ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC202165

EBLAST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


EBLAST LIMITED

COMPANY INFORMATION

Directors	Mr S Duguid
	Mrs L McDonald
	Mr N McDonald


Company secretary	LC Secretaries Limited


Registered number	SC202165


Registered office	Tumulus Way
	Midmill Industrial Estate
	Kintore
	Inverurie
	Aberdeenshire
	AB51 0TG


Independent auditor	Anderson Anderson & Brown Audit LLP
	Kingshill View
	Prime Four Business Park
	Kingswells
	Aberdeen
	AB15 8PU


EBLAST LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2
Directors' responsibilities statement	3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Notes to the financial statements	11 - 26


EBLAST LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present the strategic report in respect of eBlast Limited ("the company") for the period ended 31 December 2024.
Principal activities
The principal activities of the company continued to be that of material subsurface preparation and specialist coatings for the construction and oil and gas industries. The company is a member of the eGroup Services Limited group.

Business review

The company's business model is to consolidate its position within Scotland and beyond, with a focus of expanding its customer base and ultimately returning value to its shareholder.
The results for the company show turnover for the period of £11.1m (2023 - £9.5m), with gross margin of 45.2% (2023 - 43.6%) and profit after tax of £1.5m (2023 - £1.1m). The company's net asset position for the period end was £14.1m (2023 - £12.6m).
The turnover period on period has increased in real terms, which is primarily due to a return in customer demand experienced as a result of global market affairs. Gross margin has increased both as a result of the market activity but also as a result of continued efficiency increases, operational processes and careful cost control applied by management.
At the year end the company continued to have a strong balance position, underpinned by working capital and fixed asset investment.

Principal risks and uncertainties

The directors regularly review the principal risks and uncertainties affecting the company and assess the controls and mitigation strategies required to reduce the potential impact to the business. The principal risks and uncertainties are listed below.

Financial key performance indicators

The key financial performance indicators of the company are considered to be turnover, gross margin, profit before tax, EBITDA and net assets, which are monitored on a monthly basis.

This report was approved by the board and signed on its behalf.

Mr N McDonald

Director

Date: 30 September 2025

Page 1


EBLAST LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £1,502,760 (2023 - £1,151,224).

The directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023 - £nil).

Directors

The directors who served during the year were:

Mr S Duguid

Mrs L McDonald

Mr N McDonald

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

On 29 March 2025, Building 2 suffered fire damage, resulting in the loss of parts of the building, plant machinery and stock items. Mitigation efforts were immediately undertaken and operations were moved to another facility on site, which allowed the business to continue trading. Rebuilding and replacement are currently underway and there are no concerns regarding eBlast Limited's continued profitability and asset carrying value.

Auditor

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.

This report was approved by the board and signed on its behalf.

Mr N McDonald

Director

Date: 30 September 2025

Page 2


EBLAST LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent; and

∙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 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.

Page 3


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED

Opinion

We have audited the financial statements of eBlast Limited ("the company") for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 profit 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Page 4


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

Opinion 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.

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 in relation to which 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 3, 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 is 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.

Page 5


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

Auditor's 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 Auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosure in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment, health & safety and taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

∙Management override of controls to manipulate the company's key performance indicators to meet targets;

∙Timing and completeness of revenue recognition;

∙Management judgement applied in calculating provisions; and

∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

∙Testing of journal entires and other adjustments for appropriateness;

∙Evaluating the business rationale of significant transactions outside the normal course of business;

∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

∙Enquiries of management about litigation and claims and inspection of relevant correspondence;

∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;

∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied; and

∙Testing a sample of sales transactions and reviewing revenue recognition around the year-end.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's report.

Page 6


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

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 Auditor's 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.

Graeme Penman (Senior statutory auditor)

for and on behalf of

Anderson Anderson & Brown Audit LLP

Statutory Auditor

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU

30 September 2025

Page 7


EBLAST LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	11,109,831	9,513,470
Cost of sales		(6,088,992)	(5,367,189)
Gross profit		5,020,839	4,146,281
Administrative expenses		(3,154,926)	(2,693,026)
Exceptional items	11	(194,960)	(356,108)
Other operating income	5	112,624	113,017
Operating profit	6	1,783,577	1,210,164
Tax on profit	10	(280,817)	(58,940)
Profit for the financial year		1,502,760	1,151,224

There was no other comprehensive income for 2024 (2023 - £nil).

The notes on pages 11 to 26 form part of these financial statements.

Page 8


EBLAST LIMITED REGISTERED NUMBER:SC202165

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	12		3,097,210		3,231,819
			3,097,210		3,231,819
Current assets
Stocks	13	329,897		241,239
Debtors: amounts falling due within one year	14	11,902,099		10,913,031
Cash at bank and in hand	15	1,425,326		756,605
		13,657,322		11,910,875
Creditors: amounts falling due within one year	16	(2,587,636)		(2,292,975)
Net current assets			11,069,686		9,617,900
Total assets less current liabilities			14,166,896		12,849,719
Creditors: amounts falling due after more than one year	17		(12,117)		(19,041)
Provisions for liabilities
Deferred tax	19	(6,721)		(185,380)
			(6,721)		(185,380)
Net assets			14,148,058		12,645,298

Capital and reserves
Called up share capital	20	100	100
Revaluation reserve	21	483,568	483,568
Profit and loss account	21	13,664,390	12,161,630
		14,148,058	12,645,298

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr N McDonald

Director

Date: 30 September 2025

The notes on pages 11 to 26 form part of these financial statements.

Page 9


EBLAST LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	100	483,568	11,010,406	11,494,074

Profit and total comprehensive income for the period	-	-	1,151,224	1,151,224

At 1 January 2024	100	483,568	12,161,630	12,645,298

Profit and total comprehensive income for the period	-	-	1,502,760	1,502,760
At 31 December 2024	100	483,568	13,664,390	14,148,058

The notes on pages 11 to 26 form part of these financial statements.

Page 10


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

eBlast Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is Tumulus Way, Midmill Industrial Estate, Kintore, Aberdeenshire, AB51 0TG, which is also its trading address. The company is a wholly owned subsidiary of eGroup Services Limited (collectively known as "the group").

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of eGroup Services Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations for a period of at least 12 months following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 11


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract 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; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Revenue for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for losses as soon as they are foreseen.

2.6

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 13


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Heritable property	-	2% Reducing balance
Plant and equipment	-	15% Reducing balance
Motor vehicles	-	25% Reducing balance
Fixtures and fittings	-	15% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

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.

Page 14


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.18

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.

2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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 profit or loss.

Page 15


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 16


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors 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.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised as at the Balance sheet date.

Useful lives of fixed assets

Management considered the expected useful lives of fixed assets when capitalising costs. This impacts the depreciation charge on an annual basis. The useful lives are based on the intended use, asset class and historical experience of the asset class within the business. Consideration is also given to potential impairments and reviews are undertaken of the fixed asset base for potential impairments or reassessments of useful asset lives.

The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Revaluations of heritable property

The directors hold heritable property at valuation and engage professional valuers to provide refreshed fair valuation reports on a regular basis. An updated valuation was undertaken in December 2019, which was considered reflective of conditions that existed at the balance sheet date. Further information is provided in note 12.

The directors consider that there are no other judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

	Steel blasting, coating & fireproofing	11,109,831	9,513,470

All turnover arose within the United Kingdom.

Page 17


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Other operating income
		2024	2023
		£	£

Management fees receivable	112,624	113,017
	112,624	113,017

Depreciation of owned tangible fixed assets	188,887	197,634
Loss/(gain) on disposal of tangible fixed assets	10,824	(9,698)
Operating lease charges	127,562	84,999

Fees payable to the company's auditor for the audit of the company's financial statements

11,550

10,750

Page 18


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	3,494,727	2,969,173
Social security costs	382,477	329,089
Cost of defined contribution scheme	72,722	57,762
	3,949,926	3,356,024

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Direct	51	51
Administration	23	18

	74	69

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	206,670	149,802
Company contributions to defined contribution pension schemes	7,606	1,378
	214,276	151,180

	During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £146,144 (2023 - £127,281).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,530 (2023 - £1,321).

Page 19


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	464,744	10,899
Adjustments in respect of previous periods	(5,268)	-
Total current tax	459,476	10,899

Deferred tax
Origination and reversal of timing differences	(172,233)	48,041
Adjustments to tax charge in respect of prior periods	(6,426)	-
Total deferred tax	(178,659)	48,041


	Tax on profit	280,817	58,940

Profit on ordinary activities before tax

1,783,577

1,210,164

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	445,894	284,631
Effects of:
Expenses not deductible for tax purposes	48,849	1,936
Capital allowances for year in excess of depreciation	8,624	44,634
Other tax adjustments	2,478	(171,232)
Adjustments to tax charge in respect of previous periods	(5,268)	-
Adjustments to tax charge in respect of previous periods - deferred tax	(6,426)	(4,007)
Movement in deferred tax not recognised	(182,002)	182,009
Group relief claimed	(31,332)	(271,169)
Marginal relief	-	(172)
Remeasurement for change in tax rates	-	(7,690)
Total tax charge for the year	280,817	58,940

Page 20


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Exceptional items
		2024	2023
		£	£

	Intercompany bad debt provision	194,960	356,108
		194,960	356,108

12.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Assets under construction	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	2,514,908	3,906,200	337,474	337,221	42,975	7,138,778
Additions	-	21,900	7,995	1,775	98,524	130,194
Transfers from other group undertakings	-	77,835	119,737	-	-	197,572
Disposals	-	(7,760)	(116,985)	-	-	(124,745)
Transfers between classes	83,019	9,500	-	-	(92,519)	-
At 31 December 2024	2,597,927	4,007,675	348,221	338,996	48,980	7,341,799
Depreciation
At 1 January 2024	258,521	3,209,540	157,844	281,054	-	3,906,959
Charge for the year on owned assets	34,496	107,077	35,074	12,240	-	188,887
Transfers from other group undertakings	-	70,682	116,981	-	-	187,663
Disposals	-	(5,104)	(33,816)	-	-	(38,920)
At 31 December 2024	293,017	3,382,195	276,083	293,294	-	4,244,589
Net book value
At 31 December 2024	2,304,910	625,480	72,138	45,702	48,980	3,097,210
At 31 December 2023	2,256,387	696,660	179,630	56,167	42,975	3,231,819

The company's heritable property was revalued at an open market value of £2,500,000 on 23 December 2019 by independent chartered surveyors, Ryden LLP.

Page 21


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2024	2023
	£	£


Cost	2,323,326	2,240,307
Accumulated depreciation	(502,823)	(467,364)
Net book value	1,820,503	1,772,943

13.	Stocks
		2024	2023
		£	£

Raw materials and consumables	264,893	194,359
Work in progress	65,004	46,880
	329,897	241,239

14.

Debtors

					2024	2023
					£	£


Trade debtors	2,099,319	2,329,073
Amounts owed by group undertakings	9,510,973	8,326,203
Prepayments and accrued income	291,807	257,755
	11,902,099	10,913,031

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

The company has made provisions against any amounts owed by group undertakings which are considered doubtful.

15.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	1,425,326	756,605

Page 22


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Energy saving trust loan	6,924	6,924
Trade creditors	617,086	726,244
Amounts owed to group undertakings	1,091,046	1,035,010
Corporation tax	470,375	10,899
Other taxation and social security	270,488	255,961
Other creditors	65,637	69,402
Accruals and deferred income	66,080	188,535
	2,587,636	2,292,975

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Energy saving trust loan	12,117	19,041
	12,117	19,041

Amounts falling due within one year
Energy saving trust loan	6,924	6,924
Amounts falling due 1-2 years
Energy saving trust loan	6,924	6,924
Amounts falling due 2-5 years
Energy saving trust loan	5,193	12,117
	19,041	25,965

Energy saving trust loan is unsecured, is interest free and repayable in equal monthly installments of £577. In the prior year the loan was wholly classified as repayable within one year, the comparative has been updated in these financial statements.

Page 23


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Deferred taxation

		2024
		£

	At beginning of year	(185,380)
	Charged to profit or loss	178,659
	At end of year	(6,721)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	154,204	185,380
Losses and other deductions	(147,483)	-
	6,721	185,380

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary Shares shares of £1.00 each	100	100

21.

Reserves

Revaluation reserve

Revaluation gains on heritable property are not realised profits under company law. Therefore the company has maintained the non-distributable reserve to facilitate this. This reserve is used to record increases in the fair value of heritable property and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax is provided for on heritable property measured at fair value and movements in such deferred tax provision are also recorded through this reserve.

Profit and loss account

This reserve records the accumulated distributable profits made by the company net of distributions to shareholders.

Page 24


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Contracted for but not provided in these financial statements

36,985

23.	Pension commitments

The company operates a defined contribution 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 and amounted to £19,532 (2023 - £17,541). The charge to the profit or loss in respect of defined contribution schemes was £72,722 (2023 - £57,762).

Not later than 1 year	126,080	117,609
Later than 1 year and not later than 5 years	147,335	248,410
	273,415	366,019

25.Financial commitments and contingent liabilities

There is a floating charge held by the company's bank, over the company's assets. A cross guarantee has been provided by the company to the group's bankers in relation to it's fellow group companies.

26.	Related party transactions
	The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related Party Disclosure' not to disclose transactions entered into between two or more members of the group, on the basis that any subsidiary party to the transaction is wholly owned by the parent company.

27.	Post balance sheet events

On 29 March 2025, Building 2 suffered fire damage, resulting in the loss of parts of the building, plant machinery and stock items. Mitigation effforts were immediately undertaken and operations were moved to another facility on site, which allowed the business to continue trading. Rebuilding and replacement are currently underway and there are no concerns regarding eBlast Limited's continued profitability and asset carrying value.

Page 25


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.	Controlling party

The company is a wholly owned subsidiary of eGroup Services Limited, a company registered in Scotland. eGroup Services Limited represents the largest and smallest group which prepares consolidated financial statements. A copy of the eGroup Services Limited group financial statements is available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is Mr N McDonald, by virtue of him owning the majority of the issued ordinary share capital within eGroup Services Limited.

Page 26