one and five years | 72,690 |  | 51,424 |  |

83,524 |  | 56,206 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

15. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 83,244 |  | 84,449 |  |

| Between one and five years | 164,196 |  | 163,036 |  |

| In more than five years | 220,400 |  | 232,000 |  |

467,840 |  | 479,485 |  |

16. | SECURED DEBTS

| Lloyds Bank Plc holds a fixed and floating charge dated 2 December 2019 over the present and future assets of the Company.

17. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 202,786 |  | 183,592 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 183,592 |  |

| Accelerated capital allowances | 19,194 |  |

| Balance at 31 December 2024 | 202,786 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 76 | Ordinary | £1 | 76 |  | 76 |  |

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 11,712,012 |  | 24 |  | 11,712,036 |  |

| Deficit for the year | (463,385 | ) | (463,385 | ) |

| Dividends | (160,000 | ) | (160,000 | ) |

| At 31 December 2024 | 11,088,627 |  | 24 |  | 11,088,651 |  |

CABLE AND SPLICING SERVICES LIMITED (REGISTERED NUMBER: 04128539) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 | 2023 |

£ | £ |

| M A McKinney

| Balance outstanding at start of year | (2,264 | ) | 18,031 |  |

| Amounts advanced | 160,400 |  | 144,705 |  |

| Amounts repaid | (160,000 | ) | (165,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (1,864 | ) | (2,264 | ) |

21. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

2024 | 2023 |

£ | £ |

| Rent payable | 42,000 |  | 42,000 |  |

| Amount due from related party | 7,269,272 |  | 758,963 |  |

22. | ULTIMATE CONTROLLING PARTY

| The controlling party is Cable and Splicing Services Trustees Limited.

| The company is controlled by the trustees of the Cable and Splicing Services Trustees Limited (An Employee Ownership Trust) which holds 100% of the issued share capital of the company. There is no ultimate single controlling party.