REGISTERED NUMBER: 03451910 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

SG World Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M P Haase

D H Kinsman

SECRETARY:

Mrs D Brandon-Sweeney

REGISTERED OFFICE:

Arnold Haase House

Duchy Road

Crewe

Cheshire

CW1 6ND

REGISTERED NUMBER:

03451910 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stuart Banks BSc FCA

AUDITORS:

Banks Sheridan (Statutory Auditor)

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

BUSINESS REVIEW

The macro environment has delivered many challenges to businesses with worldwide political uncertainty and conflicts in many regions, leading to uncertainty in the economic environment. The advent of tariffs, increased supplier costs, and wage inflation have all delivered a difficulty, but the group continues to meet these with a robust effort and building a sustainable model whilst planning ahead for growth as well as any further challenging eventualities in the coming year.

The group's results for the financial year show a slight decrease in revenue of £450k in comparison to Prior Year (PY), however the addition of the enhanced digital offerings have started to deliver the growth needed to offset the maturity of our core manual paper visitor management products, with the addition of more digital modules planned for the coming year. Other product areas for focus in the coming year include pre-use inspections, wide format printing and signage as we pivot away from our mature product offerings.

Gross Profit shows an increase due to the improved purchasing across the board, as well as using preferred trade suppliers for any outsourced products. Additionally, the benefits following the prior restructure of the Group's European operations continue to be felt with the reduced cost base and streamlined processes.

Overall, given the challenges faced, it is pleasing to note that the group has produced an EDITDA figure of approximately £600k in the year, which is similar to the underlying figure for the prior year.

KEY PERFORMANCE INDICATORS

The principal key performance indicators are:

2025

2024

Revenue

£5.01m

£5.46m

Gross profit %

58.1%

50.7%

EBITDA (excluding government grants and exceptional items)

£593k

£593k

Shareholders' funds

£3.15m

£3.24m

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks in the coming year are the continuing war in Ukraine which affects the supply chain particularly freight and raw materials. In addition, the introduction of tariffs in the US and the global retaliatory measures mean exports to the US have been affected, introducing additional costs, which we plan to offset by establishing a stronger and wider supply chain in the US. The change of government and the different fiscal policy has already impacted with an increase in costs in a few areas, including employer National Insurance contribution and minimum wage increases. Where possible, we will continue to negotiate fixing rates on borrowings and other costs where possible.

We continue to undertake a regular review of all the business risks, which remains a key activity.

As stated above, with the strain on the more traditional areas of manufactured products continuing, increased focus on software and the continued pivoting of the product range in large format and other areas of product manufacture should see many of these challenges being offset. Continuing with excellent credit management and costs controls, together with further automation in Customer Relationship Management (CRM) systems will see a sustained growth trajectory.

SUBSEQUENT EVENTS

Despite the uncertainty in the global and environmental events, and the continuation of the pivoting of the business, the Group has shown a continued appetite to address the opportunities to grow the product offerings, thereby giving a wider range to our existing customers. With the added marketing and sales effort, we also continue to explore new markets and customers both in the Health and Safety arena, as well as the wider audiences in both business and education where we have alignment in their procurement and facilities activities.

ON BEHALF OF THE BOARD:

M P Haase - Director

23 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

The total amount of dividends paid in the year was £nil.

DIRECTORS

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

M P Haase

D H Kinsman

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.

ON BEHALF OF THE BOARD:

M P Haase - Director

23 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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.

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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

As part of our planning procedures we gained an understanding of the legal and regulatory framework applicable to the company and the industry that it operates and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. This involved discussions with local management and inspection of any available regulatory and legal correspondence. We communicated identified laws and regulations throughout our audit team and remained alert to any implications of non-compliance throughout the audit.

In addressing the risk of fraud through management override of controls we tested the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential management bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition we performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud.

Owing to the inherent limitations of an audit there is an unavoidable risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. The primary responsibility for the prevention and detecting of irregularities, including fraud, rests with management.

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.

Stuart Banks BSc FCA (Senior Statutory Auditor)

for and on behalf of Banks Sheridan (Statutory Auditor)

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

23 December 2025

TURNOVER

5

5,013,752

5,457,549

Cost of sales

(2,103,045

)

(2,689,004

)

GROSS PROFIT

2,910,707

2,768,545

Distribution costs

(681,309

)

(735,230

)

Administrative expenses

(2,183,637

)

(1,973,092

)

45,761

60,223

Other operating income

219,680

200,313

OPERATING PROFIT

7

265,441

260,536

Loss on closure of subsidiary

undertaking

8

-

(506,432

)

265,441

(245,896

)

Interest receivable and similar income

813

2,735

266,254

(243,161

)

Interest payable and similar expenses

9

(381,045

)

(279,578

)

LOSS BEFORE TAXATION

(114,791

)

(522,739

)

Tax on loss

10

20,406

119,941

LOSS FOR THE FINANCIAL YEAR

(94,385

)

(402,798

)

Loss attributable to:

Owners of the parent

(94,385

)

(402,798

)

LOSS FOR THE YEAR

(94,385

)

(402,798

)

OTHER COMPREHENSIVE INCOME

Foreign exchange (losses)/gains arising

on translation of overseas subsidiary

undertakings

10,636

12,450

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

10,636

12,450

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(83,749

)

(390,348

)

Total comprehensive loss attributable to:

Owners of the parent

(83,749

)

(390,348

)

FIXED ASSETS

Intangible assets

12

771,976

785,883

Tangible assets

13

4,880,098

5,125,158

Investments

14

-

-

5,652,074

5,911,041

CURRENT ASSETS

Stocks

15

182,753

206,080

Debtors: amounts falling due within one year

16

2,675,974

2,556,191

Debtors: amounts falling due after more than one year

16

39,047

63,668

Cash at bank and in hand

115,736

346,098

3,013,510

3,172,037

CREDITORS

Amounts falling due within one year

17

(2,162,003

)

(2,060,679

)

NET CURRENT ASSETS

851,507

1,111,358

TOTAL ASSETS LESS CURRENT LIABILITIES

6,503,581

7,022,399

CREDITORS

Amounts falling due after more than one year

18

(3,169,623

)

(3,588,189

)

PROVISIONS FOR LIABILITIES

23

(179,336

)

(195,839

)

NET ASSETS

3,154,622

3,238,371

CAPITAL AND RESERVES

Called up share capital

24

121,147

121,147

Share premium

25

3,150

3,150

Revaluation reserve

25

1,740,128

1,749,770

Capital redemption reserve

25

191,668

191,668

Retained earnings

25

1,098,529

1,172,636

SHAREHOLDERS' FUNDS

3,154,622

3,238,371

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

M P Haase - Director

FIXED ASSETS

Intangible assets

12

1,222,904

1,213,045

Tangible assets

13

4,877,540

5,122,332

Investments

14

119,433

119,433

6,219,877

6,454,810

CURRENT ASSETS

Stocks

15

182,753

206,080

Debtors: amounts falling due within one year

16

3,118,570

2,958,898

Debtors: amounts falling due after more than one year

16

30,267

48,837

Cash at bank and in hand

115,736

346,098

3,447,326

3,559,913

CREDITORS

Amounts falling due within one year

17

(2,108,975

)

(1,939,687

)

NET CURRENT ASSETS

1,338,351

1,620,226

TOTAL ASSETS LESS CURRENT LIABILITIES

7,558,228

8,075,036

CREDITORS

Amounts falling due after more than one year

18

(3,169,623

)

(3,588,189

)

PROVISIONS FOR LIABILITIES

23

(163,983

)

(180,906

)

NET ASSETS

4,224,622

4,305,941

CAPITAL AND RESERVES

Called up share capital

24

121,147

121,147

Share premium

25

3,150

3,150

Revaluation reserve

25

1,740,128

1,749,770

Capital redemption reserve

25

191,668

191,668

Retained earnings

25

2,168,529

2,240,206

SHAREHOLDERS' FUNDS

4,224,622

4,305,941

Company's (loss)/profit for the financial year

(81,319

)

49,426

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

M P Haase - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

121,147

1,553,342

3,150

Changes in equity

Total comprehensive loss

-

(390,348

)

-

Transfer

-

9,642

-

Balance at 31 March 2024

121,147

1,172,636

3,150

Changes in equity

Total comprehensive loss

-

(83,749

)

-

Transfer

-

9,642

-

Balance at 31 March 2025

121,147

1,098,529

3,150

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

1,759,412

191,668

3,628,719

Changes in equity

Total comprehensive loss

-

-

(390,348

)

Transfer

(9,642

)

-

-

Balance at 31 March 2024

1,749,770

191,668

3,238,371

Changes in equity

Total comprehensive loss

-

-

(83,749

)

Transfer

(9,642

)

-

-

Balance at 31 March 2025

1,740,128

191,668

3,154,622

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

121,147

2,181,138

3,150

Changes in equity

Total comprehensive income

-

49,426

-

Transfer

-

9,642

-

Balance at 31 March 2024

121,147

2,240,206

3,150

Changes in equity

Total comprehensive income

-

(81,319

)

-

Transfer

-

9,642

-

Balance at 31 March 2025

121,147

2,168,529

3,150

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

1,759,412

191,668

4,256,515

Changes in equity

Total comprehensive income

-

-

49,426

Transfer

(9,642

)

-

-

Balance at 31 March 2024

1,749,770

191,668

4,305,941

Changes in equity

Total comprehensive income

-

-

(81,319

)

Transfer

(9,642

)

-

-

Balance at 31 March 2025

1,740,128

191,668

4,224,622

Cash flows from operating activities

Cash generated from operations

1

268,313

211,888

Interest paid

(380,614

)

(279,366

)

Interest element of hire purchase payments paid

(431

)

(212

)

Net cash from operating activities

(112,732

)

(67,690

)

Cash flows from investing activities

Purchase of tangible fixed assets

(8,918

)

(23,668

)

Sale of intangible fixed assets

6,802

-

Sale of tangible fixed assets

117,925

-

Purchase of intangible fixed assets

-

(1,529

)

Interest received

813

2,735

Net cash from investing activities

116,622

(22,462

)

Cash flows from financing activities

New loans taken out in year

135,000

404,634

Loan repayments in year

(435,542

)

(251,598

)

Capital repayments in year

(2,530

)

(8,499

)

Net cash from financing activities

(303,072

)

144,537

(Decrease)/increase in cash and cash equivalents

(299,182

)

54,385

Cash and cash equivalents at beginning of year

2

(109,129

)

(163,514

)

Cash and cash equivalents at end of year

2

(408,311

)

(109,129

)

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

2025

2024

£

£

Loss before taxation

(114,791

)

(522,739

)

Depreciation charges

327,440

328,618

(Profit)/loss on disposal of fixed assets

(83

)

3,678

Impairment of fixed assets

-

90,000

Effect of exchange differences

11,860

12,837

Increase/(decrease) in provisions

420

(22,079

)

Own work capitalised

(167,301

)

(110,498

)

Finance costs

381,045

279,578

Finance income

(813

)

(2,735

)

437,777

56,660

Decrease in stocks

23,327

72,192

(Increase)/decrease in trade and other debtors

(91,679

)

118,438

Decrease in trade and other creditors

(101,112

)

(35,402

)

Cash generated from operations

268,313

211,888

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

115,736

346,098

Bank overdrafts

(524,047

)

(455,227

)

(408,311

)

(109,129

)

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

346,098

332,545

Bank overdrafts

(455,227

)

(496,059

)

(109,129

)

(163,514

)