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REGISTERED NUMBER: 01649976 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2025

for

K. G. D. Enterprises Limited

K. G. D. Enterprises Limited (Registered number: 01649976)

Contents of the Financial Statements

for the year ended 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 6 |

Report of the Independent Auditors | 8 |

Statement of Comprehensive Income | 11 |

Statement of Financial Position | 12 |

Statement of Changes in Equity | 13 |

Statement of Cash Flows | 14 |

Notes to the Statement of Cash Flows | 15 |

Notes to the Financial Statements | 16 |

K. G. D. Enterprises Limited

Company Information

for the year ended 31 March 2025

| Director: | E A Pitt

| Secretary: | B Khumalo

| Registered office: | Netherwood Road

| Rotherwas Industrial Estate

| Hereford

| HR2 6JU

| Registered number: | 01649976 (England and Wales)

| Senior statutory auditor: | Russell John Spencer

| Auditors: | Acre Accountancy Limited

| Statutory Auditor

| Certified Accountants

| Unit 2 Foley Works

| Foley Trading Estate

| Hereford

| Herefordshire

| HR1 2SF

K. G. D. Enterprises Limited (Registered number: 01649976)

Strategic Report

for the year ended 31 March 2025

The director presents his strategic report for the year ended 31 March 2025.

Fair review of the business

Who we are

K.G.D. Enterprises Limited (K.G.D.) along with its subsidiary, KGD Process International Limited, are owned by Monnow Valley Holdings Limited..

K.G.D. specialises in the design and build of various "packages" for the oil and gas, pharmaceutical, renewables and nuclear industries in addition to the supply of expert maintenance support to local food and industrial sectors. All of this involves specialist design, fabrication, inspection, NDT (non-destructive testing) and finishing. Our main customers utilise all these skills to obtain the most cost- effective package build.

KGD Process International Limited has been made dormant until such time as it is required for a specific Process Technology opportunity.

Monnow Valley Holdings Ltd was formed in late 2019 and is the landlord to K.G.D. of new purpose- built factories at Hursey Road and the existing Netherwood Road premises, situated close by one another in Hereford.

These modern bespoke facilities are where the Team is based and all the package - build work is carried out. In addition to this, site installations and maintenance is undertaken for several local and national companies in the food, beverage, and industrial sectors.

Our Team

We are fortunate in retaining a stable workforce and steadily increasing it to over 100, many of whom have come through our established training programme and are advancing their careers within the business structure, benefitting both the employees and the company. We actively encourage staff progression as their vast amount of relevant experience within KGD is retained and brought effectively to their new roles.

This strategy has given us a good depth of knowledge in project management, design, QA / NDT, workshop, site, and commercial activities and provides great potential for promotion in various roles. One of the objectives is to minimise the difficulties caused from loss of expertise through the retirement of key personnel by developing a pool of insider replacements. Succession planning is very important to K.G.D.

K. G. D. Enterprises Limited (Registered number: 01649976)

Strategic Report

for the year ended 31 March 2025

Key performance indicators

The key financial indicators for the 12 months to 31 March 2025 are:

| 2025 |  | 2024 |

Operating profit |  | £2,715,188 |  | £1,380,520 |

Profit after tax |  | £2,892,810 |  | £1,034,049 |

Equity shareholders funds |  | £5,617,260 |  | £4,742,700 |

Current asset as % or current liabilities (quick ratio) |  | 130% |  | 129% |

Average number of employees |  | 126 |  | 121 |

We have had a very busy year, we started a number of large contracts last year and have continued the build and completion of some of these this year with some still continuing with completion due later in 2025. The contracts being undertaken have consisted of some high value materials which has increased our turnover considerably this year. Although this has added additional pressure to our cashflow we have consistently remained in control and maintained regular payments to all of our suppliers under the agreed terms ensuring a smooth execution of all works through the year.

Our general philosophy of investment in people, facilities and equipment have continued to maintain our efficiency and capabilities to deal with an increased throughput of work. Our turnover has increased by 105% whilst maintaining a healthy cashflow and profit margin as we progress.

We have taken on another strong cohort of apprentices and new employees to further enhance our team. We are also heavily investing in R&D to automate our processes to improve efficiency, quality, data collection and environmental impact.

Facilities

Dedicated structural steel workshop

Dedicated Stainless Steel Workshop, complete with office facilities

Dedicated Clean Build Workshop, complete with office facilities

Dedicated Shot-blasting and Painting Facility

Dedicated stores and sheet metal department

Two X-Ray bunkers with Quality Control Offices

We have commenced construction of an additional Package Build Facility which is due for completion end of 2025.

We have some of the best facilities in the world to complete the manufacturing of our equipment. Our focus is now on productivity, efficiency and improved quality. We are continuing our investment in training, equipment and automation to achieve this.

Key performance indicators

Effective Hours

This is the number of hours sold compared to the quantity of non- productive / sold hours.

The relevant data is collated from the payroll and cost ledger and better informs new quotations.

Being consistently busy for the whole of 24-25 has led us to achieve our KPI for effective hours for the majority of the months. Although this KPI becomes impossible to achieve when Contracts run over budgeted hours which was the case for a couple of months.

K. G. D. Enterprises Limited (Registered number: 01649976)

Strategic Report

for the year ended 31 March 2025

Safety

This is measured by recording and reviewing all lost time and minor incidents.

Our safety system is based on the foundation of apprenticeships, solid initial training, and regular updates along with close scrutiny of our safety records within our ISO 45001 (H&S) standard to identify any trends.

Customer focus

At each contract review customer feedback and impressions are assessed and action taken to retain or improve the relationship.

We continue to achieve a very high customer return rate and we have enjoyed over 30 years of continuous work with many clients. The investment in new facilities and equipment is helping to solidify customer impressions.

Risks to long term profitability

Energy Prices

Energy prices remain above our European competitors. All efforts are being made to reduce usage and to review and change processes to save energy.

Inflation

We are continuing to experience inflation and wage growth in excess of inflation. We are doing everything we can to limit the passing on of price increases to our clients whilst concurrently awarding wage increases to staff to ensure we retain the very valuable skills and experience that we have within the business.

Oil & gas activities / oil price

Activity returned to the Oil and Gas areas last year and the continuation of the Ukraine war saw energy security continue at the forefront. We foresee an upturn in this activity going forward as hostilities persist and energy remains at a premium whilst further development of green energies continues although at a reduced speed.

Renewables and Hydrogen

We have received our first contract connected to "Carbon Capture" which is hopefully the first of many. We are also continuing our journey within the Nuclear Sector having received new contracts this year and forming relationships with possible new customers for future Nuclear Developments including SMR's. Hydrogen development has been slow this year but we continue to connect with companies as this moves forward.

Continuity of contracts & customers

The world continues to evolve with the cost-of-living crisis, inflation, and the continual amalgamation of companies. We have been fortunate in retaining many clients, but the last couple of years has highlighted the importance of our pro-active approach in continually seeking to increase our spread of customers, of target industries and of the types of work we offer as this remains our best insulation to fluctuations outside of our control.

This approach has seen our focus move towards renewables as we see the manufacture of equipment in this sector as our next major opportunity.

Exchange rate considerations

At present the exchange rate means we remain competitive within Europe and the Rest of the World but any significant adjustment to the rate can impede our progress.

To reduce the risk of losses on long term contracts from currency exchange, we use a combination of forward buying / selling as well as greater consideration being given to material sourcing. We also try to be more robust with progress payments.

Changes to Warranty conditions

Projects that are undertaken are now carrying with them more onerous warranty conditions and this could cause problems for funding as the lengthening of terms tie up increasingly more capital.

K. G. D. Enterprises Limited (Registered number: 01649976)

Strategic Report

for the year ended 31 March 2025

To manage this situation, we must initially look at two points. Firstly, we need to limit the value and conditions of the warranties on items we manufacture which are normally very robust, static and of relatively low value. Secondly, we need to make full use of the Government Export Guarantee Schemes which we have used successfully in the past in conjunction with our bankers. Going further forward a policy based on historical data needs to be put in place. To date we have no history of warranty claims against us, but we must not be complacent and need to continue to minimise the risk by increasingly vigilant quality control.

Health and Safety

We have a good health and safety record and have ISO 45001 in place which we work to.

However, we need to keep improving and we have a policy in place to strengthen the H & S knowledge and implementation thereof by staff moving up to supervisory roles from the manual trades where they would have already gained a significant level of practical H & S knowledge.

Employment legislation

We take our responsibilities here most seriously and strive to keep abreast of this constantly changing area. We have had a pension scheme in place for many years and in 2014 we transferred to the auto-enrolment scheme.

Corporate responsibilities

We have continued and increased our involvement in our apprenticeship programme in conjunction with the Hereford & Worcester Group Training scheme. Since 2016 we have allocated time within KGD to give more one-to-one training to the apprentices in their first year. This has proven to be very successful and will be carried on and expanded.

We continue to engage with local associations to ensure issues relevant to us are kept under consideration by adding our views to various issues.

We regularly assist several diverse local good causes and charities.

We continue to help local nonprofessional sports clubs some of which have an involvement with K.G.D staff. We view sports clubs as areas for raising the K.G.D profile and attracting potential apprentice applications.

We are qualified to ISO 14001 and operate our environmental issues within that system. The new buildings are using modern insulation values and water saving systems etc. Our waste management is now fully established with all items recycled where possible.

Summary

As predicted 2024 - 25 Financial Year was very busy, we have finished the year with an increased profit and turnover whilst maintaining cashflow and balance sheet stability. We have started 2025-26 with a full orderbook with a number of opportunities ahead of us we envisage a substantial upturn in activity in Oil & Gas, Nuclear and Renewables, and we persist to prepare our man power, facilities and finances for this increase.

We continue to progressively and steadily expand the business whilst maintaining a strong Balance Sheet and good profitability.

On behalf of the board:

E A Pitt - Director

1 December 2025

K. G. D. Enterprises Limited (Registered number: 01649976)

Report of the Director

for the year ended 31 March 2025

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

Principal activity

The principal activity of the company in the year under review continued to be that of the manufacture of bespoke packages for the oil and gas industry worldwide, coupled with expert maintenance support to local food and industrial companies. Furthermore, we have recently embarked on both pharmaceutical and nuclear work

Dividends

An interim dividend of £15 per share was paid on 28 February 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 2,018,250 .

Director

E A Pitt 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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

K. G. D. Enterprises Limited (Registered number: 01649976)

Report of the Director

for the year ended 31 March 2025

Auditors

The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

E A Pitt - Director

1 December 2025

Report of the Independent Auditors to the Members of

K. G. D. Enterprises Limited

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 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 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 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

K. G. D. Enterprises Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

- | certain disclosures of 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 six, 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 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 company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

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

Report of the Independent Auditors to the Members of

K. G. D. Enterprises Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Russell John Spencer (Senior Statutory Auditor)

for and on behalf of Acre Accountancy Limited

Statutory Auditor

Certified Accountants

Unit 2 Foley Works

Foley Trading Estate

Hereford

Herefordshire

HR1 2SF

1 December 2025

K. G. D. Enterprises Limited (Registered number: 01649976)

Statement of Comprehensive Income

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 30,976,658 |  | 15,083,152 |  |

Cost of sales | (26,190,382 | ) | (11,676,883 | ) |

GROSS PROFIT | 4,786,276 |  | 3,406,269 |  |

Administrative expenses | (2,071,088 | ) | (2,025,749 | ) |

OPERATING PROFIT | 5 | 2,715,188 |  | 1,380,520 |  |

Interest receivable and similar income | 125,475 |  | 27 |  |

2,840,663 |  | 1,380,547 |  |

Interest payable and similar expenses | 6 | (685 | ) | (208 | ) |

PROFIT BEFORE TAXATION | 2,839,978 |  | 1,380,339 |  |

Tax on profit | 7 | 52,832 |  | (346,290 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,892,810 |  | 1,034,049 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,892,810 |  | 1,034,049 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Statement of Financial Position

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 2,992,520 |  | 2,674,413 |  |

Investments | 10 | - |  | - |  |

2,992,520 |  | 2,674,413 |  |

CURRENT ASSETS

Stocks | 11 | 1,808,657 |  | 1,058,704 |  |

Debtors | 12 | 9,525,319 |  | 7,970,426 |  |

Cash at bank | 2,343,964 |  | 2,397,391 |  |

13,677,940 |  | 11,426,521 |  |

CREDITORS

Amounts falling due within one year | 13 | (10,548,037 | ) | (8,850,890 | ) |

NET CURRENT ASSETS | 3,129,903 |  | 2,575,631 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,122,423 |  | 5,250,044 |  |

PROVISIONS FOR LIABILITIES | 15 | (505,163 | ) | (507,344 | ) |

NET ASSETS | 5,617,260 |  | 4,742,700 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 134,550 |  | 134,550 |  |

Capital redemption reserve | 17 | 1,359 |  | 1,359 |  |

Retained earnings | 17 | 5,481,351 |  | 4,606,791 |  |

SHAREHOLDERS' FUNDS | 5,617,260 |  | 4,742,700 |  |

The financial statements were approved by the director and authorised for issue on 1 December 2025 and were signed by:

E A Pitt - Director

K. G. D. Enterprises Limited (Registered number: 01649976)

Statement of Changes in Equity

for the year ended 31 March 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 134,550 |  | 7,274,213 |  | 1,359 |  | 7,410,122 |  |

Changes in equity

Dividends | - |  | (3,701,471 | ) | - |  | (3,701,471 | ) |

Total comprehensive income | - |  | 1,034,049 |  | - |  | 1,034,049 |  |

Balance at 31 March 2024 | 134,550 |  | 4,606,791 |  | 1,359 |  | 4,742,700 |  |

Changes in equity

Dividends | - |  | (2,018,250 | ) | - |  | (2,018,250 | ) |

Total comprehensive income | - |  | 2,892,810 |  | - |  | 2,892,810 |  |

Balance at 31 March 2025 | 134,550 |  | 5,481,351 |  | 1,359 |  | 5,617,260 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Statement of Cash Flows

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,033,085 |  | 3,393,043 |  |

Interest paid | (685 | ) | (208 | ) |

Tax paid | (652,730 | ) | (98,400 | ) |

Net cash from operating activities | 2,379,670 |  | 3,294,435 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (583,532 | ) | (156,829 | ) |

Sale of tangible fixed assets | 24,959 |  | - |  |

Interest received | 125,475 |  | 27 |  |

Net cash from investing activities | (433,098 | ) | (156,802 | ) |

Cash flows from financing activities

(Increase)/decrease in Group loans | 18,251 |  | (1,362,711 | ) |

Equity dividends paid | (2,018,250 | ) | (3,701,471 | ) |

Net cash from financing activities | (1,999,999 | ) | (5,064,182 | ) |

Decrease in cash and cash equivalents | (53,427 | ) | (1,926,549 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,397,391 |  | 4,323,940 |  |

Cash and cash equivalents at end of year | 2 | 2,343,964 |  | 2,397,391 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Statement of Cash Flows

for the year ended 31 March 2025

1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit for the financial year | 2,892,810 |  | 1,034,049 |  |

| Depreciation charges | 265,424 |  | 210,762 |  |

| Profit on disposal of fixed assets | (24,959 | ) | - |  |

| Finance costs | 685 |  | 208 |  |

| Finance income | (125,475 | ) | (27 | ) |

| Taxation | (52,832 | ) | 346,290 |  |

2,955,653 |  | 1,591,282 |  |

| Increase in stocks | (749,953 | ) | (478,315 | ) |

| Increase in trade and other debtors | (1,201,599 | ) | (2,886,385 | ) |

| Increase in trade and other creditors | 2,028,984 |  | 5,166,461 |  |

| Cash generated from operations | 3,033,085 |  | 3,393,043 |  |

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 | 2,343,964 |  | 2,397,391 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 2,397,391 |  | 4,323,940 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank | 2,397,391 |  | (53,427 | ) | 2,343,964 |  |

2,397,391 |  | (53,427 | ) | 2,343,964 |  |

| Total | 2,397,391 |  | (53,427 | ) | 2,343,964 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

| K. G. D. Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | 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.

| Judgements and key sources of estimation uncertainty

| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Critical judgements

| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Warranty provision

| Warranties are now being incorporated into contracts for major offshore package applications previously shipped and currently being completed. This has necessitated the creation of a warranty provision. During the warranty period the company has an obligation to rectify defects. The provision is maintained until the director considers that the claims against the company are remote.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Turnover from larger contracts is recognised on staged invoices. Smaller contracts and site work is invoiced on completion.

| Profits from contracts are recognised by reference to overall anticipated costs and profits, actual costs to date, and the stage of completion where the outcome can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total anticipated costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent to cover costs incurred to date.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Leasehold land and building |  | 10 - 30 years |  |

| Assets under construction |  | 30 years |  |

| Plant and equipment |  | 2 - 10 years |  |

| Motor vehicles |  | 4 years |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

| Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

| On larger contracts work that is unbilled at the balance sheet date is shown as work-in-progress.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

| Fixed asset investments

| Equity instruments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

| In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at costs less any accumulated impairment losses.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence where it has the power to participate in the financial and operating decisions of the associate.

| Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the groups share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of the acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

| Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

| In the parent company financial statements, investments in associates are accounted for at cost less impairment.

| Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

| At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

| Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present money value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried out at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If a asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss in recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event accruing after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| 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 group transfers the financial asset and substantially all the risks and rewards or 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.

| 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 group after deducting all of its liabilities.

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate.

| Other financial liabilities

| Derivatives including interest rate swaps and forward exchange contracts are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs to finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

| Debt instruments that do not meet the conditions in FRS102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the groups contractual obligations expire or are discharged or cancelled.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,195,155 |  | 3,858,368 |  |

| Social security costs | 510,470 |  | 369,760 |  |

| Other pension costs | 124,177 |  | 95,091 |  |

5,829,802 |  | 4,323,219 |  |

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

| 2025 |  | 2024

| Administration | 6 |  | 5 |  |

| Engineering | 120 |  | 116 |  |

126 |  | 121 |  |

4. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Director's remuneration | 103,208 |  | 57,372 |  |

| Director's pension contributions to money purchase schemes | 2,937 |  | 2,981 |  |

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

| Retirement schemes |  | 1 |  |  | 2 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 23,849 |  | 20,853 |  |

| Other operating leases | 447,687 |  | 419,777 |  |

| Depreciation - owned assets | 265,425 |  | 210,760 |  |

| Profit on disposal of fixed assets | (24,959 | ) | - |  |

| Foreign exchange differences | (624,524 | ) | (302,451 | ) |

| Auditors' remuneration | 12,700 |  | 12,100 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 414 |  | - |  |

| HMRC late payment interest | 271 |  | 208 |  |

685 |  | 208 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

7. | TAXATION

| Analysis of the tax (credit)/charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 462,721 |  | 331,817 |  |

| Tax recovered R&D claim | (513,372 | ) | - |  |

| Total current tax | (50,651 | ) | 331,817 |  |

| Deferred tax | (2,181 | ) | 14,473 |  |

| Tax on profit | (52,832 | ) | 346,290 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,839,978 |  | 1,380,339 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 709,995 |  | 345,085 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 148 |  |

| Depreciation in excess of capital allowances | 1,094 |  | 1,094 |  |

| Research and development credit for prior periods | (763,878 | ) | - |  |

| credit |

| group relief |

| deferred tax provision |

| Adjustment to prior year deferred tax | (43 | ) | (37 | ) |

| Total tax (credit)/charge | (52,832 | ) | 346,290 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 2,018,250 |  | 3,701,471 |  |

| During the year, total dividends of £Nil (2024 - £Nil) were paid to the directors.

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

9. | TANGIBLE FIXED ASSETS

| Assets |

| Long |  | under |  | Plant and |  | Motor |

| leasehold |  | construction |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Cost

| At 1 April 2024 | 160,799 |  | - |  | 4,803,450 |  | 316,861 |  | 5,281,110 |  |

| Additions | - |  | 323,437 |  | 77,608 |  | 182,487 |  | 583,532 |  |

| Disposals | - |  | - |  | (36,450 | ) | (106,330 | ) | (142,780 | ) |

| At 31 March 2025 | 160,799 |  | 323,437 |  | 4,844,608 |  | 393,018 |  | 5,721,862 |  |

| Depreciation

| At 1 April 2024 | 140,389 |  | - |  | 2,185,783 |  | 280,525 |  | 2,606,697 |  |

| Charge for year | 20,410 |  | - |  | 193,256 |  | 51,759 |  | 265,425 |  |

| Eliminated on disposal | - |  | - |  | (36,450 | ) | (106,330 | ) | (142,780 | ) |

| At 31 March 2025 | 160,799 |  | - |  | 2,342,589 |  | 225,954 |  | 2,729,342 |  |

| Net book value

| At 31 March 2025 | - |  | 323,437 |  | 2,502,019 |  | 167,064 |  | 2,992,520 |  |

| At 31 March 2024 | 20,410 |  | - |  | 2,617,667 |  | 36,336 |  | 2,674,413 |  |

10. | FIXED ASSET INVESTMENTS

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

| KGD Process International Ltd

| Registered office: UK

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 72,988 |  | 72,988 |  |

| Work-in-progress | 1,735,669 |  | 985,716 |  |

1,808,657 |  | 1,058,704 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 4,186,438 |  | 3,756,246 |  |

| Amounts owed by group undertakings | 834,808 |  | 853,058 |  |

| Other debtors | 55,780 |  | 63,700 |  |

| Tax | 371,544 |  | - |  |

| VAT | 236,460 |  | 135,213 |  |

| Prepayments | 3,840,289 |  | 3,162,209 |  |

9,525,319 |  | 7,970,426 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 2,066,731 |  | 1,268,701 |  |

| Tax | - |  | 331,837 |  |

| Social security and other taxes | 169,114 |  | 120,913 |  |

| Other creditors | 55,543 |  | 24,994 |  |

| Accruals and deferred income | 8,256,649 |  | 7,104,445 |  |

10,548,037 |  | 8,850,890 |  |

14. | SECURED DEBTS

| HSBC hold a fixed and floating charge which covers all property or undertaking of the company.

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 505,163 |  | 507,344 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 507,344 |  |

| Provided during year | (2,181 | ) |

| Balance at 31 March 2025 | 505,163 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 134,550 | Ordinary | £1 | 134,550 |  | 134,550 |  |

K. G. D. Enterprises Limited (Registered number: 01649976)

Notes to the Financial Statements - continued

for the year ended 31 March 2025

17. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 4,606,791 |  | 1,359 |  | 4,608,150 |  |

| Profit for the year | 2,892,810 |  | 2,892,810 |  |

| Dividends | (2,018,250 | ) | (2,018,250 | ) |

| At 31 March 2025 | 5,481,351 |  | 1,359 |  | 5,482,710 |  |