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REGISTERED NUMBER: 02107615 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Service Metals (South) Limited

| Service Metals (South) Limited (Registered number: 02107615) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Balance Sheet | 1 |

| Notes to the Financial Statements | 3 |

| Service Metals (South) Limited (Registered number: 02107615) |

Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 220,814 |  | 216,526 |  |

CURRENT ASSETS

Stocks | 718,483 |  | 775,718 |  |

Debtors | 5 | 1,222,676 |  | 1,527,239 |  |

Cash at bank and in hand | 952,435 |  | 1,108,790 |  |

2,893,594 |  | 3,411,747 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,375,078 |  | 2,276,268 |  |

NET CURRENT ASSETS | 1,518,516 |  | 1,135,479 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,739,330 |  | 1,352,005 |  |

PROVISIONS FOR LIABILITIES | 45,120 |  | 41,834 |  |

NET ASSETS | 1,694,210 |  | 1,310,171 |  |

CAPITAL AND RESERVES

Called up share capital | 8,650 |  | 8,650 |  |

Capital redemption reserve | 1,350 |  | 1,350 |  |

Retained earnings | 1,684,210 |  | 1,300,171 |  |

SHAREHOLDERS' FUNDS | 1,694,210 |  | 1,310,171 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Service Metals (South) Limited (Registered number: 02107615) |

Balance Sheet - continued

31 December 2024

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

J M Winn - Director

| Service Metals (South) Limited (Registered number: 02107615) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Service Metals (South) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 02107615

| Registered office: | Howley Park Industrial Estate

| Howley Park Road East

| Morley

| West Yorkshire

| LS27 0BN

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The company has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

| Turnover

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

| Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

| Tangible fixed assets

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

| Plant and machinery | - | 25% on reducing balance and 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

| At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

| Stocks

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

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

| Service Metals (South) Limited (Registered number: 02107615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| Debtors

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

| Creditors

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 17 (2023 - 17 ) .

| Service Metals (South) Limited (Registered number: 02107615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 104,654 |  | 495,304 |  | 599,958 |  |

| Additions | - |  | 82,170 |  | 82,170 |  |

| Disposals | - |  | (46,219 | ) | (46,219 | ) |

| At 31 December 2024 | 104,654 |  | 531,255 |  | 635,909 |  |

| DEPRECIATION

| At 1 January 2024 | 99,217 |  | 284,215 |  | 383,432 |  |

| Charge for year | 1,097 |  | 72,158 |  | 73,255 |  |

| Eliminated on disposal | - |  | (41,592 | ) | (41,592 | ) |

| At 31 December 2024 | 100,314 |  | 314,781 |  | 415,095 |  |

| NET BOOK VALUE

| At 31 December 2024 | 4,340 |  | 216,474 |  | 220,814 |  |

| At 31 December 2023 | 5,437 |  | 211,089 |  | 216,526 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 653,541 |  | 992,575 |  |

| Amounts owed by related companies | 500,000 |  | 500,000 |  |

| Prepayments | 69,135 |  | 34,664 |  |

1,222,676 |  | 1,527,239 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 671,211 |  | 1,169,154 |  |

| Tax | 124,727 |  | 60,365 |  |

| Social security and other taxes | 15,788 |  | 17,613 |  |

| VAT | 61,698 |  | 84,412 |  |

| Directors' current accounts | 137,500 |  | 187,000 |  |

| Accrued expenses | 364,154 |  | 757,724 |  |

1,375,078 |  | 2,276,268 |  |

| Service Metals (South) Limited (Registered number: 02107615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.24 |  | 31.12.23

£ | £ |

| There is a cross guarantee in connection with the banking facilities of all related and group companies as follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited, Service Metals Painting & Fabrications Limited, Switchblade Metals Limited, J B Components Limited, Service Metals (Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is £3,000,000 at the date of producing these financial accounts. In addition the company also have a debenture on all assets of the company dated 28/10/1992.

| Hire purchase balances are secured against the assets to which they relate.

8. | RELATED PARTY DISCLOSURES

| There was an interest free loan made to a related company Service Metals (Midlands) Limited. The loan was made on an interest free basis and the amount outstanding at the year end was £500,000 (2024) - (2023 - £500,000).

| The directors Mr J M Winn and Mr G P Wilson made an interest free loan to the company in the year, the balance outstanding at the year end was £137,500 (2024) - £187,000 (2023).