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Registration number: 14235050

EFAB Industrial Solutions Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2024

EFAB Industrial Solutions Ltd

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5 to 6
Statement of Directors' Responsibilities | 7
Independent Auditor's Report | 8 to 11
Statement of Comprehensive Income | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Notes to the Financial Statements | 15 to 27

EFAB Industrial Solutions Ltd

Company Information

Directors | S J Rafferty S Weir T Jung

Company secretary | S Murtagh

Registered office | Manby Road Immingham North East Lincolnshire DN40 2DW

Auditors | Forvis Mazars LLP 5th Floor 3 Wellington Place Leeds LS1 4AP

EFAB Industrial Solutions Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their Strategic Report and audited financial statements for the year ended 31 December 2024.

Company strategy

The principal activity of the company is modular construction, fabrication, engineering and consultancy.

Fair review of the business

The company’s second full year of trading has continued to deliver strong revenue and operating profit. During 2024 the company has continued to focus and develop its core competencies, specifically focused on delivering offsite modular construction solutions while providing on site construction and fabrication project delivery, this alongside its engineering and consultancy division. Overall the business growth in Turnover of almost 30% was extremely pleasing and helped to deliver a strong operating profit.
Over the last 12 months the business has identified and commenced work with new clients while ensuring our existing clients continue to receive the service they expect. The company continues to utilise its 13 acre yard with dock access, to allow elements of projects to be built away from a live site in a more controlled environment and subsequently being delivered via road or sea to the required location.
Operating profits were extremely pleasing as the business took steps to ensure successful delivery of projects, while also looking to strengthen the team and reducing administrative costs where appropriate.
The company is aware of the recent tariffs being imposed by the US, however at this point there remains uncertainty about what tariffs may or may not be imposed. As a company we look to try and mitigate any potential tariff impacts with upfront client discussions. The UK Government changed on the 4th July 2024 to a Labour government who seem focused on UK Infrastructure spending and Energy security.
The change in UK Government has led to a number of initiatives which Labour suggest would get Britain building again, recent announcements around Nuclear builds suggest Sizewell C will get the green light to be built during July 2025.The Government is also looking to roll out its 10 year Infrastructure strategy in June 2025, with the strategy aimed at addressing persistent historical uncertainties that have hindered investment in infrastructure and supply chains. UK Government ambition looks positive for the Construction Industry with Green energy being a key target of the new Labour Government.

EFAB Industrial Solutions Ltd

Strategic Report for the Year Ended 31 December 2024 (continued)

The government has also commenced its review into workers’ rights with no significant change likely to be implemented before 2026 as discussions between Unions and Government are scheduled to take place through 2025.
The ever growing demand for construction workers required in the UK is likely to continue given the Government emphasis on Infrastructure projects, Green Energy focus and Energy security given the ongoing conflict in Ukraine. Latest forecast anticipates an extra 250,000 Construction workers will be required by 2028. EFAB Industrial Solutions utilises the skills within our sister company EFAB Resourcing to ensure we have individuals identified in advance of projects being secured to ensure we have the capacity to meet a clients requirements.
Despite the positive UK Construction outlook and the current opportunities that we are discussing with both existing and potentially new clients, we do believe the UK Construction market is being impacted by the US Government tariff policy with some projects being pushed out beyond their initial start date. As a company we remain well placed to continue to grow and develop further into 2025 and beyond.
The company will continue to focus on increasing the volume and scope of its higher margin activities with both new and existing clients.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2024 | 2023
Turnover | £000 | 45,974 | 35,449
Operating profit | £000 | 2,556 | 1,010
Operating profit | % | 6 | 3

Principal risks and uncertainties

The directors consider the principal risks facing the business as follows:

Competitive and commercial risk

Pressures facing the company relate to the utilisation of resources and delay in significant projects by major customers as a result of the prevailing economic conditions. The directors mitigate these pressures by regular reviews of market intelligence, participation in industry associations and ongoing management processes and procedures in order to structure the company's cost base in line with market conditions.
The company engages with a fully compliant and diverse supply chain and has strategic partnerships with a number of large national suppliers and critically assesses each contractor against a set of criteria in order to minimise risks of non-performance of obligations.

Credit risk

The company's credit risk relates primarily to its amounts receivable on contracts. The company has a broad customer base and all new customers are checked for credit worthiness. Exposures are also managed on a weekly basis via a dedicated credit control function and by regular contract reviews with the contract management and staff.

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting the obligations arising from its financial liabilities. The company receives financing from its parent company who has confirmed that this financing will continue for the foreseeable future.

EFAB Industrial Solutions Ltd

Strategic Report for the Year Ended 31 December 2024 (continued)

Going concern

The directors have considered the principal risks and uncertainties and believe the company has adequate resources to continue to operate for the foreseeable future and the directors consider it appropriate that the financial statements are prepared on a going concern basis.

Approved and authorised by the Board on 9 October 2025 and signed on its behalf by:

......................................... S J Rafferty Director

EFAB Industrial Solutions Ltd

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.

Detailed information in respect of principal activities, future developments, review of the business performance, going concern, principal risks and uncertainties and KPIs can be found in the strategic report and form part of this report by cross-reference.

Directors of the company

The directors who held office during the year were as follows:

E De Ribaucourt (resigned 31 January 2025)

M Dirckx (resigned 30 June 2025)

S J Rafferty

J Vandenbroucke (appointed 14 November 2024 and resigned 30 June 2025)

The following directors were appointed after the year end:

S Weir (appointed 1 July 2025)

T Jung (appointed 1 July 2025)

Results and dividends

The profit and loss account showed a profit before tax of £2,556,000 (2023 - £1,015,000). No dividend was paid during the year or proposed at year end (2023 - £nil).

Employment of disabled persons

The company has a policy of giving full and fair consideration to applications for employment made by disabled persons having regard to their particular aptitudes and abilities. Appropriate training is arranged for disabled persons, including retraining for alternative work of employees who have become disabled, to promote their career development within the organisation.

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefits of its directors which were made during the year and remain in force at the date of this report.

Disclosure of information to the auditors

Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

EFAB Industrial Solutions Ltd

Directors' Report for the Year Ended 31 December 2024 (continued)

Reappointment of auditors

The auditors Forvis Mazars LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 9 October 2025 and signed on its behalf by:

......................................... S J Rafferty Director

EFAB Industrial Solutions Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 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 and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.

EFAB Industrial Solutions Ltd

Independent Auditor's Report to the Members of EFAB Industrial Solutions Ltd

Opinion

We have audited the financial statements of EFAB Industrial Solutions Ltd (the 'company') for the year ended 31 December 2024, which comprise Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity, and 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 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 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.

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.

EFAB Industrial Solutions Ltd

Independent Auditor's Report to the Members of EFAB Industrial Solutions Ltd (continued)

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 Statement of Directors' Responsibilities set out on page 7, 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.

Auditor 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.

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

EFAB Industrial Solutions Ltd

Independent Auditor's Report to the Members of EFAB Industrial Solutions Ltd (continued)

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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and the Bribery Act 2010.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, and the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to long term contract accounting. revenue recognition (which we pinpointed to cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

EFAB Industrial Solutions Ltd

Independent Auditor's Report to the Members of EFAB Industrial Solutions Ltd (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.

......................................
Shaun Mullins (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP, Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP

10 October 2025

EFAB Industrial Solutions Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2024

| Note | 2024 £000 | 2023 £000
Turnover | 3 | 45,974 | 35,449
Cost of sales |  | (39,725) | (29,941)
Gross profit |  | 6,249 | 5,508
Administrative expenses |  | (4,332) | (4,878)
Other operating income |  | 639 | 380
Operating profit | 4 | 2,556 | 1,010
Other interest receivable and similar income | 5 | - | 5
Profit before tax |  | 2,556 | 1,015
Tax on profit | 8 | (572) | (196)
Profit for the financial year |  | 1,984 | 819
Total comprehensive income for the period |  | 1,984 | 819

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

EFAB Industrial Solutions Ltd

(Registration number: 14235050)
Balance Sheet as at 31 December 2024

| Note | 2024 £000 | 2023 £000
Fixed assets |  |  |
Intangible assets | 9 | 519 | 635
Tangible assets | 10 | 309 | 404
Investments | 11 | 885 | 885
|  | 1,713 | 1,924
Current assets |  |  |
Debtors | 12 | 17,101 | 12,513
Creditors: Amounts falling due within one year | 13 | (13,711) | (11,293)
Net current assets |  | 3,390 | 1,220
Total assets less current liabilities |  | 5,103 | 3,144
Provisions for liabilities | 14 | - | (25)
Net assets |  | 5,103 | 3,119
Capital and reserves |  |  |
Share premium reserve | 17 | 2,300 | 2,300
Retained earnings | 17 | 2,803 | 819
Shareholders' funds |  | 5,103 | 3,119

These financial statements were approved and authorised for issue by the Board on 9 October 2025 and signed on its behalf by:

.........................................

S J Rafferty
Director

EFAB Industrial Solutions Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £000 | Share premium £000 | Profit and loss account £000 | Total £000
At 1 January 2024 | - | 2,300 | 819 | 3,119
Profit for the year | - | - | 1,984 | 1,984
Total comprehensive income | - | - | 1,984 | 1,984
At 31 December 2024 | - | 2,300 | 2,803 | 5,103

| Share capital £000 | Share premium £000 | Retained earnings £000 | Total £000
At 1 November 2022 | - | - | - | -
Profit for the year | - | - | 819 | 819
New share capital subscribed | - | 2,300 | - | 2,300
At 31 December 2023 | - | 2,300 | 819 | 3,119

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

EFAB Industrial Solutions Ltd is a private company limited by shares, registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006.
The principal activity of the company is modular construction, fabrication, engineering and consultancy.

These financial statements were authorised for issue by the Board on 9 October 2025.

2 | Accounting policies

Statutory information

EFAB Industrial Solutions Ltd is a private company, limited by shares, domiciled in England and Wales, company number 14235050. The registered office is at Manby Road, Immingham, DN40 2DW.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Summary of 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); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,12.29(a), 12.29(b) and 12.29A. This information is included in the consolidated financial statements of its ultimate parent Bouygues S.A. as at 31 December 2023 and these financial statements are publicly available at its headquarters of 8th arondissement of Paris, France. Consequently, the company has taken advantage of exemption from preparing consolidated financial statements under the terms of S.401 of the Companies Act 2006.
The financial statements contain information about EFAB Industrial Solutions Ltd and do not contain consolidated financial information as the parent of a group.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors' Report to the financial statements.
The Company's forecasts and projections, taking into account reasonable possible changes in trading performance show that the Company is expected to trade profitably for the forseeable future.
The Company has sufficient resources to meet its obligations as they fall due for at least 12 months
from the date of signing these financial statements.
As a consequence, the directors believe that the Company is well placed to manage its business risks successfully and has adequate resources to continue trading successfully for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing these financial
statements.

Judgements

In the application of the Company's accounting policies, the directors are required to make judgments, 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 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.
Critical judgments
The following judgments have had the most significant effect on amounts recognised in the financial statements.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Recognition of revenue based on stage of completion
In making its judgement, the directors considered the detailed criteria for the recognition of revenue from the rendering and construction contracts as set out in FRS 102 Section 23. When assessing a project performance, we consider the costs to complete the project as well as costs already incurred, making an evaluation continues to be a primary focus of the company, with a focus on ensuring we deliver to the clients expected timelines.
Recognition and valuation of forecast costs to complete
Determining the valuation of amounts recoverable on contracts requires an assessment of the current costs incurred on the Project as well as an estimate of the current costs to complete based on progress. This estimation of future costs to complete and the assessment of the anticipated Revenue generates a profit or loss to be gained from the contract. This estimation is performed on a project by project basis, initially by the project manager and commercial manager responsible for the project and is reviewed for reasonableness by the company's senior management team.
Revenue recognition
Turnover represents the amounts derived from the provision of goods and services by the company exclusive of VAT. Turnover on long-term contracts is recognised as described within the long-term contracts section within the accounting policies section continued below and turnover on small works is recognised as the goods and services are provided.

Contract revenue recognition

Long-term contracts balances are stated at net cost less any foreseeable losses and any applicable payments on account. Net costs incurred in excess of the amounts transferred to costs of sales are classified as long-term contract balances. Revenues recognised in excess of amounts billed are classified as amounts recoverable on long-term contracts and included in debtors. Amounts billed in excess of revenues recognised to date are deducted from related long-term contract balances with any residual balance being classified as payments received on account and included in creditors.
The amount recorded as turnover in respect of contracts is ascertained by applying the specific forecast margin on a contract to the costs incurred to date. Attributable profit is recognised as the difference between recorded turnover and related costs. Where the outcome of the contract cannot be forseen with reasonable certainty, but no loss is expected, turnover and costs are recorded as the activity progresses with a zero estimate of profit. Estimates of total contract costs and revenues are reviewed periodically and the cumulative effects of the changes are recognised in the period they are identified. All known or anticipated losses are provided for in full as soon as they are foreseen.

Tax

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

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

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 25% straight line
Plant and machinery | 5%-34% straight line
Motor vehicles and cranes | 25% straight line

Residual value is calculated on prices prevailing at the date of acquisition or revaluation represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost and amortised in equal annual instalments over the useful economic life. Provision is made for any impairment and posted through administrative expenses in the income statement.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software licences | 17%-33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year by market is as follows:

| 2024 £000 | 2023 £000
UK | 44,041 | 33,524
Europe | 1,933 | 1,925
| 45,974 | 35,449

All revenue relates to contract revenue for sales of goods and services.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £000 | 2023 £000
Depreciation expense | 95 | 148
Amortisation expense | 116 | 197
Profit on disposal of property, plant and equipment | (5) | (36)

5 | Other interest receivable and similar income

| 2024 £000 | 2023 £000
Interest on intercompany loan | - | 5

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £000 | 2023 £000
Wages and salaries | 11,805 | 8,613
Social security costs | 1,257 | 824
Pension costs, defined contribution scheme | 321 | 193
| 13,383 | 9,630

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Production | 86 | 111
Administration and support | 90 | 28
| 176 | 139

7 | Auditors' remuneration

| 2024 £000 | 2023 £000
Audit of the financial statements | 83 | 29

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2024 £000 | 2023 £000
Current taxation |  |
UK corporation tax | 550 | 171
UK corporation tax adjustment to prior periods | 46 | -
| 596 | 171
Deferred taxation |  |
Arising from origination and reversal of timing differences | 24 | 25
Changes in respect of prior years | (48) | -
Total deferred taxation | (24) | 25
Tax expense in the income statement | 572 | 196

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22.87%).
The differences are reconciled below:

| 2024 £000 | 2023 £000
Profit before tax | 2,556 | 1,015
Corporation tax at standard rate | 639 | 232
Decrease in UK and foreign current tax from adjustment for prior periods | (2) | -
Tax increase/(decrease) from effect of capital allowances and depreciation | 12 | (40)
Effect of tax losses | - | 2
Tax decrease from effect of adjustment in research and development tax credit | (77) | -
Tax increase from changes in tax provisions due to legislation | - | 2
Total tax charge | 572 | 196

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 | Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2024 | Asset £000 | Liability £000
Fixed asset timing differences | 21 | -
Short term timing differences | - | 21
| 21 | 21

2023 | Asset £000 | Liability £000
Fixed asset timing differences | - | 28
Short term timing differences | 3 | -
| 3 | 28

The Company is a wholly owned subsidiary of Bouygues S.A., which is incorporated in France, and is the ultimate parent undertaking. The Group is within the scope of the Organisation for Economic Co-Operation and Development (“OECD”) Pillar Two model rules. The Company has not recognised a charge or liability in relation to a potential exposure to Pillar Two top-up taxes by the Group.

9 | Intangible assets

| Goodwill £000 | Software £000 | Total £000
Cost
At 1 January 2024 | 707 | 125 | 832
At 31 December 2024 | 707 | 125 | 832
Amortisation
At 1 January 2024 | 101 | 96 | 197
Amortisation charge | 87 | 29 | 116
At 31 December 2024 | 188 | 125 | 313
Carrying amount
At 31 December 2024 | 519 | - | 519
At 31 December 2023 | 606 | 29 | 635

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 | Tangible assets

| Leasehold improvements £000 | Plant and machinery £000 | Motor vehicles £000 | Total £000
Cost
At 1 January 2024 | 8 | 459 | 70 | 537
Disposals | - | - | (45) | (45)
At 31 December 2024 | 8 | 459 | 25 | 492
Depreciation
At 1 January 2024 | 2 | 80 | 51 | 133
Charge for the year | 1 | 75 | 19 | 95
Eliminated on disposal | - | - | (45) | (45)
At 31 December 2024 | 3 | 155 | 25 | 183
Carrying amount
At 31 December 2024 | 5 | 304 | - | 309
At 31 December 2023 | 6 | 379 | 19 | 404

11 | Investments

| 2024 £000 | 2023 £000
Investments in subsidiaries | 885 | 885

Subsidiaries | £000
Cost
At 1 January 2024 | 885
At 31 December 2023 | 885
Carrying amount
At 31 December 2024 | 885
At 31 December 2023 | 885

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11 | Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
EFAB Resourcing Ltd | Manby Road, Immingham, North East Lincolnshire, DN40 2DW England | Ordinary | 100% | 100%

Subsidiary undertakings
EFAB Resourcing Ltd The principal activity of EFAB Resourcing Ltd is proivison of temporary and permanent recruitment services to other UK based Equans group related companies.

12 | Debtors

Current | 2024 £000 | 2023 £000
Trade debtors | 8,592 | 6,125
Amounts owed by group undertakings | 976 | 2,520
Other debtors | 254 | -
Prepayments | 282 | 194
Gross amount due from customers for contract work | 6,997 | 3,674
| 17,101 | 12,513

The amounts owed by the group undertakings and parent company are unsecured, interest free and are repayable on demand.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 | Creditors

| 2024 £000 | 2023 £000
Due within one year |  |
Trade creditors | 1,253 | 2,056
Amounts owed to group companies | 6,460 | 3,071
Social security and other taxes | 404 | 1,346
Accruals and deferred income | 5,594 | 4,820
| 13,711 | 11,293

Amounts owed to group undertakings include an interest bearing loan with Equans SA/NV. The cost of borrowings are linked to SONIA. The remaining amounts owed to the group undertakings are unsecured, interest free and are repayable on demand.

14 | Provisions for liabilities

| Deferred tax £000 | Total £000
At 1 January 2024 | 25 | 25
Increase (decrease) in existing provisions | (25) | (25)
At 31 December 2024 | - | -

15 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £321,000 (2023 - £193,000).
Contributions totalling £81,000 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

EFAB Industrial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

16 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary Share of £1 each | 2 | 2 | 2 | 2

17 | Reserves

Share premium
This reserve represents amounts paid in excess of the the nominal value of equity shares issued.
Profit and loss account
This reserve represents cumulative profits or losses, net of dividends and other adjustments.

18 | Related party transactions

The company has taken advantage of the disclosure exemption provided by FRS 102 available in Section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
During the period, the company made purchases totalling £6,995 (2023 - £37,079) from HCF Catch Ltd, a company under common directorship.

19 | Parent and ultimate parent undertaking

The immediate parent company is Equans Group UK Limited, incorporated in England, who owns 100% of the issued share capital of the company.
The directors regard Bouygues S.A. (registered in France) to be the ultimate parent company and controlling party.
The parent undertaking of the smallest and largest group which includes the Company for which consolidated financial statements are prepared is Bouygues S.A. which are publically available at its headquarters of 8th arrondissement of Paris, France.