REGISTERED NUMBER: 07375020 (England and Wales)

BEAVERFIT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T E Beaver

R J Beaver

A Roodhouse

M Taylor

REGISTERED OFFICE:

The Old Mill Farm

Walkmills

Church Stretton

Shropshire

SY6 6NJ

REGISTERED NUMBER:

07375020 (England and Wales)

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

FIXED ASSETS

Tangible assets

4

1,471,080

2,084,597

Investments

5

50

504,601

1,471,130

2,589,198

CURRENT ASSETS

Stocks

482,056

663,757

Debtors

6

2,320,061

4,406,543

Cash at bank

218,830

366,788

3,020,947

5,437,088

CREDITORS

Amounts falling due within one year

7

3,951,051

3,957,909

NET CURRENT (LIABILITIES)/ASSETS

(930,104

)

1,479,179

TOTAL ASSETS LESS CURRENT LIABILITIES

541,026

4,068,377

CREDITORS

Amounts falling due after more than one year

8

(353,184

)

(482,523

)

PROVISIONS FOR LIABILITIES

10

(110,849

)

(106,303

)

NET ASSETS

76,993

3,479,551

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

76,893

3,479,451

76,993

3,479,551

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 25 September 2025 and were signed on its behalf by:

T E Beaver - Director

1.	STATUTORY INFORMATION

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

The financial statements are presented in Sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Beaverfit Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 represents the fair value of consideration receivable for the manufacture and sale of container gyms and related equipment, together with associated delivery and installation services, net of value added tax, rebates and discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer, which is typically on dispatch or delivery, depending on the terms of sale. At this point, it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably.

Where installation services are provided in addition to the sale of goods, revenue is recognised by reference to the stage of completion of the installation work when the outcome of the contract can be measured reliably. The stage of completion is assessed with reference to work performed and certified, with any foreseeable losses on contracts recognised immediately.

Amounts recoverable on contracts, representing work performed for which the company has not yet invoiced the customer, are included within debtors. Deferred income, representing amounts invoiced in advance of performance, is included within creditors.

All revenue recognised arises from the provision of container gym products, equipment, and associated construction-related services

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

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to them and that the grants will be received.

Grants relating to revenue expenditure are credited to the profit and loss account on a systematic basis over the periods in which the related costs are recognised.

Where grants are received in advance, amounts are recorded as deferred government grants within creditors and released to the profit and loss account over the life of the project to match with the related expenditure.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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 weighted average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including amounts owed by and to group undertakings.

Financial assets

Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

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.

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.

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 37 (2023 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

1,587,281

198,437

209,795

Additions

-

4,517

66,232

Disposals

(400,000

)

-

-

Impairments

(237,812

)

-

-

At 31 December 2024

949,469

202,954

276,027

DEPRECIATION

At 1 January 2024

120,093

6,244

52,537

Charge for year

18,989

3,957

33,524

Eliminated on disposal

-

-

-

Impairments

(24,543

)

-

-

At 31 December 2024

114,539

10,201

86,061

NET BOOK VALUE

At 31 December 2024

834,930

192,753

189,966

At 31 December 2023

1,467,188

192,193

157,258

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

157,891

237,064

90,725

2,481,193

Additions

8,794

36,995

325

116,863

Disposals

-

(23,105

)

-

(423,105

)

Impairments

-

-

-

(237,812

)

At 31 December 2024

166,685

250,954

91,050

1,937,139

DEPRECIATION

At 1 January 2024

98,505

82,604

36,613

396,596

Charge for year

10,227

26,331

8,166

101,194

Eliminated on disposal

-

(7,188

)

-

(7,188

)

Impairments

-

-

-

(24,543

)

At 31 December 2024

108,732

101,747

44,779

466,059

NET BOOK VALUE

At 31 December 2024

57,953

149,207

46,271

1,471,080

At 31 December 2023

59,386

154,460

54,112

2,084,597

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

Motor

vehicles

£

COST

At 1 January 2024

170,170

Additions

36,995

At 31 December 2024

207,165

DEPRECIATION

At 1 January 2024

57,340

Charge for year

22,474

At 31 December 2024

79,814

NET BOOK VALUE

At 31 December 2024

127,351

At 31 December 2023

112,830

5.	FIXED ASSET INVESTMENTS

2024

2023

£

£

Shares in group undertakings

50

50

Loans to undertakings in which the company has a participating interest

-

504,551

50

504,601

Additional information is as follows:

Shares in

group

undertaking

£

COST

At 1 January 2024

and 31 December 2024

50

NET BOOK VALUE

At 31 December 2024

50

At 31 December 2023

50

Loans to

associates

£

At 1 January 2024

504,551

Repayment in year

(504,551

)

At 31 December 2024

-

The company holds a 33% interest in BeaverFit North America, a company based in Nevada, US. The investment is recorded at 'nil' cost within the financial statements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

388,145

897,765

Amounts owed by group undertakings

338,472

192,359

S455 tax

792,528

792,528

Directors' current accounts

1

2,189,908

VAT

7,451

199,897

Accrued income

497,073

-

Prepayments

296,391

134,086

2,320,061

4,406,543

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

129,278

226,823

Hire purchase contracts

10,082

5,854

Trade creditors

688,945

752,332

Amounts owed to group undertakings

838,349

-

Corporation tax

13,655

371,084

Social security and other taxes

202,423

436,237

Other creditors

5,118

10,699

Warranty provision

107,381

93,029

Directors' current accounts

1

-

Accruals

589,975

256,018

Deferred income

1,363,717

1,804,415

Deferred government grants

2,127

1,418

3,951,051

3,957,909

Included in other creditors are unpaid pension contributions of £5,118 (2023: £6,028).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

79,768

106,792

Bank loans - 2-5 years

170,259

274,332

Hire purchase contracts

10,655

6,061

Deferred government grants

92,502

95,338

353,184

482,523

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

379,305

607,947

Hire purchase contracts

20,737

11,915

400,042

619,862

Bank loans and hire purchase liabilities are secured on the underlying assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

110,849

106,303

Deferred

tax

£

Balance at 1 January 2024

106,303

Provided during year

4,546

Balance at 31 December 2024

110,849

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2024 and thus did not observe the counting of physical inventories at the end of the year. The information provided in respect of work in progress was limited. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held and the value of work in progress at 31 December 2024, which are included in the balance sheet at £482,056, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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.

Matters required to report by exception

Arising solely from the limitation on the scope of our work relating to inventories, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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

- returns adequate for our audit have not been received from branches not visited by us; or

- certain disclosures of directors' remuneration specified by law are not made.

Kerry Burr FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2024 and the period ended 31 December 2023:

2024

2023

£

£

T E Beaver

Balance outstanding at start of year

935,458

711,414

Amounts advanced

102,751

224,044

Amounts repaid

(1,038,209

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

935,458

R J Beaver

Balance outstanding at start of year

1,103,566

714,884

Amounts advanced

88,318

388,682

Amounts repaid

(1,191,884

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,103,566

Mrs H S Beaver

Balance outstanding at start of year

149,379

302,284

Amounts advanced

964

-

Amounts repaid

(150,343

)

(152,905

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

149,379

Mrs J M C Beaver

Balance outstanding at start of year

1,535

227

Amounts advanced

5,535

1,308

Amounts repaid

(7,070

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,535

The loans are unsecured, interest bearing at 2.25% per annum and repayable on demand.

13.	POST BALANCE SHEET EVENTS

On 2 September 2025, the company acquired 100% of the share capital of Bastion Security Products Limited, a company incorporated in the UK. The purchase price is dependent on future trading levels so consideration cannot be estimated.

14.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Beaverfit LLC, a company incorporated in the United States of America, by virtue of its 100% ownership of the share capital of the company. The registered office of the ultimate parent company is 120 Woodland Ave, Suite D, Reno, Nevada, 89523, United States of America.

There is no ultimate controlling party.