REGISTERED NUMBER: 03280435 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

S + B UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

Directors:

Mr P Bentham

Mr C Norris

Mr S Serridge

Mr J Tate

Registered office:

Labtec Street

Swinton

Manchester

Greater Manchester

M27 8SE

Registered number:

03280435 (England and Wales)

Auditors:

Sumer Auditco Limited

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

The directors present their strategic report for the year ended 31 December 2024.

Review of business

The principal activity of S+B UK during the year was the manufacture, delivery and installation of specialist laboratory furniture and fume cupboards across UK Education, International overseas schools, UK Universities, UK Pharmaceutical and Life Science sectors.

Key Performance Indicators

The directors consider the key performance indicators of the business to be turnover and operating profit. Levels of turnover have increased over this period compared to the year ending December 2023, as well as the operating profit.

2024

2023

Turnover

£11,950,299

£10,306,988

Operating profit

£1,817,113

£1,058,520

Increased turnover, various purchasing efficiencies and cost control initiatives have been implemented over the year which helped uplift profit margins from that at the end of December 2023.

The directors are happy with the performance of the company and in particular the continued growth in turnover.

Future trading

We are seeing increased spending in the life science sector and international school market. This in line with S+B 's reputation across all sectors continues to give us plenty of opportunities to secure new and repeat business. With this said future trading prospects for the business look very promising, due to the ongoing demand within all the markets we operate in and the strength of our current order book.

Principal risks and uncertainties

The major risks and uncertainties for the company are labour and material prices. Although we have seen more cost certainty in recent times, this still remains a risk going forward. To help mitigate these risks we regularly forward buy materials and hardware. In addition to this we periodically update our costing templates, so that any material and labour increases can be captured at quotation stage.

A large amount of S+B's work is undertaken as a Sub-Contractor to a Main Contractor. Each contract is reviewed by a qualified person to determine any associated risk, bring resolution and or control any agreements made.

S+B invest heavily in building relationships with major specifiers, developers, owners and contractors. Within its production facility the aim is to have a long-term flexible workforce that can react to differing levels of demand whilst improving health and safety and maintaining the quality of workmanship.

Price risk, credit risk, liquidity risk and cashflow risk.

The primary business mechanisms are bank balances, trade debtors and trade creditors. The main purpose of these mechanisms is to finance the business operations. With regard to bank balances, the liquidity risk is managed by continual cashflow forecasts, projecting the monies in and out over any given six-month period. All the business cash balances are held in such a way that achieves a competitive rate of interest.

In terms of credit and cashflow risk, trade debtors are managed by polices concerning the credit offered to customers and monitoring the amounts outstanding for both age and credit limits.

Trade creditors' liquidity risk is managed by making sure that sufficient funds are available to meet amounts due.

Future development

S+B's goal is to maintain a significant presence in the markets we operate in and enhance its coverage over the growing Life Science and international school markets. This approach will have S+B well positioned to increase turnover/profits over the coming years.

Going concern

The directors have reviewed the company's forecasts and projections and are very confident that the company has

adequate funding and resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

On behalf of the board:

Mr P Bentham - Director

30 October 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of design, manufacture and installation of laboratory furniture and equipment.

Dividends

The total distribution of dividends for the year ended 31 December 2024 will be £ 550,000 .

Directors

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

Mr P Bentham

Mr C Norris

Mr S Serridge

Other changes in directors holding office are as follows:

Mr J Tate - appointed 1 January 2024

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). 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.

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.

Auditors

The auditors, Sumer Auditco Limited, were appointed as auditor to the Company and are deemed to be re-appointed.

On behalf of the board:

Mr P Bentham - Director

30 October 2025

Opinion

We have audited the financial statements of S + B UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 directors are responsible for the other information. The other information comprises the information in the 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 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.

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.

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.

- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including

consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and transactions with the potential identification of fraud.

- Identification of key laws and regulations considered central to the entity, including a review of any policies and procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax legislation & health and safety regulations in relation to construction.

- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of

non-compliance at all stages.

- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material

misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Other matters which we are required to address

The comparatives were not audited, as the company was eligible to claim exemption from a statutory audit under section 477 of the Companies Act 2006.Therefore the prior year financial statements were not subject to audit. The information available in respect of the prior year was sufficient for us to obtain appropriate audit evidence. Our opinion therefore remains unqualified

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.

Neil Whittingham BA (Hons) FCA ATT (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

30 October 2025

TURNOVER

4

11,950,299

10,306,988

Cost of sales

7,425,271

6,876,240

GROSS PROFIT

4,525,028

3,430,748

Distribution costs

934,844

818,127

Administrative expenses

1,773,071

1,554,101

2,707,915

2,372,228

OPERATING PROFIT

6

1,817,113

1,058,520

Interest payable and similar expenses

7

3,330

3,330

PROFIT BEFORE TAXATION

1,813,783

1,055,190

Tax on profit

8

395,022

303,789

PROFIT FOR THE FINANCIAL YEAR

1,418,761

751,401

Retained earnings at beginning of year

3,281,520

3,230,119

Dividends

9

(550,000

)

(700,000

)

RETAINED EARNINGS AT END OF YEAR

4,150,281

3,281,520

FIXED ASSETS

Tangible assets

10

592,577

701,815

CURRENT ASSETS

Stocks

11

1,043,670

970,037

Debtors

12

3,044,644

2,735,029

Cash at bank and in hand

2,119,013

1,462,060

6,207,327

5,167,126

CREDITORS

Amounts falling due within one year

13

1,471,578

1,347,203

NET CURRENT ASSETS

4,735,749

3,819,923

TOTAL ASSETS LESS CURRENT LIABILITIES

5,328,326

4,521,738

CREDITORS

Amounts falling due after more than one year

14

(42,788

)

(78,156

)

PROVISIONS FOR LIABILITIES

17

(135,257

)

(162,062

)

NET ASSETS

5,150,281

4,281,520

CAPITAL AND RESERVES

Called up share capital

18

1,000,000

1,000,000

Retained earnings

19

4,150,281

3,281,520

SHAREHOLDERS' FUNDS

5,150,281

4,281,520

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr P Bentham - Director

Cash flows from operating activities

Cash generated from operations

1

1,598,521

728,817

Interest element of hire purchase payments paid

(3,330

)

(3,330

)

Tax paid

(250,403

)

(217,496

)

Net cash from operating activities

1,344,788

507,991

Cash flows from investing activities

Purchase of tangible fixed assets

(95,526

)

(171,944

)

Sale of tangible fixed assets

-

30,260

Net cash from investing activities

(95,526

)

(141,684

)

Cash flows from financing activities

Capital repayments in year

(42,309

)

17,928

Equity dividends paid

(550,000

)

(700,000

)

Net cash from financing activities

(592,309

)

(682,072

)

Increase/(decrease) in cash and cash equivalents

656,953

(315,765

)

Cash and cash equivalents at beginning of year

2

1,462,060

1,777,825

Cash and cash equivalents at end of year

2

2,119,013

1,462,060

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

31.12.24

31.12.23

(Unaudited)

£

£

Profit before taxation

1,813,783

1,055,190

Depreciation charges

204,765

192,547

Profit on disposal of fixed assets

-

(9,806

)

Finance costs

3,330

3,330

2,021,878

1,241,261

(Increase)/decrease in stocks

(73,633

)

169,706

Increase in trade and other debtors

(309,615

)

(979,038

)

(Decrease)/increase in trade and other creditors

(40,109

)

296,888

Cash generated from operations

1,598,521

728,817

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,119,013

1,462,060

Year ended 31 December 2023

31.12.23

1.1.23

(Unaudited)

£

£

Cash and cash equivalents

1,462,060

1,777,825

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,462,060

656,953

2,119,013

1,462,060

656,953

2,119,013

Debt

Finance leases

(119,695

)

41,538

(78,157

)

(119,695

)

41,538

(78,157

)

Total

1,342,365

698,491

2,040,856

1.	STATUTORY INFORMATION

S + B 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.

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

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no significant key areas of judgement or key areas of estimation uncertainty included within the

financial statements.

Turnover

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

Turnover is recognised at the point when it is carried out.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

at varying rates on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is calculated by reference to the most recent purchase price.

Stock provision is provided for slow moving stock.

Goods in transit is included at cost, based on the purchase invoice relating to each item.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

Hire purchase and leasing commitments

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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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:

31.12.24

31.12.23

(Unaudited)

£

£

Materials

10,454,367

8,833,899

Installations

1,141,970

1,194,401

Carriage out

352,212

278,688

Commission

1,750

-

11,950,299

10,306,988

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

(Unaudited)

£

£

United Kingdom

7,427,299

7,335,339

Europe

2,361,934

639,921

Rest of the World

2,161,066

2,331,728

11,950,299

10,306,988

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

(Unaudited)

£

£

Wages and salaries

2,381,082

2,195,395

Social security costs

41,706

32,335

Other pension costs

62,707

66,166

2,485,495

2,293,896

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

31.12.24

31.12.23

(Unaudited)

Directors

4

4

Labour

32

35

Office Staff

16

16

52

55

31.12.24

31.12.23

(Unaudited)

£

£

Directors' remuneration

327,992

261,598

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

(Unaudited)

£

£

Emoluments etc

118,169

128,911

6.	OPERATING PROFIT

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

31.12.24

31.12.23

(Unaudited)

£

£

Hire of plant and machinery

4,843

4,422

Depreciation - owned assets

158,475

153,331

Depreciation - assets on hire purchase contracts

46,289

39,216

Profit on disposal of fixed assets

-

(9,806

)

Auditors' remuneration

13,000

-

Foreign exchange differences

7,204

6,419

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

(Unaudited)

£

£

Hire purchase

3,330

3,330

8.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

(Unaudited)

£

£

Current tax:

UK corporation tax

421,827

250,403

Under/over prov of PY Ctax

-

14,516

Total current tax

421,827

264,919

Deferred tax

(26,805

)

38,870

Tax on profit

395,022

303,789

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:

31.12.24

31.12.23

(Unaudited)

£

£

Profit before tax

1,813,783

1,055,190

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

453,446

263,798

Effects of:

Expenses not deductible for tax purposes

4,467

-

Income not taxable for tax purposes

-

(2,452

)

Depreciation in excess of capital allowances

24,481

3,573

Deferred tax movement

(26,805

)

38,870

Foreign tax paid

(60,567

)

-

Total tax charge

395,022

303,789

9.

DIVIDENDS

31.12.24

31.12.23

(Unaudited)

£

£

Interim

550,000

700,000