These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Team Industrial Services Inspection Limited is a private company limited by shares incorporated in England and Wales. The registered office is Furman House, Shap Road, Kendal, LA9 6RU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

Despite the net liabilities position, the financial statements have been prepared on a going concern basis. The Company ceased trading in 2018 but recommenced operations during the year ended 31 December 2024 as a newly re-established entity. As this was the first year of renewed trading activity, significant time was devoted to developing customer relationships and establishing the business infrastructure.true

The Directors are required to prepare these financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. This assessment has been carried out on the cash flows of Team Inc. group of UK companies, which the company is a member of, as cash is managed by a centralised treasury function who ensure all parts of the UK Group have sufficient cash to meet their immediate needs. As part of the arrangement, the Group has issued a letter of support for all UK Group companies, for a period of twelve months from the date of approval of these financial statements which includes both making funds available if required and not to seek repayment of amounts due at the balance sheet date if this would be detrimental to the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete 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 costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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 in the company's balance sheet 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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

In the application of the company’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 estimates 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.

The average monthly number of persons (including directors) employed by the company during the year was:

Amounts owed by group undertakings are interest free and repayable on demand.

Amounts owed to group undertakings are interest free and repayable on demand.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The parent entity (that is, Team Inc.) of the company is, as per 31 December 2023, a borrower under two financings:

• a credit agreement, with, among others, Eclipse Business Capital LLC (Eclipse) (as agent) comprising an asset based revolving credit facility in the amount of USD 130,000,000, and a delayed draw term loan facility in the amount of USD 35,000,000, (the ABL Refinancing Agreement). In 2023 an amendment and restatement agreement was entered between, amongst others, Team Inc. as borrower and guarantor, the company as guarantor, the lenders listed therein as lenders and Eclipse as agent (the ABL Refinancing ARA and together with the ABL Refinancing Agreement, the ABL Financing Agreements) pursuant to which the ABL Refinancing Agreement was amended to (a) raise additional term loans of approximately USD 27,400,000; (b) increase the availability under the ABL Refinancing Agreement by USD 2,500,000, and (iii) extend the maturity of the ABL Refinancing Agreement to August 2025. At 31 December 2023, there was USD 78,414,640.61 outstanding under the asset based revolving credit facility, USD 35,000,000 outstanding under the delayed draw term loan facility, USD 8,918,924 outstanding under the M&E term loan facility, and USD 16,904,268.74 outstanding under the RE-1 term loan facility, under the ABL Financing Agreements; and

• an amended and restated agreement to the existing 2021 term loan agreement between, amongst others, Team Inc. as borrower and guarantor, the Company as guarantor and Cantor Fitzgerald Securities (Cantor) as agent (the 2023 Term Loan Agreement), pursuant to which (i) the term loan tranche was increased by USD 37,500,000 and (ii) the delayed draw term loan was increased by USD 20,000,000. At 31 December 2023, there was USD 130,087,527.40 outstanding under the (amended and restated) term loan facility, USD 37,786,613.01 outstanding under the incremental term loan facility and USD 10,265,360.28 outstanding under the incremental delayed draw term loan facility, under the 2023 Term Loan Agreement.

The company has granted security for the secured obligations under the ABL Financing Agreements in in favour of Eclipse, in the form of a first-ranking right of pledge on inventory, title documents and receivables (including those related to insurance policies and to its bank accounts, but excluding so-called term loan priority bank accounts). The company has also granted a second-ranking right of pledge in favour of Eclipse on its IP rights and its moveables (excluding inventory). Furthermore, in this regard, the shares of the company have been pledged to Eclipse, ranking second to the share pledge in favour of Cantor (as further described below).

In connection with the payoff of the remaining outstanding balance as per 31 December 2022 of USD 35,509,703 owed by Team Inc. under the term loan credit agreement, with, among others, Atlantic Park Strategic Capital Fund L.P. (AP) (as agent), in the amount of USD 250,000,000 at inception on 18 December 2020 (the 2020 Term Loan Agreement) during the course of 2023, the security granted to AP, in connection thereto, was released in 2023. The security that was released was a:

• first-ranking right of pledge on its IP rights, its moveables (excluding inventory), and its bank account receivables classified as term loan priority bank accounts;

• second-ranking right of pledge on the company’s inventory, its title documents (such as bearer documents), and its receivables; and

• a first-ranking right of pledge over the shares of the company.

The company has granted new security for the secured obligations under the 2023 Term Loan Agreement in in favour of Cantor in the course of 2023, and validly existing as per 31 December 2023, in the form of a:

1. first-ranking right of pledge on its IP rights, its moveables (excluding inventory), and its bank account receivables classified as term loan priority bank accounts;

2. second-ranking right of pledge on the company’s inventory, its title documents (such as bearer documents), and its receivables; and

3. a first-ranking right of pledge over the shares of the company, ranking first to the share pledge in favour of Eclipse.

In connection with the financings, the company has agreed to be severally and jointly liable for the parent entity’s obligations thereunder and it has subordinated its claims against other group entities to any claims that Eclipse or Cantor may have against these other group entities pursuant to the financings.

The Company has taken advantage of the exemption conferred by FRS 102 Section 1AC.35 from the requirement to disclose details of transactions with other wholly owned Group Companies.

The company is a wholly owned subsidiary of Furmanite 1986, a company registered in England and Wales at Furman House, Shap Road, Kendal, Cumbria, LA9 6RU. Team Inc, a company incorporated in the USA, is the ultimate parent company.

The Company's results are consolidated in the accounts of Team, Inc, which is the smallest and largest group for which consolidated accounts are prepared and publicly available. Copies of the Team, Inc, accounts are publicly available from the registered office at Team Inc, 13131 Dairy Ashford, Suite 600, Sugar Land, TX 77478, United States of America or on their websites at http://investor.teaminc.com.