IRIS Accounts Production v25.3.0.601 SC376021 Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. . true true true false true true false false false false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC376021 2024-03-31 SC376021 2025-03-31 SC376021 2024-04-01 2025-03-31 SC376021 2023-03-31 SC376021 2023-04-01 2024-03-31 SC376021 2024-03-31 SC376021 ns15:Scotland 2024-04-01 2025-03-31 SC376021 ns14:PoundSterling 2024-04-01 2025-03-31 SC376021 ns10:Director1 2024-04-01 2025-03-31 SC376021 ns10:Consolidated 2025-03-31 SC376021 ns10:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 SC376021 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC376021 ns10:Consolidated ns10:MediumEntities 2024-04-01 2025-03-31 SC376021 ns10:Consolidated ns10:Audited 2024-04-01 2025-03-31 SC376021 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 SC376021 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC376021 ns10:Consolidated 2024-04-01 2025-03-31 SC376021 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 SC376021 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-04-01 2025-03-31 SC376021 ns10:FullAccounts 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary1 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary2 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary3 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary4 2024-04-01 2025-03-31 SC376021 1 2024-04-01 2025-03-31 SC376021 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 SC376021 ns10:Director2 2024-04-01 2025-03-31 SC376021 ns10:Director3 2024-04-01 2025-03-31 SC376021 ns10:Director4 2024-04-01 2025-03-31 SC376021 ns10:Director5 2024-04-01 2025-03-31 SC376021 ns10:RegisteredOffice 2024-04-01 2025-03-31 SC376021 ns10:Consolidated 2023-04-01 2024-03-31 SC376021 ns5:CurrentFinancialInstruments 2025-03-31 SC376021 ns5:CurrentFinancialInstruments 2024-03-31 SC376021 ns5:Non-currentFinancialInstruments 2025-03-31 SC376021 ns5:Non-currentFinancialInstruments 2024-03-31 SC376021 ns5:ShareCapital 2025-03-31 SC376021 ns5:ShareCapital 2024-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 SC376021 ns5:ShareCapital 2023-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC376021 ns5:NetGoodwill 2024-04-01 2025-03-31 SC376021 ns5:LandBuildings 2024-03-31 SC376021 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 SC376021 ns5:LeaseholdImprovements 2024-03-31 SC376021 ns5:LandBuildings 2024-04-01 2025-03-31 SC376021 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-04-01 2025-03-31 SC376021 ns5:LeaseholdImprovements 2024-04-01 2025-03-31 SC376021 ns5:LandBuildings 2025-03-31 SC376021 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-03-31 SC376021 ns5:LeaseholdImprovements 2025-03-31 SC376021 ns5:LandBuildings 2024-03-31 SC376021 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 SC376021 ns5:LeaseholdImprovements 2024-03-31 SC376021 ns5:PlantMachinery 2024-03-31 SC376021 ns5:FurnitureFittings 2024-03-31 SC376021 ns5:ComputerEquipment 2024-03-31 SC376021 ns5:PlantMachinery 2024-04-01 2025-03-31 SC376021 ns5:FurnitureFittings 2024-04-01 2025-03-31 SC376021 ns5:ComputerEquipment 2024-04-01 2025-03-31 SC376021 ns5:PlantMachinery 2025-03-31 SC376021 ns5:FurnitureFittings 2025-03-31 SC376021 ns5:ComputerEquipment 2025-03-31 SC376021 ns5:PlantMachinery 2024-03-31 SC376021 ns5:FurnitureFittings 2024-03-31 SC376021 ns5:ComputerEquipment 2024-03-31 SC376021 ns5:CostValuation ns5:UnlistedNon-exchangeTraded 2024-03-31 SC376021 ns5:UnlistedNon-exchangeTraded 2025-03-31 SC376021 ns5:UnlistedNon-exchangeTraded 2024-03-31 SC376021 1 ns5:Subsidiary1 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary2 3 2024-04-01 2025-03-31 SC376021 5 ns5:Subsidiary3 2024-04-01 2025-03-31 SC376021 ns5:Subsidiary4 7 2024-04-01 2025-03-31 SC376021 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 SC376021 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 SC376021 ns5:WithinOneYear 2025-03-31 SC376021 ns5:WithinOneYear 2024-03-31 SC376021 ns5:BetweenOneFiveYears 2025-03-31 SC376021 ns5:BetweenOneFiveYears 2024-03-31 SC376021 ns5:MoreThanFiveYears 2025-03-31 SC376021 ns5:MoreThanFiveYears 2024-03-31 SC376021 ns5:AllPeriods 2025-03-31 SC376021 ns5:AllPeriods 2024-03-31 SC376021 ns5:DeferredTaxation 2024-03-31 SC376021 ns5:DeferredTaxation 2024-04-01 2025-03-31 SC376021 ns5:DeferredTaxation 2025-03-31 SC376021 ns10:OrdinaryShareClass1 2025-03-31 SC376021 ns5:RetainedEarningsAccumulatedLosses 2024-03-31

REGISTERED NUMBER: SC376021 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 March 2025

for

Torishima Service Solutions Europe

Limited

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Contents of the Consolidated Financial Statements

For The Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Statement of Cash Flows | 14 |

| Notes to the Consolidated Statement of Cash Flows | 15 |

| Notes to the Consolidated Financial Statements | 16 |

| Torishima Service Solutions Europe |

| Limited |

Company Information

For The Year Ended 31 March 2025

| DIRECTORS: | G Ashe

| L M O'Neill

| K Hirata

| P P Van Der Meulen

| S McColl

| REGISTERED OFFICE: | 30 Colliery Road

| Clyde Gateway Business Park

| London Road

| Glasgow

| G32 8SL

| REGISTERED NUMBER: | SC376021 (Scotland)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Group Strategic Report

For The Year Ended 31 March 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

Throughout the year the company continued to focus on driving improvements to ensure its high standards were upheld and delivery of our quality products and service to our customers were achieved.

As well as continuing to support Torishima Japan by providing repairs and service within its defined territory, efforts were made to achieve strategic synergies across different business revenue streams, aiming for a more integrated and efficient business model.

The management team during the year continued to focus on strong leadership to develop and preserve our business capabilities for the future.

Torishima Service Service Solutions (TSSE)

It was a strong year across all divisions reporting 21% growth in revenue on the prior year. Key highlights include:

- Pump Repair & Service continued to provide high standards in both quality and service to the pumps, ensuring to m inimise downtime of our customers, not only in the UK, but also in Central & South America, Africa and Europe.

-Surface coatings had an exceptional strong year, developing opportunities and working on projects within the Defence, N uclear & Marines Industries. Securing these opportunities are very important to move this business forward into next y ear.

- Spare Parts had another strong year, working closely with Japan to secure and deliver projects. This is another key pa rt of our business, supporting our parent company and one that we will continue to develop

- Fluid Power Division had an exceptionally strong year supporting Torishima Japan to supply Lube Oil Systems for hi gh energy pumps. We will continue to support Japan in this area as well as developing opportunities for other work at ou r facility in England.

- Cooling Water Systems had a record year, securing lucrative orders and delivering high end products to our customers.

In summary, TSSE had a very successful year performing extremely well across all areas of the business. With a strong order backlog going into the new financial year and visibility of new opportunities, the growth for 2025/26 remains very positive.

Torishima Turkey

During the year our Turkey subsidiary was restructured allowing our management team to take full control and change the strategic approach in Turkey. During the year lucrative orders were secured from our collaboration with new and existing customers. With Torishima Pumps having a large installed base in Turkey, the opportunities are significant and form part of our long term strategy in Turkey.

Although the stability in the Turkish economy is challenging, we believe that with the strong leadership team in place and opportunities, this company will add value to the Torishima group.

CPR

It was another excellent year for CPR, although reporting revenues of 85% on prior year, this was expected due to the cycle in LNG carrier dry docking schedules. The outlook for FY 25/26 will be very similar to the previous year because of the limited number of vessels undergoing maintenance. This gives the team an opportunity to look at finding new customers and enter new markets with the aim of boosting revenue in FY 26/27, which is already looking very promising due to the number of maintenance activities that are already scheduled to take place.

During the year, the team has been strengthened in the key areas of Sales & Engineering which will allow us to achieve our goal of having year on year growth as per the business plan.

ICI Caldaie

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Group Strategic Report

For The Year Ended 31 March 2025

It was a record breaking year for ICI Caldaie reporting revenue of 319% on the prior year. The management team was restructured during the year, additional headcount invested in creating a solid foundation for growth. The team continued to collaborate with existing customers and build new customer relationships resulting in securing lucrative orders.

With the continued support from Torishima and ICI SPA Italy, the future looks very promising with good business opportunities moving into a new financial year.

Overall, it was a successful year, delivering group revenue of £20,366,204 and group profitability of £1,595,300. The group order backlog going into the new financial year is very strong and new business opportunities across all subsidiaries remain very exciting for the year ahead.

PRINCIPAL RISKS AND UNCERTAINTIES

Our risks going into the next financial year are ensuring we meet the strong order backlog and the recruitment of employees. We will continue to drive our business forward and focus on new business opportunities that will deliver profitability both in the UK and Overseas.

ON BEHALF OF THE BOARD:

S McColl - Director

17 October 2025

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Report of the Directors

For The Year Ended 31 March 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR

Following the reporting period, Torishima Service Solutions Europe Ltd acquired KRG Specialist Engineering Services Ltd, as detailed in Note 20 to the financial statements.

DIRECTORS

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

G Ashe

L M O'Neill

K Hirata

P P Van Der Meulen

S McColl

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

S McColl - Director

17 October 2025

Report of the Independent Auditors to the Members of

Torishima Service Solutions Europe

Limited

Opinion

We have audited the financial statements of Torishima Service Solutions Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Torishima Service Solutions Europe

Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Torishima Service Solutions Europe

Limited

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company and the group through discussions with directors and other management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and the group, including the Companies Act 2006 and FRS 102

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions;

- Reviewing and recalculating managements assumptions in relation to the carrying value of work-in-progress.

- Reviewing source documentation to ensure costs and income are correctly classified and work-in-progress is

reasonably stated; and

- Evaluating the reasonableness of management assumptions in relation to the carrying value of investments held.

Furthermore, carrying out an impairment test with reference to forecasts and post year end trading.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Requesting correspondence with HMRC and Companies House.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Report of the Independent Auditors to the Members of

Torishima Service Solutions Europe

Limited

Use of our report

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

Janice Alexander CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

17 October 2025

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Consolidated

Statement of Comprehensive

Income

For The Year Ended 31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 20,366,204 |  | 17,230,072 |  |

Cost of sales | 11,725,805 |  | 9,666,416 |  |

GROSS PROFIT | 8,640,399 |  | 7,563,656 |  |

Distribution costs | 225,277 |  | 142,633 |  |

Administrative expenses | 6,853,023 |  | 5,771,011 |  |

|  |  | 7,078,300 |  |  |  |  | 5,913,644 |  |

1,562,099 |  | 1,650,012 |  |

Other operating income | 80,336 |  | 63,969 |  |

OPERATING PROFIT | 5 | 1,642,435 |  | 1,713,981 |  |

Interest payable and similar expenses | 6 | 47,135 |  | 13,472 |  |

PROFIT BEFORE TAXATION | 1,595,300 |  | 1,700,509 |  |

Tax on profit | 7 | 566,645 |  | 480,748 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,028,655 |  | 1,219,761 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,028,655 |  | 1,219,761 |  |

Profit attributable to:

Owners of the parent | 1,000,965 |  | 1,226,692 |  |

Non-controlling interests | 27,690 |  | (6,931 | ) |

1,028,655 |  | 1,219,761 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,000,965 |  | 1,226,692 |  |

Non-controlling interests | 27,690 |  | (6,931 | ) |

1,028,655 |  | 1,219,761 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Consolidated Statement of Financial Position

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 695,004 |  | 812,348 |  |

Tangible assets | 10 | 2,150,755 |  | 1,201,982 |  |

Investments | 11 | - |  | - |  |

2,845,759 |  | 2,014,330 |  |

CURRENT ASSETS

Stocks | 12 | 1,656,664 |  | 1,446,967 |  |

Debtors | 13 | 5,510,424 |  | 6,095,835 |  |

Cash at bank and in hand | 3,252,741 |  | 2,297,586 |  |

10,419,829 |  | 9,840,388 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,201,084 |  | 4,800,248 |  |

NET CURRENT ASSETS | 5,218,745 |  | 5,040,140 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,064,504 |  | 7,054,470 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (170,064 | ) | (175,536 | ) |

PROVISIONS FOR LIABILITIES | 17 | (217,997 | ) | (231,146 | ) |

NET ASSETS | 7,676,443 |  | 6,647,788 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 10,000 |  | 10,000 |  |

Translation reserve | 19 | (59,084 | ) | (59,084 | ) |

Retained earnings | 19 | 7,729,297 |  | 6,742,863 |  |

SHAREHOLDERS' FUNDS | 7,680,213 |  | 6,693,779 |  |

NON-CONTROLLING INTERESTS | (3,770 | ) | (45,991 | ) |

TOTAL EQUITY | 7,676,443 |  | 6,647,788 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

S McColl - Director

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Company Statement of Financial Position

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 1,973,237 |  | 1,011,352 |  |

Investments | 11 | 1,539,462 |  | 1,539,462 |  |

3,512,699 |  | 2,550,814 |  |

CURRENT ASSETS

Stocks | 12 | 1,206,434 |  | 1,035,290 |  |

Debtors | 13 | 5,956,589 |  | 6,427,579 |  |

Cash at bank and in hand | 1,912,979 |  | 1,012,576 |  |

9,076,002 |  | 8,475,445 |  |

CREDITORS

Amounts falling due within one year | 14 | 3,936,865 |  | 3,741,255 |  |

NET CURRENT ASSETS | 5,139,137 |  | 4,734,190 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,651,836 |  | 7,285,004 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (170,064 | ) | (175,536 | ) |

PROVISIONS FOR LIABILITIES | 17 | (207,402 | ) | (213,190 | ) |

NET ASSETS | 8,274,370 |  | 6,896,278 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 10,000 |  | 10,000 |  |

Retained earnings | 19 | 8,264,370 |  | 6,886,278 |  |

SHAREHOLDERS' FUNDS | 8,274,370 |  | 6,896,278 |  |

Company's profit for the financial year | 1,378,092 |  | 1,383,445 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

S McColl - Director

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Translation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1 April 2023 | 10,000 |  | 5,491,210 |  | - |  |

Changes in equity

Non-controlling interest transfer | - |  | 24,961 |  | - |  |

Translation reserve | - |  | - |  | (59,084 | ) |

Total comprehensive income | - |  | 1,226,692 |  | - |  |

Balance at 31 March 2024 | 10,000 |  | 6,742,863 |  | (59,084 | ) |

Changes in equity

Non-controlling interest transfer | - |  | (14,531 | ) | - |  |

Total comprehensive income | - |  | 1,000,965 |  | - |  |

Balance at 31 March 2025 | 10,000 |  | 7,729,297 |  | (59,084 | ) |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 5,501,210 |  | (14,099 | ) | 5,487,111 |  |

Changes in equity

Non-controlling interest transfer | 24,961 |  | (24,961 | ) | - |  |

Translation reserve | (59,084 | ) | - |  | (59,084 | ) |

Total comprehensive income | 1,226,692 |  | (6,931 | ) | 1,219,761 |  |

Balance at 31 March 2024 | 6,693,779 |  | (45,991 | ) | 6,647,788 |  |

Changes in equity

Non-controlling interest transfer | (14,531 | ) | 14,531 |  | - |  |

Total comprehensive income | 1,000,965 |  | 27,690 |  | 1,028,655 |  |

Balance at 31 March 2025 | 7,680,213 |  | (3,770 | ) | 7,676,443 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 10,000 |  | 5,502,833 |  | 5,512,833 |  |

Changes in equity

Total comprehensive income | - |  | 1,383,445 |  | 1,383,445 |  |

Balance at 31 March 2024 | 10,000 |  | 6,886,278 |  | 6,896,278 |  |

Changes in equity

Total comprehensive income | - |  | 1,378,092 |  | 1,378,092 |  |

Balance at 31 March 2025 | 10,000 |  | 8,264,370 |  | 8,274,370 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,511,052 |  | (320,141 | ) |

Interest paid | (47,135 | ) | (13,472 | ) |

Tax paid | (581,612 | ) | (75,473 | ) |

Taxation refund | 225,130 |  | - |  |

Net cash from operating activities | 2,107,435 |  | (409,086 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,168,053 | ) | (227,075 | ) |

Sale of tangible fixed assets | 15,773 |  | 579,269 |  |

Net cash from investing activities | (1,152,280 | ) | 352,194 |  |

Increase/(decrease) in cash and cash equivalents | 955,155 |  | (56,892 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,297,586 |  | 2,354,478 |  |

Cash and cash equivalents at end of year | 2 | 3,252,741 |  | 2,297,586 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,595,300 |  | 1,700,509 |  |

| Depreciation charges | 318,240 |  | 325,573 |  |

| Loss/(profit) on disposal of fixed assets | 2,611 |  | (274,125 | ) |

| Finance costs | 47,135 |  | 13,472 |  |

1,963,286 |  | 1,765,429 |  |

| Increase in stocks | (209,697 | ) | (303,252 | ) |

| Decrease/(increase) in trade and other debtors | 535,372 |  | (2,691,612 | ) |

| Increase in trade and other creditors | 222,091 |  | 909,294 |  |

| Cash generated from operations | 2,511,052 |  | (320,141 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 3,252,741 |  | 2,297,586 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 2,297,586 |  | 2,354,478 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,297,586 |  | 955,155 |  | 3,252,741 |  |

2,297,586 |  | 955,155 |  | 3,252,741 |  |

| Total | 2,297,586 |  | 955,155 |  | 3,252,741 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements

For The Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Torishima Service Solutions Europe Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Significant judgements and estimates

| Significant estimates relate to the valuation of costs in relation to long term contract work in progress. These are accrued at the margin rate in line with the stage of completion valuation method and costs are reallocated from work in progress (calculated) costs to the long term contract costs. Identified losses are recognised immediately in line with the company policy on long term contracts.

| Other areas of estimation are in the fair value and depreciation policies set by the company. these are reviewed annually and are in line with industry standards.

| Turnover

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

| Goodwill

| Goodwill representing the excess of the cost of the acquisition of the subsidiary undertakings over the fair value of the assets acquired and other purchased goodwill, is capitalised in the year of acquisition and is being amortised evenly over its useful life of ten years.

| Tangible fixed assets

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

| Leasehold improvements |  | 10% on cost |  |

| Property renovations |  | 20% on cost and over the period of the lease |  |

| Motor vehicles |  | 25% on cost |  |

| Plant & machinery |  | 33.33% on cost, 20% on cost and 10% on cost |  |

| Fixtures and fittings |  | 20% on cost |  |

| Hydro scheme |  | Over 22 years |  |

| IT/phone equipment |  | 33% on cost |  |

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Other financial assets

| Other financial assets, including trade investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

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

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of 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 deducting all of its liabilities.

| Basic financial liabilities

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied.

| Foreign currency hedging is applied against debts and contracts in foreign currencies to manage foreign currency risk over completion of the contract and until payment is made. These debts are valued at the contracted rate and amended where contracts are extended with losses and profits passing through the profit and loss account.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

| Deferred tax

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

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

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Where contracts for exchange (hedging) are held debtor balances are translated at the rate specified in the contract both at intial recognition and at the balance sheet date.

| Where a foreign currency exchange contract is renewed at completion (in the event that the transaction with which the exchange contract is not completed within the option period) gains / losses on translation are recognised when the currency contract completes and the debtor asset is revalued at the rate of the new contract.

| 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.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Long term contracts

| Income and expenses on long term contracts are recognised in the profit and loss account based upon the stage of completion of the contract. All recognisable losses are released to the profit and loss account as they are identified with profits being released over the period of the contract based on stage and milestone payment agreements.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,124,528 |  | 4,463,167 |  |

| Social security costs | 442,292 |  | 340,290 |  |

| Other pension costs | 248,259 |  | 152,284 |  |

4,815,079 |  | 4,955,741 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 5 |  | 5 |  |

| Service | 26 |  | 38 |  |

| Administration | 49 |  | 29 |  |

80 |  | 72 |  |

4. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 348,873 |  | 418,824 |  |

| Directors' pension contributions to money purchase schemes | 22,982 |  | 9,651 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 228,795 |  | 263,017 |  |

| Pension contributions to money purchase schemes | 3,105 |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 15,279 |  | 13,792 |  |

| Depreciation - owned assets | 200,896 |  | 208,229 |  |

| Loss/(profit) on disposal of fixed assets | 2,611 |  | (274,125 | ) |

| Goodwill amortisation | 117,344 |  | 117,344 |  |

| Auditors' remuneration | 27,937 |  | 26,603 |  |

| Foreign exchange differences | 120,364 |  | 39,601 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 47,135 |  | 13,472 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 631,810 |  | 581,612 |  |

| Over/under provision of tax | (52,894 | ) | (84,021 | ) |

| Foreign tax | 878 |  | 6,349 |  |

| Total current tax | 579,794 |  | 503,940 |  |

| Deferred tax | (13,149 | ) | (23,192 | ) |

| Tax on profit | 566,645 |  | 480,748 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,595,300 |  | 1,700,509 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 398,825 |  | 425,127 |  |

| Effects of:

| Expenses not deductible for tax purposes | 28,575 |  | 5,923 |  |

| Depreciation in excess of capital allowances | 68,810 |  | 119,881 |  |

| Other timing differences | 142,234 |  | 75,690 |  |

| Movement in deferred tax | (13,149 | ) | (25,024 | ) |

| Prior year adjustment | (9,935 | ) | (39,165 | ) |

| Tax effect of losses carried forward | (5,756 | ) | (22,219 | ) |

| Research and development | (42,959 | ) | (59,465 | ) |

| Total tax charge | 566,645 |  | 480,748 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,174,348 |  |

| AMORTISATION

| At 1 April 2024 | 362,000 |  |

| Amortisation for year | 117,344 |  |

| At 31 March 2025 | 479,344 |  |

| NET BOOK VALUE

| At 31 March 2025 | 695,004 |  |

| At 31 March 2024 | 812,348 |  |

10. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Leasehold |  | Motor |  | Property

| property |  | improvements |  | vehicles |  | renovations

£ | £ | £ | £ |

| COST

| At 1 April 2024 | - |  | 83,043 |  | 53,924 |  | 389,573 |  |

| Additions | 1,005,802 |  | - |  | 40,715 |  | 50,644 |  |

| Disposals | - |  | - |  | - |  | - |  |

| At 31 March 2025 | 1,005,802 |  | 83,043 |  | 94,639 |  | 440,217 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 21,769 |  | 6,113 |  | 81,686 |  |

| Charge for year | 6,706 |  | 15,347 |  | 17,400 |  | 23,676 |  |

| Eliminated on disposal | - |  | - |  | - |  | - |  |

| At 31 March 2025 | 6,706 |  | 37,116 |  | 23,513 |  | 105,362 |  |

| NET BOOK VALUE

| At 31 March 2025 | 999,096 |  | 45,927 |  | 71,126 |  | 334,855 |  |

| At 31 March 2024 | - |  | 61,274 |  | 47,811 |  | 307,887 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

10. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| Plant & |  | and |  | IT/Phone |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 1,123,548 |  | 82,032 |  | 155,405 |  | 1,887,525 |  |

| Additions | 33,471 |  | 1,845 |  | 35,576 |  | 1,168,053 |  |

| Disposals | (36,654 | ) | - |  | (17,749 | ) | (54,403 | ) |

| At 31 March 2025 | 1,120,365 |  | 83,877 |  | 173,232 |  | 3,001,175 |  |

| DEPRECIATION

| At 1 April 2024 | 430,439 |  | 55,724 |  | 89,812 |  | 685,543 |  |

| Charge for year | 86,328 |  | 13,998 |  | 37,441 |  | 200,896 |  |

| Eliminated on disposal | (18,705 | ) | - |  | (17,314 | ) | (36,019 | ) |

| At 31 March 2025 | 498,062 |  | 69,722 |  | 109,939 |  | 850,420 |  |

| NET BOOK VALUE

| At 31 March 2025 | 622,303 |  | 14,155 |  | 63,293 |  | 2,150,755 |  |

| At 31 March 2024 | 693,109 |  | 26,308 |  | 65,593 |  | 1,201,982 |  |

| Company

| Freehold |  | Motor |  | Property

| property |  | vehicles |  | renovations

£ | £ | £ |

| COST

| At 1 April 2024 | - |  | 53,924 |  | 389,573 |  |

| Additions | 1,005,802 |  | 28,065 |  | 50,644 |  |

| Disposals | - |  | - |  | - |  |

| At 31 March 2025 | 1,005,802 |  | 81,989 |  | 440,217 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 6,113 |  | 81,686 |  |

| Charge for year | 6,706 |  | 15,024 |  | 23,676 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 March 2025 | 6,706 |  | 21,137 |  | 105,362 |  |

| NET BOOK VALUE

| At 31 March 2025 | 999,096 |  | 60,852 |  | 334,855 |  |

| At 31 March 2024 | - |  | 47,811 |  | 307,887 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| Plant & |  | and |  | IT/Phone |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 999,003 |  | 70,936 |  | 152,809 |  | 1,666,245 |  |

| Additions | 10,000 |  | 1,845 |  | 35,576 |  | 1,131,932 |  |

| Disposals | (23,531 | ) | - |  | (17,749 | ) | (41,280 | ) |

| At 31 March 2025 | 985,472 |  | 72,781 |  | 170,636 |  | 2,756,897 |  |

| DEPRECIATION

| At 1 April 2024 | 419,514 |  | 56,670 |  | 90,910 |  | 654,893 |  |

| Charge for year | 72,753 |  | 10,938 |  | 35,689 |  | 164,786 |  |

| Eliminated on disposal | (18,705 | ) | - |  | (17,314 | ) | (36,019 | ) |

| At 31 March 2025 | 473,562 |  | 67,608 |  | 109,285 |  | 783,660 |  |

| NET BOOK VALUE

| At 31 March 2025 | 511,910 |  | 5,173 |  | 61,351 |  | 1,973,237 |  |

| At 31 March 2024 | 579,489 |  | 14,266 |  | 61,899 |  | 1,011,352 |  |

11. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,539,462 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,539,462 |  |

| At 31 March 2024 | 1,539,462 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Cryo Pump Repairs Ltd

| Registered office: 1 Barons Court Earls Gate Park, Roseland Hall, Grangemouth, Scotland, FK3 8BH

| Nature of business: Repair and maintenance of ships and boats

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

11. | FIXED ASSET INVESTMENTS - continued

| ICI Caldaie Limited

| Registered office: 5 Berrington Road, Leamington Spa, England, CV31 1NB

| Nature of business: Supply and fit of heating applications

| %

| Class of shares: | holding |

| Ordinary | 80.00 |

| Torishima Pumps UK Ltd

| Registered office: 30 Colliery Road Clyde Gateway Business Park, London Road, Glasgow, United Kingdom, G32 8SL

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Torishima Service Solutions Turkey

| Registered office: Çerkesli, OSB MAH IMES 5 BULVAR BINA NO:5

| Nature of business: Manufacture of fluid powered equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

12. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Stocks | 464,885 |  | 464,116 |  | 123,829 |  | 103,212 |  |

| Work-in-progress | 1,191,779 |  | 982,851 |  | 1,082,605 |  | 932,078 |  |

1,656,664 |  | 1,446,967 |  | 1,206,434 |  | 1,035,290 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,846,633 |  | 5,377,676 |  | 4,176,824 |  | 4,423,566 |  |

| Amounts owed by group undertakings | 55,829 |  | - |  | 1,132,485 |  | 1,486,066 |  |

| Other debtors | 4,000 |  | - |  | - |  | - |  |

| VAT asset | 297,352 |  | 309,439 |  | 363,280 |  | 203,218 |  |

| Prepayments and other debtors | 306,610 |  | 408,720 |  | 284,000 |  | 314,729 |  |

5,510,424 |  | 6,095,835 |  | 5,956,589 |  | 6,427,579 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 2,062,987 |  | 2,832,724 |  | 1,446,673 |  | 2,324,242 |  |

| Tax | 537,325 |  | 366,417 |  | 377,474 |  | 55,422 |  |

| Social security and other taxes | 125,572 |  | 109,689 |  | 112,402 |  | 97,154 |  |

| Other creditors | 2,049 |  | - |  | - |  | - |  |

| Accrued and other creditors | 2,460,611 |  | 1,478,878 |  | 1,987,776 |  | 1,251,897 |  |

| Deferred government grants | 12,540 |  | 12,540 |  | 12,540 |  | 12,540 |  |

5,201,084 |  | 4,800,248 |  | 3,936,865 |  | 3,741,255 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Accruals and deferred income | 108,077 |  | 108,077 |  | 108,077 |  | 108,077 |  |

| Deferred government grants | 61,987 |  | 67,459 |  | 61,987 |  | 67,459 |  |

170,064 |  | 175,536 |  | 170,064 |  | 175,536 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 299,088 |  | 398,698 |  |

| Between one and five years | 976,565 |  | 1,042,524 |  |

| In more than five years | 926,370 |  | 1,154,105 |  |

2,202,023 |  | 2,595,327 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 261,057 |  | 354,253 |  |

| Between one and five years | 976,565 |  | 1,006,124 |  |

| In more than five years | 926,370 |  | 1,154,105 |  |

2,163,992 |  | 2,514,482 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

17. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 217,997 |  | 231,146 |  | 207,402 |  | 213,190 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 231,146 |  |

| Provided during year | (13,149 | ) |

| Balance at 31 March 2025 | 217,997 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 213,190 |  |

| Provided during year | (5,788 | ) |

| Balance at 31 March 2025 | 207,402 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

19. | RESERVES

| Group

| Retained |  | Translation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 6,742,863 |  | (59,084 | ) | 6,683,779 |  |

| Profit for the year | 1,000,965 |  | 1,000,965 |  |

| Non controlling interest | (14,531 | ) | - |  | (14,531 | ) |

| At 31 March 2025 | 7,729,297 |  | (59,084 | ) | 7,670,213 |  |

| Torishima Service Solutions Europe |

| Limited (Registered number: SC376021) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 March 2025

19. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1 April 2024 | 6,886,278 |  |

| Profit for the year | 1,378,092 |  |

| At 31 March 2025 | 8,264,370 |  |

20. | POST BALANCE SHEET EVENTS

| Since the year end, the group acquired the entire issued share capital of KRG Specialist Engineering Services Limited. The acquisition was funded by a loan from an overseas group company.