REGISTERED NUMBER: 05309173 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CIBES LIFT UK LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr M R Aldewereld

Mr L M Brandhammar

Mr P T Lidström

Mr R E Shepherd

SECRETARY:

Mr J A Clare

REGISTERED OFFICE:

8a Quorn Business Quarter

Loughborough Road

Mountsorrel

Leicestershire

LE12 7XF

REGISTERED NUMBER:

05309173 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The group went through a transformation period as it re-structured by absorbing Titan Elevators Ltd into Apex Lift & Escalator Engineers Ltd, creating one businesses which provided a larger and wider market share, benefitted from economies of scale and improved support and reporting functions. Costs related to re-organisation started in the autumn 2023 and was completed in the Summer of 2024.

The group finished the year on a positive note. The vertical platform business continued to perform well. An improving order pipeline and rising gross margins has been aided by successful ventures into new geographical areas with an expanded sales team. Product development and targeted marketing is beginning to improve product awareness and develop the order pipeline.

The mid-segment market continued to perform well. The integration of the Titan team, under the Apex management team, provided the opportunity to improve the offering to the market. Apex Lifts continues to be involved in high profile modernisation projects within London and provide maintenance across a variety of properties.

INFLATION & COST’S

Inflation has continued to reduce which has eased the pressure of the cost of raw materials. However the similar slow down in price increases hasn't been felt in the subcontractor market yet, although the expectation is that this will level out in 2025. The result of this has reduced profit margins across the board slightly, albeit both businesses are still performing strong.

KEY FINANCIAL INFORMATION

Group Turnover £32,308,733 (2023: £38,709,680)

(Loss) / Profit before tax (£1,375,625) (2023: £412,627)

(Loss) / Profit after tax (£1,361,748) (2023: £411,013)

PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK

The group operated a treasury function which is responsible for managing the liquidity and interest risks associated with its operations. The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business. The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on its borrowings and loans.

ON BEHALF OF THE BOARD:

Mr S J Chesney - Director

30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The group continued to operate as lift and escalator engineers within the United Kingdom.

DIVIDENDS

No dividends will be distributed for year ended 31/12/2024.

DIRECTORS

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

Mr M R Aldewereld

Mr L M Brandhammar

Mr P T Lidström

Mr R E Shepherd

Other changes in directors holding office are as follows:

Ms K S Kassner - Resigned 15 February 2024

Mr K T Warnock - Appointed 29 April 2025

Mr S J Chesney - Appointed 15 September 2025

CESSATION OF TRADE

Titan Elevators Limited trade transferred to Apex Lift & Escalator Engineers Limited in October 2023 as part of the groups long term strategic plan due to the cessation of trade in Titan Elevators Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Sargeant Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S J Chesney - Director

30 September 2025

Opinion

We have audited the financial statements of Cibes Lift UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

During the audit we identify and assess the risk of material misstatements of the consolidated financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks.

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are (FRS 102 and Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Group has to comply with laws and regulations relating to its operations, including health and safety and GDPR.

- We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the Group's consolidated financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying the controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates; and

d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature, we completed detailed testing on stage of completion during our sales test.

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

Use of our report

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

Gary Sargeant (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

30 September 2025

TURNOVER

32,308,733

38,709,680

Cost of sales

23,237,742

27,352,809

GROSS PROFIT

9,070,991

11,356,871

Administrative expenses

8,492,397

9,898,999

578,594

1,457,872

Other operating income

13,427

-

OPERATING PROFIT

4

592,021

1,457,872

Interest receivable and similar income

2,692

47,242

594,713

1,505,114

Interest payable and similar expenses

5

1,970,338

1,917,741

LOSS BEFORE TAXATION

(1,375,625

)

(412,627

)

Tax on loss

6

(13,877

)

(1,614

)

LOSS FOR THE FINANCIAL YEAR

(1,361,748

)

(411,013

)

Loss attributable to:

Owners of the parent

(1,361,748

)

(411,013

)

LOSS FOR THE YEAR

(1,361,748

)

(411,013

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,361,748

)

(411,013

)

Total comprehensive income attributable to:

Owners of the parent

(1,361,748

)

(411,013

)

FIXED ASSETS

Intangible assets

8

15,576,676

16,284,757

Tangible assets

9

1,052,482

1,051,757

Investments

10

-

-

16,629,158

17,336,514

CURRENT ASSETS

Stocks

11

2,114,554

2,453,679

Debtors

12

11,553,078

11,145,872

Cash at bank and in hand

2,395,713

2,422,619

16,063,345

16,022,170

CREDITORS

Amounts falling due within one year

13

34,351,796

33,650,475

NET CURRENT LIABILITIES

(18,288,451

)

(17,628,305

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,659,293

)

(291,791

)

PROVISIONS FOR LIABILITIES

16

128,411

134,165

NET LIABILITIES

(1,787,704

)

(425,956

)

CAPITAL AND RESERVES

Called up share capital

17

1

1

Capital redemption reserve

18

1,065,061

1,065,061

Retained earnings

18

(2,852,766

)

(1,491,018

)

SHAREHOLDERS' FUNDS

(1,787,704

)

(425,956

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr S J Chesney - Director

FIXED ASSETS

Intangible assets

8

2,392

-

Tangible assets

9

136,251

118,721

Investments

10

27,662,933

27,662,933

27,801,576

27,781,654

CURRENT ASSETS

Stocks

11

463,850

418,226

Debtors

12

2,557,513

3,170,517

Cash at bank

283

555,961

3,021,646

4,144,704

CREDITORS

Amounts falling due within one year

13

29,367,616

28,924,004

NET CURRENT LIABILITIES

(26,345,970

)

(24,779,300

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,455,606

3,002,354

PROVISIONS FOR LIABILITIES

16

100,038

105,792

NET ASSETS

1,355,568

2,896,562

CAPITAL AND RESERVES

Called up share capital

17

1

1

Capital redemption reserve

18

1,065,061

1,065,061

Retained earnings

18

290,506

1,831,500

SHAREHOLDERS' FUNDS

1,355,568

2,896,562

Company's (loss)/profit for the financial year

(1,540,994

)

3,114,083

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr S J Chesney - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

1

(1,080,005

)

1,065,061

(14,943

)

Changes in equity

Total comprehensive income

-

(411,013

)

-

(411,013

)

Balance at 31 December 2023

1

(1,491,018

)

1,065,061

(425,956

)

Changes in equity

Total comprehensive income

-

(1,361,748

)

-

(1,361,748

)

Balance at 31 December 2024

1

(2,852,766

)

1,065,061

(1,787,704

)

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

1

(1,282,583

)

1,065,061

(217,521

)

Changes in equity

Total comprehensive income

-

3,114,083

-

3,114,083

Balance at 31 December 2023

1

1,831,500

1,065,061

2,896,562

Changes in equity

Total comprehensive income

-

(1,540,994

)

-

(1,540,994

)

Balance at 31 December 2024

1

290,506

1,065,061

1,355,568

Cash flows from operating activities

Cash generated from operations

1

2,156,504

(2,162,814

)

Interest paid

(1,970,338

)

(1,917,741

)

Tax paid

-

83,441

Net cash from operating activities

186,166

(3,997,114

)

Cash flows from investing activities

Purchase of intangible fixed assets

(2,814

)

(4,937

)

Purchase of tangible fixed assets

(195,802

)

(921,674

)

Sale of tangible fixed assets

-

(38,274

)

Fixed Asset Transfer

97,897

-

Interest received

2,692

47,242

Net cash from investing activities

(98,027

)

(917,643

)

Increase/(decrease) in cash and cash equivalents

88,139

(4,914,757

)

Cash and cash equivalents at beginning of year

2

1,776,523

6,691,280

Cash and cash equivalents at end of year

2

1,864,662

1,776,523

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Loss before taxation

(1,375,625

)

(412,627

)

Depreciation charges

808,075

811,386

Loss on disposal of fixed assets

-

71,403

Warranty provision

1,738

(45,090

)

Finance costs

1,970,338

1,917,741

Finance income

(2,692

)

(47,242

)

1,401,834

2,295,571

Decrease/(increase) in stocks

339,125

(392,617

)

Increase in trade and other debtors

(407,206

)

(3,687,780

)

Increase/(decrease) in trade and other creditors

822,751

(377,988

)

Cash generated from operations

2,156,504

(2,162,814

)

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

2,395,713

2,422,619

Bank overdrafts

(531,051

)

(646,096

)

1,864,662

1,776,523

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

2,422,619

8,666,207

Bank overdrafts

(646,096

)

(1,974,927

)

1,776,523

6,691,280

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

2,422,619

(26,906

)

2,395,713

Bank overdrafts

(646,096

)

115,045

(531,051

)

1,776,523

88,139

1,864,662

Total

1,776,523

88,139

1,864,662

1.	STATUTORY INFORMATION

Cibes Lift UK 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Groups functional and presentational currency is GBP.

Basis of consolidation

The financial statements consolidate the accounts of Cibes Lift UK Limited and all of its subsidiary undertakings.

These conform to group accounting policies.

As a consolidated group profit and loss is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the Group are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Warranty provision

During the current reporting period, the Group revised the basis used to estimate its warranty provision. This change reflects updated information relating to actual claims experience and expectations of future warranty costs, in line with FRS 102, paragraph 10.15, which requires changes in accounting estimates to be recognised prospectively in profit or loss in the period of the change and future periods, if applicable.

The revised estimate provides a more accurate reflection of the Groups expected future obligations in respect of warranties and will continue to be reviewed annually.

The Group recognises a provision for warranty obligations at the time of the sale or completion of the lift installation. This provision reflects the estimated cost of repairs and maintenance services that the company expects to incur as a result of the warranty provided.

The provision is calculated based on historical experience, the average cost of servicing lifts and the duration of the warranty. The cost reflects the probability a claim will be given when compared to the whole length of the contract.

The cost associated with the warranty provision is recognised in the profit and loss statement as the warranty expense over time. This expense is recorded as a charge to cost of sales.

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 value 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 condition of the

assets.

Impairment of debtors

The Group 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