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REGISTERED NUMBER: 10210371 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 30 March 2025 |

| for |

| Mayflower Pacific Holdings Limited |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Contents of the Consolidated Financial Statements

for the Year Ended 30 March 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Profit and Loss Account | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 17 |

Mayflower Pacific Holdings Limited

Company Information

for the Year Ended 30 March 2025

| DIRECTORS: | Mr A A Caridis

| Mr D A Tambyah

| Mr J M Strang

| Mr R Kane

| REGISTERED OFFICE: | Unit 5a Frontier Park Frontier Avenue

| Rishton

| Blackburn

| Lancashire

| BB1 3AL

| REGISTERED NUMBER: | 10210371 (England and Wales)

| AUDITORS: | Thompson Wright (Audit) Limited

| Ebenezer House

| Ryecroft

| Newcastle under Lyme

| Staffordshire

| ST5 2BE

| ACCOUNTANTS: | Howard & Co

| 10-12 Wellington Street

| (St Johns)

| Blackburn

| Lancashire

| BB1 8AG

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Group Strategic Report

for the Year Ended 30 March 2025

The directors present their strategic report of the company and the group for the year ended 30 March 2025.

REVIEW OF BUSINESS

The group continues to concentrate on the core business of manufacturing and supply of heat and thermal equipment, from its site in the North West.

Performance for the year ended 30th March 2025 was not as anticipated with income from contracts pushed into the following year of trade.

It is a fundamental objective to maintain a sustainable growth plan, and the group has taken the time during the year to focus on a wider spread of market sectors.

KEY PERFORMANCE INDICATORS

The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin.

| 2025 |  | 2024 |  |

Gross profit margin |  | 34.72% |  | 40.74% |  |

It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Group Strategic Report

for the Year Ended 30 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

There are certain risks, which could materially and adversely impact the group's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact group profitability.

FINANCIAL INSTRUMENTS

The group uses various financial instruments; these include cash and various items, such as trade debtors, trade creditors and loans that arise directly from its operations.

The existence of these financial instruments exposes the group to several financial risks which are described in more detail below.

The main risks arising from the group's financial instruments are categorised as market risk, credit risk and liquidity risk. The directors review and agree policies for managing these risks and they are summarised below.

MARKET RISK

The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies to minimise the market risk.

INTEREST RATE RISK

The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring too much interest whilst also funding the repayment of hire purchase obligations and loan repayments.

Where the group has had to undertake short term borrowings via hire purchase obligations, the group's exposure to interest rate fluctuations on its borrows its management by the use of fixed and floating facilities. It is the group's policy to minimise the amount of borrowings at floating rates of interest.

The maturity of the borrowings is set out on note 16 to the financial statements.

CREDIT RISK

To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the group. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken.

LIQUIDITY RISK

The business has a very strong relationship with its bank. The group has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the group.

FUTURE DEVELOPMENTS

The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities.

The business has a continued re-investment programme replacing production equipment with newer technology to enable the group to compete in increasingly competitive markets, which is constantly reviewed in line with business opportunities.

ON BEHALF OF THE BOARD:

Mr D A Tambyah - Director

25 September 2025

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Report of the Directors

for the Year Ended 30 March 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 March 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 March 2025 will be £ 1,468,762 .

EVENTS SINCE THE END OF THE YEAR

On 1 April 2025, the shareholders of Company 2 2024 Limited sold 100% of their shareholdings to Heat and Control PTY Limited.

DIRECTORS

Mr A A Caridis , Mr D A Tambyah , Mr J M Strang and Mr R Kane were appointed as directors after 30 March 2025 but prior to the date of this report.

Mr D J Wilkinson and Mr T Fryars ceased to be directors after 30 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D A Tambyah - Director

25 September 2025

Report of the Independent Auditors to the Members of

Mayflower Pacific Holdings Limited

Opinion

We have audited the financial statements of Mayflower Pacific Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Mayflower Pacific Holdings Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

Mayflower Pacific Holdings 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 Senior Statutory Auditor ensured that the audit 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 of the fabrications 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, other industry specific accreditations 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 including the Health and Safety Executive, and the company's legal advisors.

Report of the Independent Auditors to the Members of

Mayflower Pacific Holdings Limited

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.

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.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

25 September 2025

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Consolidated Profit and Loss Account

for the Year Ended 30 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 6,937,291 |  | 7,629,580 |  |

Cost of sales | 4,528,843 |  | 4,520,992 |  |

GROSS PROFIT | 2,408,448 |  | 3,108,588 |  |

Administrative expenses | 2,472,564 |  | 2,290,548 |  |

OPERATING (LOSS)/PROFIT | 5 | (64,116 | ) | 818,040 |  |

Income from interest in associated undertakings | (549,203 | ) | 738,810 |  |

Interest receivable and similar income | 17,500 |  | 43,750 |  |

|  | (531,703 | ) |  |  | 782,560 |  |

(595,819 | ) | 1,600,600 |  |

Interest payable and similar expenses | 6 | 126,717 |  | 78,383 |  |

(LOSS)/PROFIT BEFORE TAXATION | (722,536 | ) | 1,522,217 |  |

Tax on (loss)/profit | 7 | (24,306 | ) | 332,547 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (698,230 | ) | 1,189,670 |  |

(Loss)/profit attributable to:

Owners of the parent | (840,200 | ) | 1,108,839 |  |

Non-controlling interests | 141,970 |  | 80,831 |  |

(698,230 | ) | 1,189,670 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Consolidated Other Comprehensive Income

for the Year Ended 30 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (698,230 | ) | 1,189,670 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (698,230 | ) | 1,189,670 |  |

Total comprehensive income attributable to:

Owners of the parent | (1,755,733 | ) | 1,148,719 |  |

Non-controlling interests | 1,057,503 |  | 40,951 |  |

(698,230 | ) | 1,189,670 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Consolidated Balance Sheet

30 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | (365,683 | ) | - |  |

Tangible assets | 11 | 1,445,448 |  | 1,576,845 |  |

Investments | 12 |

| Interest in associate | - |  | 1,049,703 |  |

1,079,765 |  | 2,626,548 |  |

CURRENT ASSETS

Stocks | 13 | 1,549,365 |  | 375,688 |  |

Debtors | 14 | 3,329,346 |  | 2,837,665 |  |

Cash at bank and in hand | 979,481 |  | 828,781 |  |

5,858,192 |  | 4,042,134 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,496,369 |  | 1,741,528 |  |

NET CURRENT ASSETS | 2,361,823 |  | 2,300,606 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,441,588 |  | 4,927,154 |  |

CREDITORS

Amounts falling due after more than one year | 16 | - |  | (246,619 | ) |

PROVISIONS FOR LIABILITIES | 20 | (353,889 | ) | (387,965 | ) |

NET ASSETS | 3,087,699 |  | 4,292,570 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 757,344 |  | 1,000,000 |  |

Retained earnings | 22 | 1,231,901 |  | 3,251,619 |  |

SHAREHOLDERS' FUNDS | 1,989,245 |  | 4,251,619 |  |

NON-CONTROLLING INTERESTS | 23 | 1,098,454 |  | 40,951 |  |

TOTAL EQUITY | 3,087,699 |  | 4,292,570 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr D A Tambyah - Director

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Company Balance Sheet

30 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 1,011,643 |  | 1,192,884 |  |

Investments | 12 | 546,868 |  | 500,780 |  |

1,558,511 |  | 1,693,664 |  |

CURRENT ASSETS

Debtors | 14 | 909,963 |  | 1,625,545 |  |

Cash at bank and in hand | 64,680 |  | 411,155 |  |

974,643 |  | 2,036,700 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,329,227 |  | 735,338 |  |

NET CURRENT (LIABILITIES)/ASSETS | (354,584 | ) | 1,301,362 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,203,927 |  | 2,995,026 |  |

CREDITORS

Amounts falling due after more than one year | 16 | - |  | (234,952 | ) |

PROVISIONS FOR LIABILITIES | 20 | (248,903 | ) | (293,148 | ) |

NET ASSETS | 955,024 |  | 2,466,926 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 757,344 |  | 1,000,000 |  |

Retained earnings | 22 | 197,680 |  | 1,466,926 |  |

SHAREHOLDERS' FUNDS | 955,024 |  | 2,466,926 |  |

Company's (loss)/profit for the financial year | (89,728 | ) | 462,442 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr D A Tambyah - Director

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Consolidated Statement of Changes in Equity

for the Year Ended 30 March 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 31 March 2023 | 1,000,000 |  | 2,142,780 |  | 3,142,780 |  | - |  | 3,142,780 |  |

Changes in equity

Total comprehensive income | - |  | 1,108,839 |  | 1,108,839 |  | 40,951 |  | 1,149,790 |  |

Balance at 30 March 2024 | 1,000,000 |  | 3,251,619 |  | 4,251,619 |  | 40,951 |  | 4,292,570 |  |

Changes in equity

Increase in share capital | 46,588 |  | - |  | 46,588 |  | - |  | 46,588 |  |

Reduction in share capital | (289,244 | ) | 289,244 |  | - |  | - |  | - |  |

Dividends | - |  | (1,468,762 | ) | (1,468,762 | ) | - |  | (1,468,762 | ) |

Total comprehensive income | - |  | (840,200 | ) | (840,200 | ) | 1,057,503 |  | 217,303 |  |

Balance at 30 March 2025 | 757,344 |  | 1,231,901 |  | 1,989,245 |  | 1,098,454 |  | 3,087,699 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Company Statement of Changes in Equity

for the Year Ended 30 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 31 March 2023 | 1,000,000 |  | 1,004,484 |  | 2,004,484 |  |

Changes in equity

Total comprehensive income | - |  | 462,442 |  | 462,442 |  |

Balance at 30 March 2024 | 1,000,000 |  | 1,466,926 |  | 2,466,926 |  |

Changes in equity

Increase in share capital | 46,588 |  | - |  | 46,588 |  |

Reduction in share capital | (289,244 | ) | 289,244 |  | - |  |

Dividends | - |  | (1,468,762 | ) | (1,468,762 | ) |

Total comprehensive income | - |  | (89,728 | ) | (89,728 | ) |

Balance at 30 March 2025 | 757,344 |  | 197,680 |  | 955,024 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Consolidated Cash Flow Statement

for the Year Ended 30 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 241,537 |  | 401,129 |  |

Interest paid | (14,029 | ) | (87,416 | ) |

Interest element of hire purchase payments paid | (112,688 | ) | - |  |

Finance costs paid | - |  | 9,033 |  |

Tax paid | (104,166 | ) | - |  |

Net cash from operating activities | 10,654 |  | 322,746 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (29,722 | ) | (253,417 | ) |

Sale of tangible fixed assets | 4,500 |  | 35,000 |  |

Sale of fixed asset investments | - |  | 120 |  |

Step-acquisition of subsidiary | 472,642 |  | - |  |

Interest received | 18,000 |  | 43,750 |  |

Dividends received | - |  | 738,810 |  |

Net cash from investing activities | 465,420 |  | 564,263 |  |

Cash flows from financing activities

Loan repayments in year | (39,584 | ) | (69,978 | ) |

Capital repayments in year | (402,166 | ) | (223,108 | ) |

Amount withdrawn by directors | (5,484 | ) | (28,449 | ) |

- |  | (288,810 | ) |

Loans from/to associates | 321,860 |  | 71,252 |  |

Equity dividends paid | (200,000 | ) | - |  |

Dividends paid to minority interests | - |  | (40,000 | ) |

Net cash from financing activities | (325,374 | ) | (579,093 | ) |

Increase in cash and cash equivalents | 150,700 |  | 307,916 |  |

Cash and cash equivalents at beginning of year | 2 | 828,781 |  | 520,865 |  |

Cash and cash equivalents at end of year | 2 | 979,481 |  | 828,781 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 March 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (722,536 | ) | 1,522,217 |  |

| Depreciation charges | 202,769 |  | 268,897 |  |

| Profit on disposal of fixed assets | - |  | (10,029 | ) |

| Finance costs | 126,717 |  | 78,383 |  |

| Finance income | 531,703 |  | (782,560 | ) |

138,653 |  | 1,076,908 |  |

| (Increase)/decrease in stocks | (788,916 | ) | 847,847 |  |

| Decrease/(increase) in trade and other debtors | 125,400 |  | (1,114,603 | ) |

| Increase/(decrease) in trade and other creditors | 766,400 |  | (409,023 | ) |

| Cash generated from operations | 241,537 |  | 401,129 |  |

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 30 March 2025

| 30.3.25 |  | 31.3.24

£ | £ |

| Cash and cash equivalents | 979,481 |  | 828,781 |  |

| Year ended 30 March 2024

| 30.3.24 |  | 31.3.23

£ | £ |

| Cash and cash equivalents | 828,781 |  | 520,865 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 31.3.24 | Cash flow | At 30.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 828,781 |  | 150,700 |  | 979,481 |  |

828,781 |  | 150,700 |  | 979,481 |  |

| Debt

| Finance leases | (402,166 | ) | 402,166 |  | - |  |

| Debts falling due within 1 year | (27,917 | ) | 27,917 |  | - |  |

| Debts falling due after 1 year | (11,667 | ) | 11,667 |  | - |  |

(441,750 | ) | 441,750 |  | - |  |

| Total | 387,031 |  | 592,450 |  | 979,481 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements

for the Year Ended 30 March 2025

1. | STATUTORY INFORMATION

| Mayflower Pacific Holdings 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.

| 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.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within these accounts.

| Basis of consolidation

| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity.

| The consolidated financial statements incorporate the results of the business combinations using the acquisition method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the date of acquisition. The results of acquired operations are included in the consolidated Profit and Loss Account from the date on which control is obtained.

| Investments

| Investments are recognised at cost less any subsequent impairment losses.

| 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.

| Critical accounting judgements and key sources of estimation uncertainty

| The company makes estimates and assumption concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

| Critical Judgements

| In categorizing leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee, or the lessee where the company is a lessor.

| Turnover

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax returns, rebates and discounts.

| The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

| All turnover was derived from UK customers.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Short leasehold | - | Straight line over 10 years

| Plant and machinery | - | 15% on reducing balance and 15% on cost

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | 33% on cost

| Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

| Investments in associates

| Investments in associates are recognised at cost plus any profits attributable to the group.

| 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.

| The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

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

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

| (i) Basic financial assets

| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

| (ii) Impairment of financial assets

| A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

| (iii) Derecognition of financial assets

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

| (iv) Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| (v) Basic financial liabilities

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

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

| (vi) Derecognition of financial liabilities

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 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.

| Foreign currencies

| Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of th transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

| Non-monetary items measured in terms of historical cost in foreign currency are not retranslated.

| Leases

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

| Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

| Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the 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.

3. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

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

| 2025 |  | 2024

£ | £ |

| Rental of assets | 816,474 |  | 287,711 |  |

| Metal fabrication | 4,430,840 |  | 5,498,594 |  |

| Heat exchangers | 1,689,977 |  | 1,843,275 |  |

6,937,291 |  | 7,629,580 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

4. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Wages and salaries |  | 1,866,668 |  | 1,815,135 |  |

| Social security costs |  | 180,662 |  | 183,587 |  |

| Other pension costs |  | 38,722 |  | 45,128 |  |

|  | 2,086,052 |  | 2,043,850 |  |

|  | 2025 |  | 2024 |  |

| Directors |  | 3 |  | 3 |  |

| Admin |  | 5 |  | 6 |  |

| Engineers and designers |  | 50 |  | 50 |  |

|  | 58 |  | 59 |  |

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Directors remuneration |  | 67,486 |  | 65,770 |  |

| Directors' long term incentive schemes |  | 1,321 |  | 1,321 |  |

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 200 |  | (4,941 | ) |

| Other operating leases | 743,974 |  | 604,563 |  |

| Depreciation - owned assets | 373,959 |  | 268,897 |  |

| Profit on disposal of fixed assets | - |  | (10,029 | ) |

| Goodwill amortisation | (40,632 | ) | - |  |

| Auditors' remuneration | 18,500 |  | 16,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 14,029 |  | 78,383 |  |

| Hire purchase | 112,688 |  | - |  |

126,717 |  | 78,383 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

7. | TAXATION

| Analysis of the tax (credit)/charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 28,962 |  | 104,166 |  |

| Deferred tax | (53,268 | ) | 228,381 |  |

| Tax on (loss)/profit | (24,306 | ) | 332,547 |  |

| Reconciliation of total tax (credit)/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

£ | £ |

| (Loss)/profit before tax | (722,536 | ) | 1,522,217 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 19 %) | (180,634 | ) | 289,221 |  |

| Effects of:

| Expenses not deductible for tax purposes | 156,744 |  | 1,417 |  |

| Income not taxable for tax purposes | - |  | (140,375 | ) |

| Capital allowances in excess of depreciation | (416 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 89,019 |  |

| Utilisation of tax losses | - |  | 85,329 |  |

| Tax rate difference | - |  | 7,936 |  |

| Total tax (credit)/charge | (24,306 | ) | 332,547 |  |

8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT

| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1.00 each |

| Interim | 1,468,762 |  | - |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| Additions | (406,316 | ) | 1 |  | (406,315 | ) |

| At 30 March 2025 | (406,316 | ) | 1 |  | (406,315 | ) |

| AMORTISATION

| Amortisation for year | (40,632 | ) | - |  | (40,632 | ) |

| At 30 March 2025 | (40,632 | ) | - |  | (40,632 | ) |

| NET BOOK VALUE

| At 30 March 2025 | (365,684 | ) | 1 |  | (365,683 | ) |

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Short |  | Plant and |  | and |  | Computer |

| leasehold |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 31 March 2024 | 28,362 |  | 1,879,108 |  | 796,424 |  | - |  | 2,703,894 |  |

| Additions | - |  | 178,078 |  | 3,624 |  | 65,360 |  | 247,062 |  |

| Disposals | - |  | (4,500 | ) | - |  | - |  | (4,500 | ) |

| At 30 March 2025 | 28,362 |  | 2,052,686 |  | 800,048 |  | 65,360 |  | 2,946,456 |  |

| DEPRECIATION

| At 31 March 2024 | 15,986 |  | 770,463 |  | 340,600 |  | - |  | 1,127,049 |  |

| Charge for year | 2,836 |  | 239,212 |  | 70,355 |  | 61,556 |  | 373,959 |  |

| At 30 March 2025 | 18,822 |  | 1,009,675 |  | 410,955 |  | 61,556 |  | 1,501,008 |  |

| NET BOOK VALUE

| At 30 March 2025 | 9,540 |  | 1,043,011 |  | 389,093 |  | 3,804 |  | 1,445,448 |  |

| At 30 March 2024 | 12,376 |  | 1,108,645 |  | 455,824 |  | - |  | 1,576,845 |  |

| Hire Purchase Contracts

| Included within the net book value of tangible fixed assets is £nil (2024 - £656,051) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £76,483 (2024 - £116,090).

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| Short |  | Plant and |  | and |

| leasehold |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 31 March 2024 | 28,362 |  | 1,365,646 |  | 741,919 |  | 2,135,927 |  |

| Additions | - |  | - |  | 3,624 |  | 3,624 |  |

| Disposals | - |  | (4,500 | ) | - |  | (4,500 | ) |

| At 30 March 2025 | 28,362 |  | 1,361,146 |  | 745,543 |  | 2,135,051 |  |

| DEPRECIATION

| At 31 March 2024 | 15,986 |  | 606,005 |  | 321,052 |  | 943,043 |  |

| Charge for year | 2,836 |  | 113,946 |  | 63,583 |  | 180,365 |  |

| At 30 March 2025 | 18,822 |  | 719,951 |  | 384,635 |  | 1,123,408 |  |

| NET BOOK VALUE

| At 30 March 2025 | 9,540 |  | 641,195 |  | 360,908 |  | 1,011,643 |  |

| At 30 March 2024 | 12,376 |  | 759,641 |  | 420,867 |  | 1,192,884 |  |

| Hire Purchase Contracts

| Included within the net book value of tangible fixed assets is £nil (2024 - £656,051) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £76,483 (2024 - £116,090).

12. | FIXED ASSET INVESTMENTS

| Group

| Interest

| in

| associate

£ |

| COST

| At 31 March 2024 | 1,049,703 |  |

| Disposals | (500 | ) |

| Reclassification/transfer | (1,049,203 | ) |

| At 30 March 2025 | - |  |

| NET BOOK VALUE

| At 30 March 2025 | - |  |

| At 30 March 2024 | 1,049,703 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 31 March 2024 | 500,780 |  |

| Additions | 46,588 |  |

| Disposals | (500 | ) |

| At 30 March 2025 | 546,868 |  |

| NET BOOK VALUE

| At 30 March 2025 | 546,868 |  |

| At 30 March 2024 | 500,780 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Altham Fabrications Limited

| Registered office: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, BB1 3AL

| Nature of business: Sheet metal fabrications and general engineering

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Hunt Heat Exchangers Limited

| Registered office: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, United Kingdom, BB1 3AL

| Nature of business: Design & manufacture of heat exchangers

| %

| Class of shares: | holding |

| Ordinary A | 100.00 |

| Tek-Dry Systems Limited

| Registered office: Unit 5a Frontier Park, Frontier Avenue, Rishton, Blackburn, Lancashire,BB1 3AL

| Nature of business: Thermal process equipment specialists.

| %

| Class of shares: | holding |

| Ordinary | 51.00 |

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | - |  | 15,000 |  |

| Raw materials | 47,789 |  | 42,844 |  |

| Work-in-progress | 1,501,576 |  | 317,844 |  |

1,549,365 |  | 375,688 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 1,825,349 |  | 760,781 |  | 20,160 |  | 5,040 |  |

| Amounts owed by group undertakings | - |  | - |  | 346,475 |  | 319,271 |  |

| Amounts owed by associates | 3,292 |  | 124,486 |  | 1,707 |  | - |  |

| Other debtors | 76,860 |  | 1,553,157 |  | - |  | 1,047,179 |  |

| VAT | 68,712 |  | - |  | 4,829 |  | - |  |

| Prepayments and accrued income | 1,355,133 |  | 399,241 |  | 536,792 |  | 254,055 |  |

3,329,346 |  | 2,837,665 |  | 909,963 |  | 1,625,545 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | - |  | 27,917 |  | - |  | 17,917 |  |

| Hire purchase contracts (see note 18) | - |  | 167,214 |  | - |  | 167,214 |  |

| Trade creditors | 1,066,721 |  | 446,293 |  | 336,049 |  | 60,156 |  |

| Amounts owed to group undertakings | - |  | - |  | 788,381 |  | 127,284 |  |

| Tax | 70,885 |  | 104,166 |  | - |  | - |  |

| Social security and other taxes | 66,171 |  | 48,181 |  | 2,295 |  | 1,627 |  |

| VAT | - |  | 236,766 |  | - |  | 35,368 |  |

| Other creditors | 38,116 |  | 73,650 |  | 468 |  | 339 |  |

| Directors' current accounts | - |  | 5,484 |  | - |  | 5,484 |  |

| Accruals and deferred income | 2,254,476 |  | 631,857 |  | 202,034 |  | 319,949 |  |

3,496,369 |  | 1,741,528 |  | 1,329,227 |  | 735,338 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | - |  | 11,667 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | - |  | 234,952 |  | - |  | 234,952 |  |

- |  | 246,619 |  | - |  | 234,952 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

17. | LOANS

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

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

| Bank loans | - |  | 27,917 |  | - |  | 17,917 |  |

| Amounts falling due between one and two years: |

| Bank loans - 1-2 years | - |  | 10,000 |  | - |  | - |  |

| Amounts falling due between two and five years: |

| Bank loans - 2-5 years | - |  | 1,667 |  | - |  | - |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 167,214 |  |

| Between one and five years | - |  | 234,952 |  |

- |  | 402,166 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 167,214 |  |

| Between one and five years | - |  | 234,952 |  |

- |  | 402,166 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 781,716 |  | 691,259 |  |

| Between one and five years | 2,624,694 |  | 2,694,070 |  |

| In more than five years | 2,615,958 |  | 3,243,788 |  |

6,022,368 |  | 6,629,117 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

18. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 756,830 |  | 664,827 |  |

| Between one and five years | 2,565,070 |  | 2,694,070 |  |

| In more than five years | 2,615,958 |  | 3,243,788 |  |

5,937,858 |  | 6,602,685 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Company |

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 17,917 |  |

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 353,889 |  | 388,533 |  | 248,903 |  | 293,148 |  |

| Other timing differences | - |  | (568 | ) | - |  | - |  |

353,889 |  | 387,965 |  | 248,903 |  | 293,148 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 31 March 2024 | 387,965 |  |

| Credit to Profit and Loss Account during year | (53,268 | ) |

| Consolidated adjustment | 19,192 |  |

| Balance at 30 March 2025 | 353,889 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 31 March 2024 | 293,148 |  |

| Credit to Profit and Loss Account during year | (44,245 | ) |

| Balance at 30 March 2025 | 248,903 |  |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| NIL | Ordinary | £1.00 | - |  | 1,000,000 |  |

| 3,624,584 | B Ordinary | 10p | 362,458 |  | - |  |

| 3,948,854 | C Ordinary | 10p | 394,886 |  | - |  |

757,344 |  | 1,000,000 |  |

| The following shares were issued during the year for cash at par :

| 465,876 C Ordinary shares of 10p

| During the year 1,000,000 Ordinary shares with a nominal value of £1 each were subdivided into 10,000,000 shares of 10p each.

| The 10,000,000 Ordinary shares were then reclassified into 2,892,438 A Ordinary shares of 10p each, 3,624,584 B Ordinary shares of 10p each and 3,482,978 C Ordinary shares of 10p each.

| The company then submitted a Solvency Statement on 25 March 2025 and issued a reduction in A Ordinary share capital, reducing A Ordinary shares to nil.

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 31 March 2024 | 3,251,619 |  |

| Deficit for the year | (840,200 | ) |

| Dividends | (1,468,762 | ) |

| Reduction in share capital | 289,244 |  |

| At 30 March 2025 | 1,231,901 |  |

| Company

| Retained

| earnings

£ |

| At 31 March 2024 | 1,466,926 |  |

| Deficit for the year | (89,728 | ) |

| Dividends | (1,468,762 | ) |

| Reduction in share capital | 289,244 |  |

| At 30 March 2025 | 197,680 |  |

23. | NON-CONTROLLING INTERESTS

| The non-controlling interest relates to minority stakes in Tek-Dry Systems Limited and Hunt Heat Exchangers Limited.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

24. | RELATED PARTY DISCLOSURES

| Remuneration of key management personnel

| As permitted by FRS 102, remuneration of key management personnel has not been disclosed.

| Other transactions with related parties

| As permitted by FRS102, related party transactions with wholly owned members of Mayflower Pacific Holdings Limited have not been disclosed.

25. | POST BALANCE SHEET EVENTS

| On 1 April 2025, the shareholders of Company 2 2024 Limited sold 100% of their shareholdings to Heat and Control PTY Limited.

26. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Company 2 2024 Limited.

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

27. | BUSINESS COMBINATIONS

| On 25 March 2025, the group acquired control of Tek-Dry Systems Limited through the purchase of 6% of the share capital for total consideration of £46,588. The effective date for the consolidation purposes was 31 March 2025. The group previous held 45% of the share capital which was purchased for a total consideration of £500,000.

| Tek-Dry Systems Limited is a standalone trading company with the principal activity of

| manufacturers and services of process equipment.

| Management have estimated the useful life of the goodwill to be 10 years.

| The following table summarises the consideration paid by the group, the fair value of assets acquired, liabilities assumed at the acquisition date:

| £ |  |

| Cash consideration |  | 500,000 |  |

| Further consideration for shares |  | 46,588 |  |

| Total consideration |  | 546,588 |  |

| For cashflow disclosure purposes: |  | £ |  |

| Cash consideration |  | - |  |

| Directly attributable costs |  | - |  |

|  | - |  |

| Less cash acquired from acquisition |  | (472,643 | ) |

| Net cash outflow |  |  | (472,643 | ) |

| Recognised amounts of identifiable assets acquired and liabilities assumed:

| £ |  |

| Intangible assets |  | 1 |  |

| Tangible assets |  | 86,782 |  |

| Stock |  | 384,761 |  |

| Trade debtors |  | 1,270,580 |  |

| Other debtors |  | 65,341 |  |

| Amount due from subsidiaries |  | 619,973 |  |

| Prepayments |  | 671,116 |  |

| Bank |  | 472,642 |  |

| Amounts due to subsidiaries |  | (419,307 | ) |

| Trade creditors |  | (95,781 | ) |

| Tax |  | (41,923 | ) |

| Social security and other taxes |  | (10,265 | ) |

| Other creditors |  | (2,291 | ) |

| Accruals and deferred income |  | (1,114,002 | ) |

| Provisions |  | (19,192 | ) |

| Total identifiable net assets |  | 1,868,435 |  |

| Non controlling interest |  | (915,533 | ) |

| Goodwill |  | (406,314 | ) |

Mayflower Pacific Holdings Limited (Registered number: 10210371)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 March 2025

| Total |  | 546,588 |  |