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REGISTERED NUMBER: 03020408 (England and Wales)

| GUARDRAIL ENGINEERING LIMITED |

| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| GUARDRAIL ENGINEERING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | Mr J Nielsen

| Mr P Webster

| SECRETARY: | Mr P G Clarke

| REGISTERED OFFICE: | Unit 4E

| Station Road

| Four Ashes

| Wolverhampton

| West Midlands

| WV10 7DB

| REGISTERED NUMBER: | 03020408 (England and Wales)

| AUDITORS: | Wallace Crooke

| Chartered Accountants

| & Registered Auditors

| Wallace House

| 20 Birmingham Road

| Walsall

| West Midlands

| WS1 2LT

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | 148,259 |  |

CURRENT ASSETS

Stocks | - |  | 262,321 |  |

Debtors | 5 | 1,322,735 |  | 1,066,726 |  |

Cash at bank and in hand | 431,299 |  | 452,082 |  |

1,754,034 |  | 1,781,129 |  |

CREDITORS

Amounts falling due within one year | 6 | 949,389 |  | 749,204 |  |

NET CURRENT ASSETS | 804,645 |  | 1,031,925 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 804,645 |  | 1,180,184 |  |

CREDITORS

Amounts falling due after more than one year | 7 | - |  | (30,689 | ) |

PROVISIONS FOR LIABILITIES | 9 | - |  | (37,064 | ) |

NET ASSETS | 804,645 |  | 1,112,431 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 100 |  | 100 |  |

Retained earnings | 804,545 |  | 1,112,331 |  |

SHAREHOLDER FUNDS | 804,645 |  | 1,112,431 |  |

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:

Mr P Webster - Director

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Guardrail Engineering 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 the provisions of Section 1A "Small Entities" of 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. The financial statements have been prepared on a basis other than going concern on the grounds that the directors have taken the decision to transfer the company's trading activities to another company.

| The company's financial statements are individual entity financial statements.

| The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| 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 is recognised when all the following conditions are satisfied:

| - |  | the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |  |

| - |  | the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |  |

| - |  | the amount of revenue can be measured reliably; |  |

| - |  | it is probable that the economic benefits associated with the transaction will flow to the entity; and |  |

| - |  | the costs incurred or to be incurred in respect of the transaction can be measure reliably. |  |

| Revenue is recognised on despatch, which marks the point when the risks and rewards of ownership are transferred.

| Depreciation

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

| Improvements to property | - | in accordance with the property

| Plant and machinery | - | 20% on cost and 15% on reducing balance

| Fixtures and fittings | - | 20% on cost and 10% on reducing balance

| Equipment | - | 25% on reducing balance and 20% on cost

| Stocks

| Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost has been determined by using the First In First Out method and is based on purchase price.

| Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost has been determined by using the First In First Out method and is based on purchase price plus attributable overheads based on normal level of activity.

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Foreign currencies

| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 24 (2024 - 32 ) .

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 43,317 |  | 821,392 |  | 60,466 |  | 43,155 |  | 968,330 |  |

| Additions | - |  | 209,000 |  | - |  | - |  | 209,000 |  |

| Disposals | (43,317 | ) | (1,030,392 | ) | (60,466 | ) | (43,155 | ) | (1,177,330 | ) |

| At 31 March 2025 | - |  | - |  | - |  | - |  | - |  |

| DEPRECIATION

| At 1 April 2024 | 42,431 |  | 681,325 |  | 60,378 |  | 35,937 |  | 820,071 |  |

| Charge for year | 886 |  | 56,152 |  | 4,663 |  | 4,339 |  | 66,040 |  |

| Eliminated on disposal | (43,317 | ) | (737,477 | ) | (65,041 | ) | (40,276 | ) | (886,111 | ) |

| At 31 March 2025 | - |  | - |  | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | - |  | - |  | - |  | - |  |

| At 31 March 2024 | 886 |  | 140,067 |  | 88 |  | 7,218 |  | 148,259 |  |

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

| Plant and

| machinery

£ |

| COST

| At 1 April 2024 | 145,500 |  |

| Disposals | (145,500 | ) |

| At 31 March 2025 | - |  |

| DEPRECIATION

| At 1 April 2024 | 41,986 |  |

| Eliminated on disposal | (41,986 | ) |

| At 31 March 2025 | - |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | 103,514 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 692,932 |  | 913,986 |  |

| Amounts owed by group undertakings | 613,511 |  | 62,080 |  |

| Other debtors | - |  | 62,700 |  |

| Tax | 13,454 |  | - |  |

| VAT | 2,838 |  | - |  |

| Prepayments and accrued income | - |  | 27,960 |  |

1,322,735 |  | 1,066,726 |  |

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 8) | - |  | 30,569 |  |

| Trade creditors | 336,753 |  | 278,482 |  |

| Amounts owed to group undertakings | 600,000 |  | 200,000 |  |

| Tax | - |  | 109,407 |  |

| VAT | - |  | 79,933 |  |

| Other creditors | 3,636 |  | 6,144 |  |

| Accruals and deferred income | 9,000 |  | 44,669 |  |

949,389 |  | 749,204 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 8) | - |  | 30,689 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 30,569 |  |

| Between one and five years | - |  | 30,689 |  |

- |  | 61,258 |  |

| Non-cancellable | operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 9,154 |  | 70,000 |  |

| Between one and five years | 15,607 |  | 75,833 |  |

24,761 |  | 145,833 |  |

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | - |  | 37,064 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 37,064 |  |

| Credit to Statement of Income and Retained Earnings during year | (37,064 | ) |

| Balance at 31 March 2025 | - |  |

GUARDRAIL ENGINEERING LIMITED (REGISTERED NUMBER: 03020408) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Martin Jones FCA (Senior Statutory Auditor)

| for and on behalf of Wallace Crooke

12. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £53,935 (2024 - £34,232). Contributions totalling £3,471 (2024 - £6,144) were payable to the fund at the balance sheet date and are included within other creditors.

13. | CONTINGENT LIABILITIES

| On 8th February 2025, the company vacated its old premises which was under lease. Subsequently, it received a schedule of dilapidation from its landlord on 11th February 2025 for an amount of £416,032. The company engaged a solicitor to handle this issue. It was noted by the solicitor that it is not possible to make a meaningful assessment of the potential liability at present because any such liability will be dependent upon numerous factors, some of which are not currently known. Therefore, a provision has not been made in the accounts for any potential obligation arising out of this issue as it cannot be measured reliably at present.

14. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | 144,300 |  |

15. | RELATED PARTY DISCLOSURES

| During the period the company provided management charges of £75,711 (2024: £69,203) to the group company and payroll charges are owed by PCP Gratings of £22,304 (2024: £26,540).

16. | ULTIMATE CONTROLLING PARTY

| The company is controlled by PcP Corporation A/S, a company incorporated in Denmark. The company is under the ultimate control of Lagercrantz Group AB (a company incorporated in Sweden and listed on the Swedish stock exchange) which is the company's ultimate holding company.

| The parent company of the largest and the smallest group in which the company is a member and consolidated financial statements are prepared is PcP Corporation A/S. Consolidated financial statements can be obtained from the registered office, being Sverigesvej, 7480 Vildbjerg, Denmark