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REGISTERED NUMBER: 15387011 (England and Wales)

Unaudited Financial Statements

for the Period 4 January 2024 to 31 March 2025

for

Piran Machining Ltd.

| Piran Machining Ltd. (Registered number: 15387011) |

Contents of the Financial Statements

for the Period 4 January 2024 to 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Piran Machining Ltd. |

Company Information

for the Period 4 January 2024 to 31 March 2025

| DIRECTORS: | M A Searle

| M Patel

| SECRETARY: |

| REGISTERED OFFICE: | SH1

| Aerohub 1

| St Mawgan

| Cornwall

| TR8 4HP

| REGISTERED NUMBER: | 15387011 (England and Wales)

| ACCOUNTANTS: | Derek Cousens Ltd

| Chartered Accountants

| 20 Crockwell Street

| Bodmin

| Cornwall

| PL31 2DS

| Piran Machining Ltd. (Registered number: 15387011) |

Balance Sheet

31 March 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 4 | 309,334 |  |

| Tangible assets | 5 | 325,330 |  |

634,664 |  |

| CURRENT ASSETS

| Stocks | 182,500 |  |  |

| Debtors | 6 | 461,892 |  |  |

| Cash at bank | 231,107 |  |  |

875,499 |  |

| CREDITORS

| Amounts falling due within one year | 7 | 764,669 |  |

| NET CURRENT ASSETS | 110,830 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 745,494 |  |

| CREDITORS

| Amounts falling due after more than one year | 8 | 333,106 |  |

| NET ASSETS | 412,388 |  |

| CAPITAL AND RESERVES

| Called up share capital | 100 |  |

| Retained earnings | 412,288 |  |

412,388 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

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

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

| Piran Machining Ltd. (Registered number: 15387011) |

Balance Sheet - continued

31 March 2025

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2025 and were signed on its behalf by:

M A Searle - Director

| Piran Machining Ltd. (Registered number: 15387011) |

Notes to the Financial Statements

for the Period 4 January 2024 to 31 March 2025

1. | STATUTORY INFORMATION

| Piran Machining Ltd. 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.

| Turnover

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

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Lease are being amortised evenly over their estimated useful life of nil years.

| Tangible fixed assets

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

| 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 first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Piran Machining Ltd. (Registered number: 15387011) |

Notes to the Financial Statements - continued

for the Period 4 January 2024 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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 period was 9 .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| Additions | 411,098 |  |

| At 31 March 2025 | 411,098 |  |

| AMORTISATION

| Charge for period | 101,764 |  |

| At 31 March 2025 | 101,764 |  |

| NET BOOK VALUE

| At 31 March 2025 | 309,334 |  |

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| Additions | 371,283 |  |

| At 31 March 2025 | 371,283 |  |

| DEPRECIATION

| Charge for period | 45,953 |  |

| At 31 March 2025 | 45,953 |  |

| NET BOOK VALUE

| At 31 March 2025 | 325,330 |  |

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

£ |

| Trade debtors | 439,297 |  |

| Amounts owed by participating interests | 95 |  |

| Other debtors | 22,500 |  |

461,892 |  |

| Piran Machining Ltd. (Registered number: 15387011) |

Notes to the Financial Statements - continued

for the Period 4 January 2024 to 31 March 2025

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

£ |

| Hire purchase contracts | 53,503 |  |

| Trade creditors | 279,694 |  |

| Amounts owed to participating interests | 253,211 |  |

| Taxation and social security | 91,268 |  |

| Other creditors | 86,993 |  |

764,669 |  |

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

£ |

| Hire purchase contracts | 89,486 |  |

| Other creditors | 243,620 |  |

333,106 |  |

9. | RELATED PARTY DISCLOSURES

| Piran Machining Ltd and Piran Composites Ltd are both controlled by Piran Technology Group Ltd.

| During the accounting period, Piran Machining Ltd invoiced Piran Composites Ltd a total of £1,179,506.

| During the accounting period, Piran Composites Ltd invoiced Piran Machining Ltd a total of £221,754.

| At the end of the accounting period, there is a total of £98,407 owed to Piran Machining Ltd. This amount has no fixed repayment date and is repayable on demand.