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REGISTERED NUMBER: 08300227 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 January 2025

for

SHEET PILING (UK) LIMITED

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Contents of the Financial Statements

for the year ended 31 January 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 10 |

| Statement of Financial Position | 11 |

| Statement of Changes in Equity | 12 |

| Statement of Cash Flows | 13 |

| Notes to the Statement of Cash Flows | 14 |

| Notes to the Financial Statements | 16 |

| SHEET PILING (UK) LIMITED |

Company Information

for the year ended 31 January 2025

| Directors: | A J Cotton

| I Patel

| J O Hull

| M A Lord

| Secretary: | A J Cotton

| Registered office: | Unit C

| Clayton Green Business Park

| Library Road, Clayton-Le-Woods

| Chorley

| Lancashire

| PR6 7EN

| Registered number: | 08300227 (England and Wales)

| Independent auditors: | S&W Audit

| Northern Assurance Buildings

| 9-21 Princess Street

| Manchester

| M2 4DN

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Strategic Report

for the year ended 31 January 2025

The directors present their strategic report for the year ended 31 January 2025.

Principal activity

Sheet Piling (UK) Limited are one of the United Kingdom's leading sheet piling contractors with our head office in Chorley.

We specialise in all forms of driven or hydraulically pressed steel sheet piling works including permanent basements and retaining walls; along with all aspects of temporary works including steelwork bracing.

Our expertise covers a wide range of sectors including industrial, commercial and residential, road and rail infrastructure, ports and harbours and utilities.

Review of business

The results for the company show an operating profit of £4,442,627 for the year ended January 2025 from a turnover of £39,477,093.

The increase in turnover within the year can be largely attributed to continued realisation of the company's objectives to ensure continued growth of the sheet piling market as whole within the construction sector whilst positioning the company to be able to successfully secure increased project opportunities. Turnover was also enhanced by the introduction of a specialist rail division during the period.

The operating profit margin has maintained at 11.3% (2024 - 11.2%) which demonstrates the company is able to implement consistency with both contract risk and cost controls given the increased turnover during the period.

The directors are satisfied with the performance of the company during the financial year.

Principal risks and uncertainties

The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through appropriate credit control procedures. The company is exposed to market risk as it predominantly supplies the construction industry. The company does not actively use financial instruments as part of its financial risk management. The nature of its other financial instruments means that they are not subject to price risk or liquidity risk.

The company recognises the exposure to foreign exchange risk associated with purchasing company assets using foreign currencies. Whilst volatility remains in the exchange rates of foreign currencies, the company has minimised its effect by continuously monitoring the rates, arranging forward purchasing of foreign currency and retaining high stock levels to reduce exposure to exchange rate fluctuation.

Given the current and economic and political uncertainty which surrounds the UK economy and particularly the construction sector at present; it is expected that turnover in the short term will decrease as a result of lack of government infrastructure investment and price inflation generally impacting on new project commencements.

Financial key performance indicators

The directors consider increasing operating margins and maintaining a manageable and sustainable turnover to be the key performance indicators, together with generating profits. See review of business paragraph above for movements in key performance indicators.

Future developments

Future developments include:

- De-carbonisation of steel products and improved carbon efficiencies of all operations;

- Generation of increased stock assets from retained profits;

- Consolidation of storage and plant workshop facilities into a single purpose built facility;

- Modernisation and upgrading of plant and machinery;

- General improvements in overall efficiency of the company.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Strategic Report

for the year ended 31 January 2025

Research and development

The company remains committed to innovation within the market sector of steel sheet piling.

On behalf of the board:

A J Cotton - Director

24 October 2025

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Report of the Directors

for the year ended 31 January 2025

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

Principal activity

The principal activity of the company in the year under review was that of sheet piling contractors.

Dividends

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

Events since the end of the year

The company repurchased 1,334 ordinary shares for £870,000 on 31 March 2025.

The company repurchased 1,667 ordinary shares for £2,100,000 on 12 August 2025.

Directors

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

A J Cotton

I Patel

J O Hull

Other changes in directors holding office are as follows:

M A Lord was appointed as a director after 31 January 2025 but prior to the date of this report.

A J Foy ceased to be a director after 31 January 2025 but prior to the date of this report.

Statement of directors' responsibilities

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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 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.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Report of the Directors

for the year ended 31 January 2025

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

A J Cotton - Director

24 October 2025

Report of the Independent Auditors to the Members of

Sheet Piling (UK) Limited

Opinion

We have audited the financial statements of Sheet Piling (UK) Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 January 2025 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 Auditors' 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 report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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.

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 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 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

Sheet Piling (UK) Limited

Matters on which we are required to report by exception

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

Report of the Independent Auditors to the Members of

Sheet Piling (UK) 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.

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

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation cliams. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing payroll, accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

- UK taxation law

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur. The areas identified in this discussion were:

- Manipulation of financial statements, especially revenue, amounts recoverable on contracts and asset and stock valuations, via fraudulent entries.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Substantive work on material areas affecting profits;

- Assessing managements estimates of contract work and agreeing to appropriate evidence;

- Physical verification of fixed assets, and undertaking asset valuation procedures;

- Physical verification of stock items, as well as undertaking stock valuation procedures; and

- Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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

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

Report of the Independent Auditors to the Members of

Sheet Piling (UK) 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.

Antony Sassen (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

24 October 2025

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Statement of Comprehensive

Income

for the year ended 31 January 2025

2025 | 2024 |

| Notes | £ | £

Turnover | 4 | 39,477,093 |  | 30,614,728 |  |

Cost of sales | (33,560,934 | ) | (26,036,946 | ) |

Gross profit | 5,916,159 |  | 4,577,782 |  |

Administrative expenses | (1,473,532 | ) | (1,138,139 | ) |

Operating profit | 7 | 4,442,627 |  | 3,439,643 |  |

Interest receivable and similar income | 200,062 |  | 193,354 |  |

4,642,689 |  | 3,632,997 |  |

Interest payable and similar expenses | 8 | (153,072 | ) | (274,460 | ) |

Profit before taxation | 4,489,617 |  | 3,358,537 |  |

Tax on profit | 9 | (210,460 | ) | (174,316 | ) |

Profit for the financial year | 4,279,157 |  | 3,184,221 |  |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 4,279,157 |  | 3,184,221 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Statement of Financial Position

31 January 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

Fixed assets

Intangible assets | 10 | 13,742 |  | 11,016 |  |

Tangible assets | 11 | 11,063,444 |  | 10,334,692 |  |

11,077,186 |  | 10,345,708 |  |

Current assets

Stocks | 12 | 8,491,716 |  | 12,158,446 |  |

Debtors | 13 | 4,282,207 |  | 2,342,719 |  |

Investments | 14 | - |  | 2,083,000 |  |

Cash at bank | 7,679,356 |  | 4,049,392 |  |

20,453,279 |  | 20,633,557 |  |

Creditors

Amounts falling due within one year | 15 | 9,140,706 |  | 11,490,326 |  |

Net current assets | 11,312,573 |  | 9,143,231 |  |

Total assets less current liabilities | 22,389,759 |  | 19,488,939 |  |

Creditors

Amounts falling due after more than one year | 16 | (1,445,363 | ) | (2,830,872 | ) |

Provisions for liabilities | 19 | (1,520,206 | ) | (1,513,034 | ) |

Net assets | 19,424,190 |  | 15,145,033 |  |

Capital and reserves

Called up share capital | 20 | 15,001 |  | 15,001 |  |

Share premium | 21 | 80,673 |  | 80,673 |  |

Capital redemption reserve | 21 | 1,000 |  | 1,000 |  |

Retained earnings | 21 | 19,327,516 |  | 15,048,359 |  |

Shareholders' funds | 19,424,190 |  | 15,145,033 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2025 and were signed on its behalf by:

A J Cotton - Director

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Statement of Changes in Equity

for the year ended 31 January 2025

Called up | Capital |  |

share | Retained | Share | redemption | Total |

capital | earnings | premium | reserve | equity |

| £ | £ | £ | £ | £

Balance at 1 February 2023 | 13,334 |  | 12,258,392 |  | 46,666 |  | - |  | 12,318,392 |  |

Changes in equity

Issue of shares | 2,667 |  | - |  | 94,153 |  | - |  | 96,820 |  |

Purchase of own shares | (1,000 | ) | (394,254 | ) | (60,146 | ) | 1,000 |  | (454,400 | ) |

Total comprehensive income | - |  | 3,184,221 |  | - |  | - |  | 3,184,221 |  |

Balance at 31 January 2024 | 15,001 |  | 15,048,359 |  | 80,673 |  | 1,000 |  | 15,145,033 |  |

Changes in equity

Total comprehensive income | - |  | 4,279,157 |  | - |  | - |  | 4,279,157 |  |

Balance at 31 January 2025 | 15,001 |  | 19,327,516 |  | 80,673 |  | 1,000 |  | 19,424,190 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Statement of Cash Flows

for the year ended 31 January 2025

2025 | 2024 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 5,567,549 |  | (539,319 | ) |

Interest paid | - |  | (113,885 | ) |

Interest element of hire purchase payments paid | (153,072 | ) | (160,575 | ) |

Net cash from operating activities | 5,414,477 |  | (813,779 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (2,726 | ) | (9,016 | ) |

Purchase of tangible fixed assets | (3,602,367 | ) | (801,503 | ) |

Sale of tangible fixed assets | 1,608,437 |  | 3,358,556 |  |

Sale of current asset investment | 2,168,854 |  | - |  |

Interest received | 114,208 |  | 110,354 |  |

Net cash from investing activities | 286,406 |  | 2,658,391 |  |

Cash flows from financing activities

Capital repayments in year | (1,197,919 | ) | (3,255,779 | ) |

Amount introduced by directors | - |  | 104,898 |  |

Amount repaid to directors | (873,000 | ) | - |  |

Share issue | - |  | 96,820 |  |

Share buyback | - |  | (454,400 | ) |

Net cash from financing activities | (2,070,919 | ) | (3,508,461 | ) |

Increase/(decrease) in cash and cash equivalents | 3,629,964 |  | (1,663,849 | ) |

Cash and cash equivalents at beginning of year | 2 | 4,049,392 |  | 5,713,241 |  |

Cash and cash equivalents at end of year | 2 | 7,679,356 |  | 4,049,392 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Statement of Cash Flows

for the year ended 31 January 2025

1. | Reconciliation of profit before taxation to cash generated from operations

2025 | 2024 |

| £ | £

| Profit before taxation | 4,489,617 |  | 3,358,537 |  |

| Depreciation charges | 1,478,517 |  | 1,661,290 |  |

| Profit on disposal of fixed assets | (11,938 | ) | (100,128 | ) |

| Finance costs | 153,072 |  | 274,460 |  |

| Finance income | (200,062 | ) | (193,354 | ) |

5,909,206 |  | 5,000,805 |  |

| Decrease/(increase) in stocks | 3,666,730 |  | (6,543,599 | ) |

| (Increase)/decrease in trade and other debtors | (1,418,782 | ) | 2,241,793 |  |

| Decrease in trade and other creditors | (2,589,605 | ) | (1,238,318 | ) |

| Cash generated from operations | 5,567,549 |  | (539,319 | ) |

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 January 2025

| 31/1/25 |  | 1/2/24

| £ | £

| Cash and cash equivalents | 7,679,356 |  | 4,049,392 |  |

| Year ended 31 January 2024

| 31/1/24 |  | 1/2/23

| £ | £

| Cash and cash equivalents | 4,049,392 |  | 5,713,241 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Statement of Cash Flows

for the year ended 31 January 2025

3. | Analysis of changes in net funds

| Other |

| non-cash |

| At 1/2/24 | Cash flow | changes | At 31/1/25

| £ | £ | £ | £

| Net cash |

| Cash at bank | 4,049,392 |  | 3,629,964 |  | 7,679,356 |  |

4,049,392 |  | 3,629,964 |  | 7,679,356 |  |

| Liquid resources |

| Current asset

| investments | 2,083,000 |  | (2,083,000 | ) | - |  | - |  |

2,083,000 |  | (2,083,000 | ) | - |  | - |  |

| Debt

| Finance leases | (3,500,489 | ) | 1,197,919 |  | (201,400 | ) | (2,503,970 | ) |

(3,500,489 | ) | 1,197,919 |  | (201,400 | ) | (2,503,970 | ) |

| Total | 2,631,903 |  | 2,744,883 |  | (201,400 | ) | 5,175,386 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements

for the year ended 31 January 2025

1. | Statutory information

| Sheet Piling (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Statement of compliance

| 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.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Turnover

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

| a) Sale of goods

| Revenue from sale of goods is recognised when all of the following conditions are satisfied:

| - the company has transferred the significant risks and rewards of ownership to the buyer;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| b) Rendering of services

| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with customer certification when all of the following conditions are satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the contract; and

| - the stage of completion of the contract at the end of the reporting periods can be measured reliably.

| Long-term contracts

| Profit on long-term contracts is recognised as the work is carried out and if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out by recording turnover and related costs as contract activity progresses. Turnover is calculated as the revenue certified to date and adjustments for work completed not yet certified. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

3. | Accounting policies - continued

| Tangible fixed assets

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

| Plant and machinery | - | 18% on reducing balance and 5% to 10% straight line

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Office equipment | - | 25% on reducing balance

| The directors consider that the estimated useful economic life of the company's freehold property exceeds 50 years, and that the residual value is not materially different from cost.

| Accordingly, no depreciation is charged on the freehold property.

| The carrying value of the freehold property is reviewed annually to assess whether there is any indication of impairment. If such an indication exists, the recoverable amount of the building is estimated and an impairment loss is recognised where the carrying value exceeds the recoverable amount.

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

| Stocks

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

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

3. | Accounting policies - continued

| 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 statement of financial position 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.

| 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.

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Current asset investments

| Current asset investments are initially measured at cost and are subsequently re-measured at their fair value.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

3. | Accounting policies - continued

| Significant judgements and estimates

| In preparing these financial statements, the directors have had to make the following judgements:

| - Determine whether leases entered into either as a lessor or a lessee are operating finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

| - Determine whether there are indicators of impairment of the tangible and intangible assets.Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is component of a larger cash-generating unit, the viability and expected future performance of that unit.

| Other key sources of estimation uncertainty

| Amounts recoverable on contracts valuation

| The valuation of amounts recoverable on contracts in excess of the amount certified involves a number of estimates including costs not yet certified and analysis of costs between the different stages of the project.

| Tangible fixed assets

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

4. | Turnover

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

2025 | 2024 |

| £ | £

| Sale of goods | 5,200,659 |  | 5,267,723 |  |

| Rendering of services | 34,276,434 |  | 25,347,005 |  |

39,477,093 |  | 30,614,728 |  |

| An analysis of turnover by geographical market is given below:

2025 | 2024 |

| £ | £

| United Kingdom | 39,477,093 |  | 30,614,728 |  |

39,477,093 |  | 30,614,728 |  |

5. | Employees and directors

2025 | 2024 |

| £ | £

| Wages and salaries | 3,085,528 |  | 3,118,806 |  |

| Social security costs | 308,899 |  | 306,411 |  |

| Other pension costs | 249,094 |  | 48,866 |  |

3,643,521 |  | 3,474,083 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

5. | Employees and directors - continued

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

2025 | 2024 |

| Management, technical and administration | 27 |  | 23 |  |

| Site operations | 29 |  | 32 |  |

56 |  | 55 |  |

6. | Directors' emoluments

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Emoluments etc |  | 170,311 |  | 211,055 |  |

| Pension contributions |  | 200,000 |  | - |  |

| Compensation for loss of office |  | - |  | 26,100 |  |

| The highest paid director received a salary of £40,000 (2024: £75,991).

| The pension contributions in respect of the highest paid director amounted to £200,000 (2024: £nil).

7. | Operating profit

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

2025 | 2024 |

| £ | £

| Other operating leases | 23,315 |  | 39,600 |  |

| Depreciation - owned assets | 1,404,339 |  | 1,661,291 |  |

| Profit on disposal of fixed assets | (11,938 | ) | (100,128 | ) |

| Auditors' remuneration | 29,435 |  | 26,665 |  |

| Foreign exchange differences | (6,324 | ) | 81,271 |  |

8. | Interest payable and similar expenses |

2025 | 2024 |

| £ | £

| Bank loan interest | - |  | 113,885 |  |

| Hire purchase | 153,072 |  | 160,575 |  |

153,072 |  | 274,460 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

9. | 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 | 396,935 |  | 193,647 |  |

| (Over)/under provision PY | (193,647 | ) | - |  |

| Total current tax | 203,288 |  | 193,647 |  |

| Deferred tax | 7,172 |  | (19,331 | ) |

| Tax on profit | 210,460 |  | 174,316 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

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

2025 | 2024 |

| £ | £

| Profit before tax | 4,489,617 |  | 3,358,537 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,122,404 |  | 839,634 |  |

| Effects of:

| Expenses not deductible for tax purposes | 402,224 |  | 3,906 |  |

| Income not taxable for tax purposes | - |  | (502,636 | ) |

| Capital allowances in excess of depreciation | (395,519 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 330,989 |  |

| Utilisation of tax losses | (717,830 | ) | (459,940 | ) |

| Adjustments to tax charge in respect of previous periods | (193,647 | ) | - |  |

| leading to a decrease in |

| Deferred tax movement | (7,172 | ) | (19,331 | ) |

| Changes in tax rates | - |  | (18,306 | ) |

| Total tax charge | 210,460 |  | 174,316 |  |

| Factors affecting future tax charges

| Future tax liabilities will be reduced by research and development claims and patent box claims. No claim has yet been made for the current year.

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

10. | Intangible fixed assets

Patents and |

licences |

| £

| Cost

| At 1 February 2024 | 11,016 |  |

| Additions | 2,726 |  |

| At 31 January 2025 | 13,742 |  |

| Net book value

| At 31 January 2025 | 13,742 |  |

| At 31 January 2024 | 11,016 |  |

11. | Tangible fixed assets

Fixtures |

Long | Plant and | and |

leasehold | machinery | fittings |

| £ | £ | £

| Cost

| At 1 February 2024 | - |  | 18,279,605 |  | 41,920 |  |

| Additions | 706,768 |  | 2,893,477 |  | 7,692 |  |

| Disposals | - |  | (2,215,101 | ) | - |  |

| At 31 January 2025 | 706,768 |  | 18,957,981 |  | 49,612 |  |

| Depreciation

| At 1 February 2024 | - |  | 8,060,213 |  | 14,686 |  |

| Charge for year | - |  | 1,369,480 |  | 9,593 |  |

| Eliminated on disposal | - |  | (564,693 | ) | - |  |

| At 31 January 2025 | - |  | 8,865,000 |  | 24,279 |  |

| Net book value

| At 31 January 2025 | 706,768 |  | 10,092,981 |  | 25,333 |  |

| At 31 January 2024 | - |  | 10,219,392 |  | 27,234 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

11. | Tangible fixed assets - continued

Motor | Office |

vehicles | equipment | Totals |

| £ | £ | £

| Cost

| At 1 February 2024 | 154,364 |  | 26,842 |  | 18,502,731 |  |

| Additions | 175,562 |  | - |  | 3,783,499 |  |

| Disposals | - |  | - |  | (2,215,101 | ) |

| At 31 January 2025 | 329,926 |  | 26,842 |  | 20,071,129 |  |

| Depreciation

| At 1 February 2024 | 79,616 |  | 13,524 |  | 8,168,039 |  |

| Charge for year | 24,721 |  | 545 |  | 1,404,339 |  |

| Eliminated on disposal | - |  | - |  | (564,693 | ) |

| At 31 January 2025 | 104,337 |  | 14,069 |  | 9,007,685 |  |

| Net book value

| At 31 January 2025 | 225,589 |  | 12,773 |  | 11,063,444 |  |

| At 31 January 2024 | 74,748 |  | 13,318 |  | 10,334,692 |  |

| The directors consider that the estimated useful economic life of the company's Freehold Property exceeds 50 years, and that the residual value is not materially different from cost.

| Accordingly, no depreciation is charged on the freehold property.

| Included within the net book value of tangible fixed assets is £3,330,353 (2024 - £4,687,333) in respect of assets held under finance lease agreements.

12. | Stocks

2025 | 2024 |

| £ | £

| Finished goods | 8,491,716 |  | 12,158,446 |  |

13. | Debtors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Trade debtors | 1,082,472 |  | 1,001,573 |  |

| Amounts recoverable on contract | 1,407,328 |  | 317,506 |  |

| Other debtors | 1,242,726 |  | 533,298 |  |

| VAT | 291,528 |  | 332,562 |  |

| Prepayments and accrued income | 258,153 |  | 157,780 |  |

4,282,207 |  | 2,342,719 |  |

| Financial assets that are debt instruments measured at amortised cost include trade debtors and other debtors.

14. | Current asset investments

2025 | 2024 |

| £ | £

| Other | - |  | 2,083,000 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

15. | Creditors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 17) | 1,222,380 |  | 1,185,684 |  |

| Trade creditors | 2,032,303 |  | 1,921,628 |  |

| Corporation tax | 396,935 |  | 193,647 |  |

| Social security and other taxes | 94,360 |  | 84,835 |  |

| Other creditors | 1,010,382 |  | 694,620 |  |

| Accruals and deferred income | 4,384,346 |  | 7,409,912 |  |

9,140,706 |  | 11,490,326 |  |

| Financial liabilities measured at amortised cost include trade creditors and other creditors.

16. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 17) | 1,281,590 |  | 2,314,805 |  |

| Other creditors | 163,773 |  | 516,067 |  |

1,445,363 |  | 2,830,872 |  |

| Financial liabilities measured at amortised cost include other creditors.

17. | Leasing agreements

| Minimum lease payments fall due as follows:

| Hire purchase contracts |

2025 | 2024 |

| £ | £

| Net obligations repayable:

| Within one year | 1,222,380 |  | 1,185,684 |  |

| Between one and five years | 1,281,590 |  | 2,314,805 |  |

2,503,970 |  | 3,500,489 |  |

Non-cancellable |

operating leases |

2025 | 2024 |

| £ | £

| Within one year | 59,500 |  | 59,500 |  |

| Between one and five years | 28,333 |  | 87,833 |  |

87,833 |  | 147,333 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

18. | Secured debts

| The following secured debts are included within creditors:

2025 | 2024 |

| £ | £

| Hire purchase contracts | 2,503,970 |  | 3,500,489 |  |

| The obligations under bank loans and finance/hire purchase contracts are secured by the assets / stock to which they relate.

19. | Provisions for liabilities

2025 | 2024 |

| £ | £

| Deferred tax

| Accelerated capital allowances | 1,520,206 |  | 1,513,034 |  |

Deferred tax |

| £

| Balance at 1 February 2024 | 1,513,034 |  |

| Provided during year | 7,172 |  |

| Balance at 31 January 2025 | 1,520,206 |  |

20. | Called up share capital

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 12,667 | Ordinary | £1 | 12,667 |  | 12,667 |  |

| 2,334 | A Ordinary | £1 | 2,334 |  | 2,334 |  |

15,001 |  | 15,001 |  |

| SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |

Notes to the Financial Statements - continued

for the year ended 31 January 2025

21. | Reserves

Capital |

Retained | Share | redemption |

earnings | premium | reserve | Totals |

| £ | £ | £ | £

| At 1 February 2024 | 15,048,359 |  | 80,673 |  | 1,000 |  | 15,130,032 |  |

| Profit for the year | 4,279,157 |  | - |  | - |  | 4,279,157 |  |

| At 31 January 2025 | 19,327,516 |  | 80,673 |  | 1,000 |  | 19,409,189 |  |

| The group and company's capital and reserves are as follows:

| Called up share capital

| Called up share capital represents the nominal value of the shares issued.

| Share premium account

| The share premium account includes the premium on issue of equity shares, net of any issue costs.

| Capital redemption reserve account

| The capital redemption reserve account relates to the purchase and cancellation of own shares.

| Profit and loss account

| The profit and loss account represents cumulative profits or losses, net of any dividends paid and other adjustments.

22. | Contingent liabilities

| The is a contingent liability at year end in respect of contract bonds which amounted to £nil (2024 - £350,535).

23. | Related party disclosures

| During the year, the company made advances and credits to directors amounting to £2,724,950 and £1,851,950 respectively.

| The balance of the overdrawn loan account of £520,706 is currently included in other debtors (2024 - £231,909 other creditors > 1 year).

| Included within other creditors > 1 year is a directors loan account balances of £163,773 (2024 - £284,158).

| The directors loan accounts are interest free and no amounts were waived or written off during the year.

24. | Post balance sheet events

| The company repurchased 1,334 ordinary shares for £870,000 on 31 March 2025.

| The company repurchased 1,667 ordinary shares for £2,100,000 on 12 August 2025.

25. | Ultimate controlling party

| The controlling party is A J Cotton.