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REGISTERED NUMBER: 08274704 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTOR AND |

| AUDITED |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| NUDATION LIMITED |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Director | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Statement of Cash Flows | 14 |

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

| Notes to the Consolidated Financial Statements | 16 |

| NUDATION LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | T M Nunan

| REGISTERED OFFICE: | Sarginsons Industries Ltd

| Torrington Avenue

| Coventry

| West Midlands

| CV4 9AG

| REGISTERED NUMBER: | 08274704 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Gary Chajet

| AUDITORS: | Accura Audit Limited (Statutory Auditor)

| Langley House,

| Park Road,

| East Finchley,

| London

| N2 8EY

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The primary trading subsidiary of the Group continues to be Sarginsons Industries Limited whose principal activity in the year under review was that of aluminium diecasters. There are two other subsidiaries within the group, Pattern Solutions Limited and Nu-Cents Limited. Pattern Solutions Limited was acquired in the prior financial year in 2024 and also carry out the same trade, generating around 4% of the overall Group turnover (£487K) in 2025, however, the end of year result was a loss of £117,000. Nu-Cents Limited is not generating any trading income and is used for the Group’s real estate investment activities.

Performance within Pattern Solutions Limited declined in the year, with turnover reducing by approximately 13% to £487,000 and margins tightening due to higher energy, depreciation, and administrative costs. The company reported a pre-tax loss of £126,000 (2024: £71,000 loss), reflecting ongoing cost pressures and lower sales volumes. Liquidity and gearing indicators weakened compared with the prior year, consistent with investment in plant and machinery and increased borrowing. While the business continues to face operational and cash flow challenges, the Group remains supportive of management’s plans to stabilise operations and restore profitability. Nu-Cents Limited activities during the year remained limited to the holding and management of Group property assets, generating no trading income.

Business Model

Sarginsons operates in the technology and manufacturing sectors, focusing on advanced casting solutions. Revenue comes from designing, developing, and supplying castings. Core resources include technical expertise, R&D capabilities, and relationships with OEMs and new market entrants. Value is created through the PIVOT programme, which will deliver new designs and castings. This programme is expected to bring significant operational and economic benefits to clients, driving growth for Sarginsons and representing a potential revolution in the casting industry.

Strategic Objectives and Strategy

The group aims to achieve growth by leveraging its expertise in casting technology, particularly in the electric vehicle and aerospace sectors. The PIVOT R&D programme, which concludes in 2027, is central to this strategy and is expected to deliver benefits from Q1 2026, when software development concludes and real castings are designed for the first time.

Group seeks to expand its client base, including new, specialised builders whose relatively low volumes suit the company’s production capacity and profile. Strategic initiatives include continued investment in technology, adapting production capacity to market demands, and addressing the cost base of aerospace clients facing imminent competition from China.

Performance and Key Performance Indicators

In 2024, gross margin and turnover were impacted by substantial technical resources directed toward the PIVOT programme, which reduced high-margin income from the technology division. Several substantial new contracts were won toward the end of 2024, but these were not fully reflected in turnover for the year. Start-up and development costs accrued in the same period also affected gross margin performance.

Key performance indicators focus on turnover, gross margin, and the successful completion of development milestones.

ACHIEVEMENTS OF KEY PERFORMANCE INDICATORS

2025 2024

Gross profit margin 25.2% 28.2%

Return on Capital Employed 10.8% 11.6%

EBITDA / Sales 5.2% 6.6%

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Risks include the impact of tariffs imposed by the USA, potential global recession, and competitive pressures, including Chinese EV imports. However, current sales volumes are expected to remain stable. The company is already working with one or two Chinese EV clients, so the impact of imports on Sarginsons is expected to be limited. There seems little evidence of an imminent global recession at present. Economic and industry developments, including the evolution of the EV market and competitive pressures in aerospace, are being monitored closely.

ON BEHALF OF THE BOARD:

T M Nunan - Director

12 November 2025

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company with investments in subsidiaries. The principal trading subsidiary operates as an aluminium diecaster, specialising in low-pressure, sand, and gravity diecasting, together with related design and simulation services.

DIVIDENDS

An interim dividend of £1.10 per share was paid during the year to 31 March 2025. The director recommends that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £278,200.

DIRECTOR

T M Nunan held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Accura Audit Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T M Nunan - Director

12 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NUDATION LIMITED

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NUDATION LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NUDATION 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:

Fraud - Identifying and responding to risks of material misstatement due to fraud

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included;

- enquiries of management and internal accounting staff, concerning the company's policies and procedures relating to:

- detecting and responding to the risks of fraud; and

- internal controls established to mitigate risks related to fraud;

- enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud;

- discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner and manager who have commercial knowledge and experience of such an entity, and this experience was relevant to the discussion about where fraud risks may arise.

Risk communications

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Fraud risks

As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments.

Procedures to address fraud risks

Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including;

- Comparing journal entries to supporting documentation and review for any unusual journal descriptions;

- Assessing significant accounting estimates and judgements for bias;

- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and

- Testing journal entries to identify unusual transactions.

Laws and regulations

- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations.

Risk assessment

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following;

- discussion with the management (as required by auditing standards);

- inspection of regulatory and legal correspondence; and

- discussions with the management about the policies and procedures regarding compliance with laws and regulations.

Risk communication

Our communication of laws and regulations risks was made throughout our team and we remained alert to any indications of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NUDATION LIMITED

Direct laws context and link to audit

The potential effect of laws and regulations on the financial statements varies considerably. The company is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:

- Financial reporting legislation (including related UK companies' legislation).

- Taxation legislation (direct and indirect) in the countries of operation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Most significant indirect law/ regulation areas

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the company's ability to operate.

We identified the following areas as those most likely to have such an effect:

- Health, safety, welfare and fire safety.

- Anti-bribery fraud and corruption.

- Anti-money laundering regulations.

- European Union and United Kingdom employment law.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach.

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

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.

Gary Chajet (Senior Statutory Auditor)

for and on behalf of Accura Audit Limited (Statutory Auditor)

Langley House,

Park Road,

East Finchley,

London

N2 8EY

12 November 2025

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

TURNOVER | 3 | 13,678,267 |  | 14,259,104 |  |

Cost of sales | (10,231,691 | ) | (10,235,870 | ) |

GROSS PROFIT | 3,446,576 |  | 4,023,234 |  |

Distribution costs | (650,707 | ) | (528,038 | ) |

Administrative expenses | (3,379,689 | ) | (3,285,217 | ) |

(583,820 | ) | 209,979 |  |

Other operating income | 4 | 1,076,235 |  | 66,634 |  |

OPERATING PROFIT | 6 | 492,415 |  | 276,613 |  |

Gain/loss on revaluation of investment property | 430,000 |  | - |  |

922,415 |  | 276,613 |  |

Interest payable and similar expenses | 8 | (327,248 | ) | (244,985 | ) |

PROFIT BEFORE TAXATION | 595,167 |  | 31,628 |  |

Tax on profit | 9 | (163,160 | ) | 127,268 |  |

PROFIT FOR THE FINANCIAL YEAR | 432,007 |  | 158,896 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 12 | 118,547 |  | 178,245 |  |

Tangible assets | 13 | 3,331,030 |  | 3,164,373 |  |

Investments | 14 | - |  | - |  |

3,449,577 |  | 3,342,618 |  |

CURRENT ASSETS

Stocks | 15 | 2,044,710 |  | 1,970,632 |  |

Debtors | 16 | 4,665,626 |  | 3,752,572 |  |

Cash at bank and in hand | 377,817 |  | 293,323 |  |

7,088,153 |  | 6,016,527 |  |

CREDITORS

Amounts falling due within one year | 17 | 6,218,604 |  | 5,082,955 |  |

NET CURRENT ASSETS | 869,549 |  | 933,572 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,319,126 |  | 4,276,190 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (495,025 | ) | (668,582 | ) |

PROVISIONS FOR LIABILITIES | 22 | (664,487 | ) | (601,801 | ) |

NET ASSETS | 3,159,614 |  | 3,005,807 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 251,601 |  | 251,601 |  |

Revaluation reserve | 24 | 714,375 |  | 391,875 |  |

Retained earnings | 24 | 2,193,638 |  | 2,362,331 |  |

SHAREHOLDERS' FUNDS | 3,159,614 |  | 3,005,807 |  |

The financial statements were approved by the director and authorised for issue on 12 November 2025 and were signed by:

T M Nunan - Director

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

COMPANY STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 12 | - |  | - |  |

Tangible assets | 13 | 2,794 |  | 3,287 |  |

Investments | 14 | 204,021 |  | 204,021 |  |

206,815 |  | 207,308 |  |

CURRENT ASSETS

Debtors | 16 | 1,049,878 |  | 648,137 |  |

Cash in hand | 1 |  | 2 |  |

1,049,879 |  | 648,139 |  |

CREDITORS

Amounts falling due within one year | 17 | 533,460 |  | 123,196 |  |

NET CURRENT ASSETS | 516,419 |  | 524,943 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 723,234 |  | 732,251 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 251,601 |  | 251,601 |  |

Retained earnings | 24 | 471,633 |  | 480,650 |  |

SHAREHOLDERS' FUNDS | 723,234 |  | 732,251 |  |

Company's profit for the financial year | 269,183 |  | 74,989 |  |

The financial statements were approved by the director and authorised for issue on 12 November 2025 and were signed by:

T M Nunan - Director

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

Called up |  |

share | Retained | Revaluation | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 April 2023 | 26,453 |  | 2,328,435 |  | 391,875 |  | 2,746,763 |  |

Changes in equity

Issue of share capital | 225,148 |  | - |  | - |  | 225,148 |  |

Dividends | - |  | (125,000 | ) | - |  | (125,000 | ) |

Total comprehensive income | - |  | 158,896 |  | - |  | 158,896 |  |

Balance at 31 March 2024 | 251,601 |  | 2,362,331 |  | 391,875 |  | 3,005,807 |  |

Changes in equity

Dividends | - |  | (278,200 | ) | - |  | (278,200 | ) |

Total comprehensive income | - |  | 109,507 |  | 322,500 |  | 432,007 |  |

Balance at 31 March 2025 | 251,601 |  | 2,193,638 |  | 714,375 |  | 3,159,614 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 April 2023 | 25,601 |  | 530,661 |  | 556,262 |  |

Changes in equity

Issue of share capital | 226,000 |  | - |  | 226,000 |  |

Dividends | - |  | (125,000 | ) | (125,000 | ) |

Total comprehensive income | - |  | 74,989 |  | 74,989 |  |

Balance at 31 March 2024 | 251,601 |  | 480,650 |  | 732,251 |  |

Changes in equity

Dividends | - |  | (278,200 | ) | (278,200 | ) |

Total comprehensive income | - |  | 269,183 |  | 269,183 |  |

Balance at 31 March 2025 | 251,601 |  | 471,633 |  | 723,234 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 1,403,394 |  | 855,887 |  |

Interest paid | (235,047 | ) | (345,076 | ) |

Interest element of hire purchase payments paid | (92,201 | ) | (54,169 | ) |

Tax paid | (657,943 | ) | 687,007 |  |

Net cash from operating activities | 418,203 |  | 1,143,649 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (151,755 | ) |

Purchase of tangible fixed assets | (261,323 | ) | (189,105 | ) |

Sale of tangible fixed assets | 105,441 |  | - |  |

Net cash from investing activities | (155,882 | ) | (340,860 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | (209,099 | ) |

Capital repayments in year | (248,528 | ) | (276,395 | ) |

Amount introduced by directors | 364,528 |  | 65,000 |  |

Amount withdrawn by directors | (181,168 | ) | 15,350 |  |

Other adjustments | 165,541 |  | 18,055 |  |

Equity dividends paid | (278,200 | ) | (125,000 | ) |

Net cash from financing activities | (177,827 | ) | (512,089 | ) |

Increase in cash and cash equivalents | 84,494 |  | 290,700 |  |

Cash and cash equivalents at beginning of year | 2 | 293,323 |  | 2,623 |  |

Cash and cash equivalents at end of year | 2 | 377,817 |  | 293,323 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

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

31.3.25 | 31.3.24 |

| £ | £

| Profit before taxation | 595,167 |  | 31,628 |  |

| Depreciation charges | 442,408 |  | 409,902 |  |

| Loss on disposal of fixed assets | 36,767 |  | - |  |

| Gain on revaluation of fixed assets | (430,000 | ) | - |  |

- |  | 154,261 |  |

| Government grants | (138,374 | ) | - |  |

| Finance costs | 327,248 |  | 244,985 |  |

833,216 |  | 840,776 |  |

| Increase in stocks | (74,078 | ) | (431,747 | ) |

| Increase in trade and other debtors | (342,281 | ) | (197,889 | ) |

| Increase in trade and other creditors | 986,537 |  | 644,747 |  |

| Cash generated from operations | 1,403,394 |  | 855,887 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

| £ | £

| Cash and cash equivalents | 377,817 |  | 293,323 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

| £ | £

| Cash and cash equivalents | 293,323 |  | 2,623 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

| £ | £ | £

| Net cash |

| Cash at bank and in hand | 293,323 |  | 84,494 |  | 377,817 |  |

293,323 |  | 84,494 |  | 377,817 |  |

| Debt

| Finance leases | (925,708 | ) | 248,528 |  | (677,180 | ) |

| Debts falling due within 1 year | (294,477 | ) | (58,669 | ) | (353,146 | ) |

| Debts falling due after 1 year | (31,250 | ) | 31,250 |  | - |  |

(1,251,435 | ) | 221,109 |  | (1,030,326 | ) |

| Total | (958,112 | ) | 305,603 |  | (652,509 | ) |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Nudation 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 General Information page.

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 as modified by the revaluation of certain assets.

| Functional and presentation currency

| The Group's functional and presentation currency is £ sterling. Monetary amounts in these financial statements are rounded to the nearest £.

| Going concern

| The financial statements have been prepared on a going concern basis. In forming this view, the Director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

| This assessment is supported by forecasts demonstrating that the company is expected to continue to operate successfully. Margins have strengthened, supported by a combination of increased sale prices and a reduction in scrap rates. Turnover is also projected to increase following the planned launch of the Group's unique technology in January 2026, which is expected to enhance the competitiveness of its product offering. Sales projections for this new technology have been prepared on a prudent basis, reflecting the early stage of market introduction, although growth is anticipated to accelerate as market awareness develops.

| The Director has considered the Group’s trading dependencies and financial commitments and is satisfied that these have been appropriately reflected in the forecasts supporting the going concern assessment.

| The Group is headed by Nudation Limited and the subsidiaries are Sarginsons Industries Ltd, Pattern Solutions Ltd, Nu-Cents Ltd and, shortly, Numachine Ltd. The Group is well established and is expected to achieve productivity improvements at a rate that exceeds the associated cost increases.

| Accordingly, the Board is satisfied that there are no material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern and remains confident in its future performance.

| Basis of consolidation

| The consolidated financial statements present the results of the Parent Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group Companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are excluded from the consolidated financial statements from the date control ceases.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In applying the company’s accounting policies, the directors are required to make judgements and estimates that affect the amounts recognised in the financial statements.

| Judgements involve decisions made when applying accounting policies in situations where the outcome is uncertain. The uncertainty is about how the accounting policy should be applied, rather than the numerical amount to report.

| Estimates involve assumptions about future events or conditions that are inherently uncertain. The uncertainty is about quantifying an amount in the financial statements.

| The directors base their judgements and estimates on historical experience and other factors they consider reasonable under the circumstances. Actual outcomes may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the period of revision if they affect only that period, or in the period of revision and future periods if both are affected.

| Judgements

| The directors have not made any critical judgements in applying the company’s accounting policies that are expected to have a material effect on the financial statements.

| Estimates

| The key sources of estimation uncertainty that could materially affect the financial statements are:

| Doubtful Debt Provisions

| Provisions for doubtful debts are determined based on the directors’ assessment of the recoverability of individual receivables. This assessment considers the ageing of balances, specific knowledge of customers’ financial circumstances, and historical patterns of default. The directors apply a prudent approach in estimating the likelihood of non-recovery.

| Provisions for Obsolete or Slow-moving Stock

| Stock is reviewed regularly, and provisions are made where the directors consider that the net realisable value of certain stock lines is lower than cost. The estimated net realisable value is determined by reference to actual selling prices achieved post year-end or, where unavailable, to the directors’ best estimates informed by historical sales trends and current market conditions.

| Investment Property

| The carrying value of investment property is a significant estimate. Investment property is measured at fair value, which is determined by reference to market evidence, independent valuations, and assumptions about future market conditions. Changes in these assumptions could materially affect the carrying value of investment property in the financial statements.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents revenue arising from the company’s principal activities of aluminium diecasting and related design and simulation services. Revenue is measured at the fair value of the consideration received or receivable, net of value added tax, rebates and discounts.

| Revenue is recognised as follows:

| Sale of goods (castings and components): Revenue is recognised when control of the goods passes to the customer, usually on delivery in accordan ce with the terms of the contract.

| Design, simulation and other services: Revenue from services is recognised upon delivery of the services.

| Tooling and development contracts: Revenue from the design and supply of bespoke tooling is recognised when the significant risks and rewards o f ownership transfer to the customer, normally on completion and acceptance of the tooling.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

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

| Plant and machinery - 10% on cost

| Fixture and fittings - 10% & 33% on cost

| Motor vehicle - 33% on cost

| Computer equipment - 33% on cost

| Stocks

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

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

| Financial instruments

| The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently 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.

| 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 objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Deferred tax

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

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

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

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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

| 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.

| Pension costs and other post-retirement benefits

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

| Grant income:

| Research and development and other government grants are recognised as "Other income" in the Income Statement, matched against the related expenditure where applicable, when there is reasonable assurance that the conditions attached to the grants will be met and that the grant will be received.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficits arising from changes in fair value is recognised in profit or loss.

| This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

| The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

3. | TURNOVER

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

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

31.3.25 | 31.3.24 |

| £ | £

| United Kingdom | 11,459,801 |  | 11,143,862 |  |

| Europe | 1,164,190 |  | 1,391,498 |  |

| United States of America | 1,054,276 |  | 1,723,744 |  |

13,678,267 |  | 14,259,104 |  |

4. | OTHER OPERATING INCOME

31.3.25 | 31.3.24 |

| £ | £

| Sundry receipts | 9,311 |  | - |  |

| Hire of equipment-recharge | 270,607 |  | 39,773 |  |

| R&D Grants | 657,943 |  | - |  |

| Government grants | 138,374 |  | 26,861 |  |

1,076,235 |  | 66,634 |  |

5. | EMPLOYEES AND DIRECTORS

31.3.25 | 31.3.24 |

| £ | £

| Wages and salaries | 3,924,671 |  | 3,424,187 |  |

| Social security costs | 382,681 |  | 350,651 |  |

| Other pension costs | 102,595 |  | 92,892 |  |

4,409,947 |  | 3,867,730 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

31.3.25 | 31.3.24 |

| Director | 1 |  | 1 |  |

| Management | 8 |  | 9 |  |

| Production | 67 |  | 72 |  |

| Design and administration | 15 |  | 16 |  |

91 |  | 98 |  |

31.3.25 | 31.3.24 |

| £ | £

| Director's remuneration | 24,712 |  | 20,500 |  |

| Director's pension contributions to money purchase schemes | 741 |  | 618 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

31.3.25 | 31.3.24 |

| £ | £

| Depreciation - owned assets | 179,985 |  | 222,162 |  |

| Depreciation - assets on hire purchase contracts | 202,473 |  | 145,922 |  |

| Loss on disposal of fixed assets | 36,767 |  | - |  |

| Goodwill amortisation | 28,010 |  | 9,340 |  |

| Computer software amortisation | 31,688 |  | 32,479 |  |

| Foreign exchange differences | 44,077 |  | 30,233 |  |

7. | AUDITORS' REMUNERATION

31.3.25 | 31.3.24 |

| £ | £

| Fees payable to the company's auditors for the audit of the company's financial statements | 26,260 |  | 31,339 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

31.3.25 | 31.3.24 |

| £ | £

| Bank interest | 18 |  | 12 |  |

| Bank loan interest | 8,480 |  | 18,683 |  |

| HMRC interest | 1,960 |  | - |  |

| Factoring interest | 170,283 |  | 154,260 |  |

| Other interest | 54,306 |  | 6,985 |  |

| Other financing | - |  | 10,876 |  |

| Hire purchase | 92,201 |  | 54,169 |  |

327,248 |  | 244,985 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

31.3.25 | 31.3.24 |

| £ | £

| Current tax:

| UK corporation tax | 100,475 |  | (280,006 | ) |

| Deferred tax | 62,685 |  | 152,738 |  |

| Tax on profit | 163,160 |  | (127,268 | ) |

| UK corporation tax has been charged at 25 % .

| Reconciliation of total tax charge/(credit) 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:

31.3.25 | 31.3.24 |

| £ | £

| Profit before tax | 595,167 |  | 31,628 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 148,792 |  | 7,907 |  |

| Effects of:

| Expenses not deductible for tax purposes | 51,547 |  | 19,008 |  |

| Income not taxable for tax purposes | (45,276 | ) | (51,638 | ) |

| Research and development enhanced expenditure | - |  | (668,621 | ) |

| Effect of surrender of losses for a tax credit | 45,217 |  | 400,433 |  |

| change in rate of tax | - |  | 100,809 |  |

| Connected company loan write off | - |  | 62,500 |  |

| Amortisation of goodwill on consolidation | 7,002 |  | 2,334 |  |

| Timing difference | (44,122 | ) | - |  |

| Total tax charge/(credit) | 163,160 |  | (127,268 | ) |

10. | INDIVIDUAL INCOME STATEMENT

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

11. | DIVIDENDS

31.3.25 | 31.3.24 |

| £ | £

| Ordinary shares of £1 each

| Interim | 278,200 |  | 125,000 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | INTANGIBLE FIXED ASSETS

| Group

Computer |

Goodwill | software | Totals |

| £ | £ | £

| COST

| At 1 April 2024

| and 31 March 2025 | 140,124 |  | 161,050 |  | 301,174 |  |

| AMORTISATION

| At 1 April 2024 | 9,402 |  | 113,527 |  | 122,929 |  |

| Amortisation for year | 28,010 |  | 31,688 |  | 59,698 |  |

| At 31 March 2025 | 37,412 |  | 145,215 |  | 182,627 |  |

| NET BOOK VALUE

| At 31 March 2025 | 102,712 |  | 15,835 |  | 118,547 |  |

| At 31 March 2024 | 130,722 |  | 47,523 |  | 178,245 |  |

13. | TANGIBLE FIXED ASSETS

| Group

Fixtures |

Freehold | Plant and | and |

Property | machinery | fittings |

| £ | £ | £

| COST OR VALUATION

| At 1 April 2024 | 950,000 |  | 4,141,301 |  | 26,471 |  |

| Additions | - |  | 213,156 |  | - |  |

| Disposals | - |  | (182,200 | ) | - |  |

| Revaluations | 430,000 |  | - |  | - |  |

| At 31 March 2025 | 1,380,000 |  | 4,172,257 |  | 26,471 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 2,007,054 |  | 20,228 |  |

| Charge for year | - |  | 330,697 |  | 2,419 |  |

| Eliminated on disposal | - |  | (74,933 | ) | - |  |

| At 31 March 2025 | - |  | 2,262,818 |  | 22,647 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,380,000 |  | 1,909,439 |  | 3,824 |  |

| At 31 March 2024 | 950,000 |  | 2,134,247 |  | 6,243 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | TANGIBLE FIXED ASSETS - continued

| Group

Motor | Computer |

vehicles | equipment | Totals |

| £ | £ | £

| COST OR VALUATION

| At 1 April 2024 | 74,559 |  | 226,409 |  | 5,418,740 |  |

| Additions | - |  | 48,167 |  | 261,323 |  |

| Disposals | (74,559 | ) | - |  | (256,759 | ) |

| Revaluations | - |  | - |  | 430,000 |  |

| At 31 March 2025 | - |  | 274,576 |  | 5,853,304 |  |

| DEPRECIATION

| At 1 April 2024 | 26,412 |  | 200,673 |  | 2,254,367 |  |

| Charge for year | 13,206 |  | 36,136 |  | 382,458 |  |

| Eliminated on disposal | (39,618 | ) | - |  | (114,551 | ) |

| At 31 March 2025 | - |  | 236,809 |  | 2,522,274 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 37,767 |  | 3,331,030 |  |

| At 31 March 2024 | 48,147 |  | 25,736 |  | 3,164,373 |  |

| Cost or valuation at 31 March 2025 is represented by:

Fixtures |  |

Freehold | Plant and | and | Computer |  |

Property | machinery | fittings | equipment | Totals |

| £ | £ | £ | £ | £

| Valuation in 2018 | 500,000 |  | - |  | - |  | - |  | 500,000 |  |

| Valuation in 2025 | 430,000 |  | - |  | - |  | - |  | 430,000 |  |

| Cost | 450,000 |  | 4,172,257 |  | 26,471 |  | 274,576 |  | 4,923,304 |  |

1,380,000 |  | 4,172,257 |  | 26,471 |  | 274,576 |  | 5,853,304 |  |

| The freehold property at Torrington Avenue, Coventry CV4 9AG was independently valued on 2 June 2025 by Bruton Knowles Limited, a RICs-accredited chartered surveyor and established UK property consultancy. The valuation, prepared using the income approach on a vacant possession basis, resulted in a fair value of £1,380,000. The property is measured at fair value, with changes recognised in profit or loss. The property is held as security for a loan facility, and management considers the assumtions applied in the valuation to be reasonable and supportable.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and | Motor | Computer |

machinery | vehicles | equipment | Totals |

| £ | £ | £ | £

| COST OR VALUATION

| At 1 April 2024 | 1,617,511 |  | 74,559 |  | 26,966 |  | 1,719,036 |  |

| Additions | 78,389 |  | - |  | 44,000 |  | 122,389 |  |

| Disposals | - |  | (74,559 | ) | - |  | (74,559 | ) |

| At 31 March 2025 | 1,695,900 |  | - |  | 70,966 |  | 1,766,866 |  |

| DEPRECIATION

| At 1 April 2024 | 363,652 |  | 26,412 |  | 18,630 |  | 408,694 |  |

| Charge for year | 172,461 |  | 13,206 |  | 16,806 |  | 202,473 |  |

| Eliminated on disposal | - |  | (39,618 | ) | - |  | (39,618 | ) |

| At 31 March 2025 | 536,113 |  | - |  | 35,436 |  | 571,549 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,159,787 |  | - |  | 35,530 |  | 1,195,317 |  |

| At 31 March 2024 | 1,253,859 |  | 48,147 |  | 8,336 |  | 1,310,342 |  |

| Company

Plant and |

machinery |

| £

| COST

| At 1 April 2024

| and 31 March 2025 | 4,930 |  |

| DEPRECIATION

| At 1 April 2024 | 1,643 |  |

| Charge for year | 493 |  |

| At 31 March 2025 | 2,136 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,794 |  |

| At 31 March 2024 | 3,287 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

14. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| At 1 April 2024

| and 31 March 2025 | 204,021 |  |

| NET BOOK VALUE

| At 31 March 2025 | 204,021 |  |

| At 31 March 2024 | 204,021 |  |

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

| Subsidiaries

| Sarginsons Industries Limited

| Registered office: Torrington Avenue, Coventry, West Midlands, CV4 9AG

| Nature of business: Aluminium diecasting and related design.

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| Pattern Solutions Limited

| Registered office: Torrington Avenue, Coventry, West Midlands, CV4 9AG

| Nature of business: Forming tools and pattern making

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| Nu-Cents Limited

| Registered office: Torrington Avenue, Coventry, West Midlands, CV4 9AG

| Nature of business: Real estate.

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

15. | STOCKS

| Group |

31.3.25 | 31.3.24 |

| £ | £

| Stocks | 7,532 |  | 11,388 |  |

| Raw materials | 211,039 |  | 179,535 |  |

| Work-in-progress | 1,568,642 |  | 889,559 |  |

| Finished goods | 257,497 |  | 890,150 |  |

2,044,710 |  | 1,970,632 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Trade debtors | 2,084,610 |  | 1,829,079 |  | - |  | 123 |  |

| Amounts owed by group undertakings | 500,753 |  | 487,448 |  | 470,292 |  | 472,098 |  |

| Other debtors | 1,050,249 |  | 963,244 |  | 567,446 |  | 164,246 |  |

| Tax | 824,424 |  | 266,956 |  | - |  | - |  |

| Deferred tax asset | - |  | - |  | 12,140 |  | 11,670 |  |

| Prepayments | 85,203 |  | 94,177 |  | - |  | - |  |

| Accrued income | - |  | 94,091 |  | - |  | - |  |

| Accrued grants | 120,387 |  | 17,577 |  | - |  | - |  |

4,665,626 |  | 3,752,572 |  | 1,049,878 |  | 648,137 |  |

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

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Bank loans and overdrafts (see note 19) | 31,250 |  | 125,000 |  | - |  | 783 |  |

| Other loans (see note 19) | 321,896 |  | 169,477 |  | - |  | - |  |

| Hire purchase contracts (see note 20) | 242,552 |  | 346,555 |  | - |  | - |  |

| Trade creditors | 1,632,560 |  | 1,797,835 |  | - |  | 5,280 |  |

| Amounts owed to group undertakings | 500,752 |  | 485,642 |  | 231,617 |  | - |  |

| Tax | 148 |  | 148 |  | 148 |  | 148 |  |

| Social security and other taxes | 642,355 |  | 164,065 |  | - |  | - |  |

| Pension | 20,535 |  | 20,797 |  | - |  | - |  |

| Net wages | 42,267 |  | 31,431 |  | - |  | - |  |

| VAT | 424,687 |  | 120,747 |  | - |  | - |  |

| Other creditors | 2,063,666 |  | 1,556,983 |  | 87,695 |  | 87,697 |  |

| Credit card | 11,807 |  | - |  | - |  | - |  |

| Directors' current accounts | 205,612 |  | 22,252 |  | 205,612 |  | 23,000 |  |

| Deferred income | 11,880 |  | 95,219 |  | - |  | - |  |

| Accrued expenses | 54,344 |  | 134,511 |  | 8,388 |  | 6,288 |  |

| Deferred government grants | 12,293 |  | 12,293 |  | - |  | - |  |

6,218,604 |  | 5,082,955 |  | 533,460 |  | 123,196 |  |

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

| Group |

31.3.25 | 31.3.24 |

| £ | £

| Bank loans (see note 19) | - |  | 31,250 |  |

| Hire purchase contracts (see note 20) | 434,628 |  | 579,153 |  |

| Amounts owed to group undertakings | - |  | 1,806 |  |

| Deferred government grants | 39,570 |  | 56,373 |  |

| Deferred income more than one | 20,827 |  | - |  |

495,025 |  | 668,582 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

19. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | - |  | - |  | 783 |  |

| Bank loans | 31,250 |  | 125,000 |  | - |  | - |  |

| Other loans | 321,896 |  | 169,477 |  | - |  | - |  |

353,146 |  | 294,477 |  | - |  | 783 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | - |  | 31,250 |  | - |  | - |  |

| As at 31 March 2025 a bank loan of £321,896 (2024: £169,477) is due to be repaid over the next 1 year. Interest is charged at 6.25% above the base rate.

20. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

31.3.25 | 31.3.24 |

| £ | £

| Net obligations repayable:

| Within one year | 242,552 |  | 346,555 |  |

| Between one and five years | 434,628 |  | 579,153 |  |

677,180 |  | 925,708 |  |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

21. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

31.3.25 | 31.3.24 |

| £ | £

| Bank loans | 31,250 |  | 156,250 |  |

| Other loans | 321,896 |  | 169,477 |  |

| Hire purchase contracts | 677,180 |  | 925,708 |  |

| Other creditors | 1,975,971 |  | 1,419,288 |  |

3,006,297 |  | 2,670,723 |  |

| Bank loans of £321,896 (2024: £169,477) are secured by an all assets debenture. Bank loans of £31,250 (2024: £156,250) are secured by an all assets debenture in the name of Sarginsons Industries Limited, an all assets debenture in the name of Nu-Cents Limited, a fellow subsidiary company, and a freehold 2nd legal charge over the company's business premises. Hire purchase contracts are secured by an all assets debenture. Other creditors are secured by an all assets debenture. Amounts owed to group undertakings are secured by a fixed and floating charge over the assets of the company.

22. | PROVISIONS FOR LIABILITIES

| Group |

31.3.25 | 31.3.24 |

| £ | £

| Deferred tax

| Accelerated capital allowances | 463,997 |  | 522,497 |  |

| Tax losses carried forward | (14,613 | ) | (14,044 | ) |

| Timing difference- revaluation | 193,419 |  | 85,919 |  |

| Deferred tax | 21,684 |  | 7,429 |  |

664,487 |  | 601,801 |  |

| Group

Deferred tax |

| £

| Balance at 1 April 2024 | 601,801 |  |

| Provided during year | 62,686 |  |

| Balance at 31 March 2025 | 664,487 |  |

| Company

Deferred tax |

| £

| Balance at 1 April 2024 | (11,670 | ) |

| Credit to Income Statement during year | (470 | ) |

| Balance at 31 March 2025 | (12,140 | ) |

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 | 31.3.24 |

value: |  | £ | £

| 251,601 | Ordinary | £1 | 251,601 |  | 251,601 |  |

| The company operates an enterprise management incentive scheme.

| The share options in the scheme vest upon the sale of Sarginsons Industries Limited, the A Ordinary share options expire on 30 November 2032 and are to be settled in cash.

| The share options in existence during the year were as follows:

| A Ordinary share

| Outstanding at 1 April 2024 |  | 27,316 |  |

| Granted during the year |  |

| Forfeited during the year |  |

| Exercised during the year |  |

| Expired during the year |  |

| Outstanding at 31 March 2025 |  | 27,316 |  |

24. | RESERVES

| Group

Retained | Revaluation |

earnings | reserve | Totals |

| £ | £ | £

| At 1 April 2024 | 2,362,331 |  | 391,875 |  | 2,754,206 |  |

| Profit for the year | 432,007 |  | 432,007 |  |

| Dividends | (278,200 | ) | (278,200 | ) |

| Fair value movement | (322,500 | ) | 322,500 |  | - |  |

| At 31 March 2025 | 2,193,638 |  | 714,375 |  | 2,908,013 |  |

| Company

Retained |

earnings |

| £

| At 1 April 2024 | 480,650 |  |

| Profit for the year | 269,183 |  |

| Dividends | (278,200 | ) |

| At 31 March 2025 | 471,633 |  |

| During the year, the group’s freehold property was revalued by the directors to £1,380,000, resulting in a revaluation gain of £322,500. In accordance with FRS 102 Section 17 and the Companies Act 2006, the gain has been recognised in Other Comprehensive Income and credited to the Revaluation Reserve.

| No part of the revaluation gain has been recognised in profit or loss.

| NUDATION LIMITED (REGISTERED NUMBER: 08274704) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

25. | PENSION COMMITMENTS

| Included in other creditors is £20,535 (2024 - £20,797) of outstanding pension contributions.

26. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

|  | 2025 |  | 2024 |  |

| T M Nunan |  | £ |  | £ |  |

| Balance outstanding at start of year |  | (23,000 | ) | 71,081 |  |

| Amount advanced |  | 95,588 |  | 950 |  |

| Amount repaid |  |  | (72,031 | ) |

| Amount written off |  |  | - |  |

| Amount introduced |  | (278,200 | ) | (23,000 | ) |

| Balance outstanding at end of year |  | (205,612 | ) | (23,000 | ) |

| As at 31st March 2025 a balance of £205,612 (2024: £23,000) was owed to the director, representing funds introduced to the company to support working-capital requirements.The balance is unsecured, interest-free, and repayable on demand.

| No guarantees have been given to or on behalf of the director, and no amounts have been written off or waived during the year.

27. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is T M Nunan.

28. | SUBSEQUENT EVENTS

| On 25 November 2024, the group entered into a loan agreement with Birmingham City Council /Frontier Development Capital Limited for facilities totalling £500,000. The loan carries interest at 10% per annum, payable quarterly, and matures on 31 December 2027.

| Following the year end, the Company made drawdowns of £469,000 in April 2025 and £31,000 in July 2025, in accordance with the terms of this agreement. The loan is secured by a debenture over the assets of the Group companies together with cross-company guarantees.