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REGISTERED NUMBER: 03488777 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 28th February 2025 |

| for |

| CTS (Shopfitting) Limited |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Contents of the Financial Statements

for the year ended 28th February 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| CTS (Shopfitting) Limited |

Company Information

for the year ended 28th February 2025

| DIRECTORS: | R F Middleton

| W Flanagan

| N Nicklin

| M Clark

| J E Middleton

| SECRETARY: | J E Middleton

| REGISTERED OFFICE: | Princes House

| Wright Street

| Hull

| HU2 8HX

| REGISTERED NUMBER: | 03488777 (England and Wales)

| AUDITORS: | Sadofskys

| Statutory Auditors

| Princes House

| Wright Street

| Hull

| East Yorkshire

| HU2 8HX

| BANKERS: | HSBC Bank plc

| 728 Holderness Road

| Hull

| HU9 3JX

| SOLICITORS: | Hamers

| 5 Earls Court

| Priory Park East

| Hull

| HU4 7DY

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Strategic Report

for the year ended 28th February 2025

The directors present their strategic report for the year ended 28th February 2025.

REVIEW OF BUSINESS

The key performance indicators of turnover, turnover growth and net profit before taxation communicate the financial performance of the company as a whole.

The key performance indicators for the last three years are as follows:

| 2025 |  | 2024 |  | 2023 |  |  |

| £ |  | £ |  | £ |  |  |

Turnover |  | 59,997,568 |  | 58,150,519 |  | 50,003,489 |  |

Turnover growth /(decline) |  | 3.20% |  | 16.29% |  | 13.39% |  |

Gross profit margin |  | 9.38% |  | 7.78% |  | 8.61% |  |

Profit before tax |  | 1,185,606 |  | 1,413,555 |  | 1,435,925 |  |

Profit before tax margin |  | 1.97% |  | 2.43% |  | 2.87% |  |

We have seen a slight increase in turnover as a result of our blue-chip clients continuing to invest and develop their existing estates as well as exploring new space and acquisitions.

Further investment to strengthen the team in all areas of the business to support client demand and increase in number of projects delivered. Rising market rates across resource, materials and plant as well as an increase in administrative costs still sees the business perform similarly to that of previous years with margins remaining consistent.

The directors are content with the year’s performance and envisage a stabilising of the turnover going forward with a hope to increase profits through learning in the previous years.

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Strategic Report

for the year ended 28th February 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk

The company provides shopfitting and industrial decorating services. The prices of such work tend to reduce on account of pricing pressure and competition. This risk is managed by ensuring that the jobs are accurately costed at the tendering phase to reduce cost overruns.

Foreign exchange risk

The company rarely buys from foreign suppliers or provides services to foreign customers, therefore the foreign exchange risk is low.

Credit risk

Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general.

Liquidity risk

Liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due. The company does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

ON BEHALF OF THE BOARD:

R F Middleton - Director

5th November 2025

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Report of the Directors

for the year ended 28th February 2025

The directors present their report with the financial statements of the company for the year ended 28th February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Shopfitters, Commercial, Retail & Construction fit out contractors.

DIVIDENDS

An interim dividend of 8032 per share was paid on 28th February 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28th February 2025 will be £ 803,200 .

FUTURE DEVELOPMENTS

Our clients continue to award projects of all sizes to CTS across their many workstreams. The market appears stable with the promise of consistent enquires from existing and new clients.

The bolstering and restructuring of management across the company is proving to be working well. The company is operating in a healthy manor with the directors hoping to stabilize turnover and improve profitability going forward.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st March 2024 to the date of this report unless otherwise stated.

The beneficial interests of the directors holding office at 28th February 2025 in the shares of the company, according to the register of directors' interests, were as follows:

| 1.3.24

| or date of

| appointment

| 28.2.25 |  | if later

Ordinary shares of £1 each

R F Middleton | 50 |  | 50 |  |

W Flanagan | 50 |  | 50 |  |

N Nicklin | - |  | - |  |

M Clark | - |  | - |  |

J E Middleton - appointed 18/7/24 | - |  | - |  |

These directors did not hold any non-beneficial interests in the shares of the company.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The company's principal financial instruments and risk management are disclosed in the strategic report which forms part of these financial statements.

REVENUE MAINTENANCE

The company actively markets and manages its portfolio of products to focus on the revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Report of the Directors

for the year ended 28th February 2025

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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R F Middleton - Director

5th November 2025

Report of the Independent Auditors to the Members of

CTS (Shopfitting) Limited

Opinion

We have audited the financial statements of CTS (Shopfitting) Limited (the 'company') for the year ended 28th February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 28th February 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 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.

Report of the Independent Auditors to the Members of

CTS (Shopfitting) 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, 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

CTS (Shopfitting) 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 through discussions with directors and other management, and from our commercial knowledge and experience shopfitting services industry;

- 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, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- 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'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.

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 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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

CTS (Shopfitting) 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.

Alan Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

5th November 2025

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Statement of Comprehensive

Income

for the year ended 28th February 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 59,997,568 |  | 58,150,519 |  |

Cost of sales | 54,384,801 |  | 53,625,229 |  |

GROSS PROFIT | 5,612,767 |  | 4,525,290 |  |

Administrative expenses | 4,459,515 |  | 3,140,296 |  |

1,153,252 |  | 1,384,994 |  |

Other operating income | 4 | 18,015 |  | 19,389 |  |

OPERATING PROFIT | 6 | 1,171,267 |  | 1,404,383 |  |

Interest receivable and similar income | 14,751 |  | 9,313 |  |

1,186,018 |  | 1,413,696 |  |

Interest payable and similar expenses | 7 | 412 |  | 141 |  |

PROFIT BEFORE TAXATION | 1,185,606 |  | 1,413,555 |  |

Tax on profit | 8 | 321,001 |  | 360,764 |  |

PROFIT FOR THE FINANCIAL YEAR | 864,605 |  | 1,052,791 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 864,605 |  | 1,052,791 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Balance Sheet

28th February 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 175,284 |  | 157,721 |  |

CURRENT ASSETS

Debtors | 11 | 14,162,768 |  | 14,236,932 |  |

Cash at bank and in hand | 2,259,297 |  | 1,976,767 |  |

16,422,065 |  | 16,213,699 |  |

CREDITORS

Amounts falling due within one year | 12 | 14,189,357 |  | 14,029,500 |  |

NET CURRENT ASSETS | 2,232,708 |  | 2,184,199 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,407,992 |  | 2,341,920 |  |

PROVISIONS FOR LIABILITIES | 14 | 31,213 |  | 26,546 |  |

NET ASSETS | 2,376,779 |  | 2,315,374 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 100 |  | 100 |  |

Retained earnings | 2,376,679 |  | 2,315,274 |  |

SHAREHOLDERS' FUNDS | 2,376,779 |  | 2,315,374 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 5th November 2025 and were signed on its behalf by:

R F Middleton - Director

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Statement of Changes in Equity

for the year ended 28th February 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st March 2023 | 100 |  | 2,281,683 |  | 2,281,783 |  |

Changes in equity

Dividends | - |  | (1,019,200 | ) | (1,019,200 | ) |

Total comprehensive income | - |  | 1,052,791 |  | 1,052,791 |  |

Balance at 29th February 2024 | 100 |  | 2,315,274 |  | 2,315,374 |  |

Changes in equity

Dividends | - |  | (803,200 | ) | (803,200 | ) |

Total comprehensive income | - |  | 864,605 |  | 864,605 |  |

Balance at 28th February 2025 | 100 |  | 2,376,679 |  | 2,376,779 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Cash Flow Statement

for the year ended 28th February 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,647,418 |  | 858,648 |  |

Interest paid | (412 | ) | (141 | ) |

Tax paid | (362,162 | ) | (284,750 | ) |

Net cash from operating activities | 1,284,844 |  | 573,757 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (69,115 | ) | (38,142 | ) |

Sale of tangible fixed assets | 11,250 |  | 12,500 |  |

Interest received | 14,751 |  | 9,313 |  |

Net cash from investing activities | (43,114 | ) | (16,329 | ) |

Cash flows from financing activities

Amount withdrawn by directors | (156,000 | ) | (60,000 | ) |

Equity dividends paid | (803,200 | ) | (1,019,200 | ) |

Net cash from financing activities | (959,200 | ) | (1,079,200 | ) |

Increase/(decrease) in cash and cash equivalents | 282,530 |  | (521,772 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,976,767 |  | 2,498,539 |  |

Cash and cash equivalents at end of year | 2 | 2,259,297 |  | 1,976,767 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Cash Flow Statement

for the year ended 28th February 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,185,606 |  | 1,413,555 |  |

| Depreciation charges | 34,239 |  | 40,383 |  |

| Loss/(profit) on disposal of fixed assets | 6,063 |  | (5,962 | ) |

| Finance costs | 412 |  | 141 |  |

| Finance income | (14,751 | ) | (9,313 | ) |

1,211,569 |  | 1,438,804 |  |

| Decrease/(increase) in trade and other debtors | 74,065 |  | (5,455,101 | ) |

| Increase in trade and other creditors | 361,784 |  | 4,874,945 |  |

| Cash generated from operations | 1,647,418 |  | 858,648 |  |

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 28th February 2025

| 28/2/25 |  | 1/3/24

£ | £ |

| Cash and cash equivalents | 2,259,297 |  | 1,976,767 |  |

| Year ended 29th February 2024

| 29/2/24 |  | 1/3/23

£ | £ |

| Cash and cash equivalents | 1,976,767 |  | 2,498,539 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/3/24 | Cash flow | At 28/2/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,976,767 |  | 282,530 |  | 2,259,297 |  |

1,976,767 |  | 282,530 |  | 2,259,297 |  |

| Total | 1,976,767 |  | 282,530 |  | 2,259,297 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements

for the year ended 28th February 2025

1. | STATUTORY INFORMATION

| CTS (Shopfitting) 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. | 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.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses. These are based on historical experience, current market information and forecasts of future activity, and are regularly reviewed and updated. Actual outcomes may differ from these estimates.

| The areas that involve the most significant judgement and estimation are as follows:

| Useful lives and residual values of assets

| The useful economic lives and residual values of property, plant and equipment are reviewed annually. Judgement is required in estimating how long assets will remain in use and their likely residual value at the end of their life, with adjustments made if usage patterns or market conditions change.

| Amounts recoverable on contracts

| Revenue and profit recognition on contracts is based on the stage of completion and management’s assessment of recoverability. This involves forecasting turnover using client programmes of upcoming works, allocated projects and expected tenders, together with tracking project expenditure and profit through CVR documents and real-time monitoring. Judgement is required in estimating variations, resourcing needs, supply chain risks, and material/labour cost trends, all of which can affect the ultimate profitability of contracts.

| Impairment and recoverability of receivables

| The recoverability of receivables and contract balances is assessed using forward-looking estimates, including current client performance and market conditions. Judgement is applied in estimating expected credit losses.

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

2. | ACCOUNTING POLICIES - continued

| Revenue recognition

| Shopfitting Projects

| Revenue from shopfitting projects is recognised in line with the progress of each contract and the transfer of goods or services to the customer. Recognition occurs at different stages throughout the lifespan of a project, typically categorised as: Pre-commencement, On-site delivery, and Post-completion.

| Pre-commencement period

| Revenue is recognised when we raise invoices against customer orders that require advance procurement of goods or services before the on-site start date. Revenue is recognised when control of those goods or services transfers to the client, which is generally when purchased materials are vested in the client’s name, or when pre-commencement services have been fully performed and the related deliverables/reports are issued.

| On-site delivery period

| During the construction and installation phase, revenue is recognised progressively based on applications for interim payment. The measure of progress is determined by the percentage of completion agreed with the client’s commercial team. The number and timing of applications vary depending on the client’s payment processes, project scope, and duration. Recognition continues on this stage-of-completion basis until practical completion.

| Post-completion period

| The final stage of revenue recognition occurs at practical completion, when the client issues a completion certificate confirming that the contracted works are substantially delivered. At this point, the outstanding contract value is recognised, subject to any retention provisions. Where retention amounts are withheld by the client (typically 5-10%), revenue in respect of these amounts is deferred and only recognised when the retention period expires, usually 6-12 months after project completion.

| Decorating Projects

| Revenue from decorating projects is recognised in accordance with the transfer of services to clients, typically in two stages: On-site delivery and Post-completion.

| On-site delivery period

| During the execution of decorating works, revenue is recognised progressively through interim applications for payment. These applications are based on the percentage of completion achieved on site and agreed with the client’s commercial team. The timing and frequency of interim applications vary depending on the client’s procedures and project duration, but the underlying principle is consistent with the shopfitting process: recognition reflects the stage of completion of the project up to the point of practical completion.

| Post-completion period

| The final revenue recognition stage occurs once practical completion has been certified and all snagging works are completed. In most cases, this results in full payment of the contract sum becoming due within 14 days of the practical completion date. Where contractual retentions apply (typically 5-10%), revenue relating to these amounts is deferred and only recognised upon expiry of the retention period, usually 6-12 months after project completion.

| This approach ensures that revenue is recognised consistently with the transfer of control of goods and services to clients, reflecting the substance of each contract in accordance with applicable accounting standards.

| 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 | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 20% on reducing balance

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

2. | ACCOUNTING POLICIES - continued

| Government grants

| Government grants are recognised using the accruals model.

| Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

| Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

| A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

| Financial instruments

| The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and accounts receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between the carrying amount and the present value of estimated cash flows discounted at te original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

| 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 balance sheet date.

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

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

3. | 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

£ | £ |

| Rendering of services | 59,997,568 |  | 58,150,519 |  |

59,997,568 |  | 58,150,519 |  |

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Grants received | 12,993 |  | 19,389 |  |

| Insurance claims | 5,022 |  | - |  |

18,015 |  | 19,389 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 6,033,175 |  | 4,662,925 |  |

| Social security costs | 670,794 |  | 512,357 |  |

| Other pension costs | 135,690 |  | 114,521 |  |

6,839,659 |  | 5,289,803 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Administration | 46 |  | 39 |  |

| Production | 68 |  | 69 |  |

114 |  | 108 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 727,368 |  | 284,678 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 5 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 226,184 |  | 110,000 |  |

| Accrued pension at 28th February 2025 | 1,321 |  | 1,321 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 34,239 |  | 40,383 |  |

| Loss/(profit) on disposal of fixed assets | 6,063 |  | (5,962 | ) |

| Auditors' remuneration | 14,900 |  | 9,600 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | - |  | 141 |  |

| Disallowed interest | 412 |  | - |  |

412 |  | 141 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

8. | 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 | 316,334 |  | 362,162 |  |

| Deferred taxation | 4,667 |  | (1,398 | ) |

| Tax on profit | 321,001 |  | 360,764 |  |

| 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 | 1,185,606 |  | 1,413,555 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.490%) | 296,402 |  | 346,180 |  |

| Effects of:

| Expenses not deductible for tax purposes | 24,599 |  | 14,584 |  |

| provision rate |

| Total tax charge | 321,001 |  | 360,764 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 803,200 |  | 1,019,200 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st March 2024 | 105,949 |  | 321,487 |  | 67,649 |  | 150,949 |  | 646,034 |  |

| Additions | 5,750 |  | 32,937 |  | 17,424 |  | 13,004 |  | 69,115 |  |

| Disposals | - |  | - |  | (31,649 | ) | - |  | (31,649 | ) |

| At 28th February 2025 | 111,699 |  | 354,424 |  | 53,424 |  | 163,953 |  | 683,500 |  |

| DEPRECIATION

| At 1st March 2024 | 80,027 |  | 278,922 |  | 38,111 |  | 91,253 |  | 488,313 |  |

| Charge for year | 5,446 |  | 10,350 |  | 5,002 |  | 13,441 |  | 34,239 |  |

| Eliminated on disposal | - |  | - |  | (14,336 | ) | - |  | (14,336 | ) |

| At 28th February 2025 | 85,473 |  | 289,272 |  | 28,777 |  | 104,694 |  | 508,216 |  |

| NET BOOK VALUE

| At 28th February 2025 | 26,226 |  | 65,152 |  | 24,647 |  | 59,259 |  | 175,284 |  |

| At 29th February 2024 | 25,922 |  | 42,565 |  | 29,538 |  | 59,696 |  | 157,721 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 12,957,227 |  | 13,848,912 |  |

| Amounts recoverable on contracts | 1,178,939 |  | 368,833 |  |

| Prepayments | 26,602 |  | 19,187 |  |

14,162,768 |  | 14,236,932 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 9,190,890 |  | 9,509,581 |  |

| Taxation | 316,235 |  | 362,162 |  |

| Social security and other taxes | 2,809,224 |  | 2,164,569 |  |

| Interim payments | 787,353 |  | 1,364,234 |  |

| Directors' current accounts | 284,000 |  | 440,000 |  |

| Accrued expenses | 801,655 |  | 188,954 |  |

14,189,357 |  | 14,029,500 |  |

| CTS (Shopfitting) Limited (Registered number: 03488777) |

Notes to the Financial Statements - continued

for the year ended 28th February 2025

13. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 149,502 |  | 126,596 |  |

| Between one and five years | 114,065 |  | 106,037 |  |

263,567 |  | 232,633 |  |

14. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred taxation | 31,213 |  | 26,546 |  |

| Deferred |

| tax |

£ |

| Balance at 1st March 2024 | 26,546 |  |

| Provided during year | 4,667 |  |

| Balance at 28th February 2025 | 31,213 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| The ordinary shares have attached to them full voting, dividend and capital distribution rights.

16. | RELATED PARTY DISCLOSURES

| Other related parties

2025 | 2024 |

£ | £ |

| Salaries paid to close family members | 261,663 |  | 245,670 |  |