REGISTERED NUMBER: 06853213 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SECURITY AND FIRE EXPERTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

12

DIRECTORS:

Miss J Higson

A Hoolighan

Mrs S L Tobin

M Tobin

REGISTERED OFFICE:

Unit 9 J2 Business Park

Bridge Hall Lane

Bury

Lancashire

BL9 7NY

REGISTERED NUMBER:

06853213 (England and Wales)

AUDITORS:

Streets Audit LLP

Halifax House

30 George Street

Hull

HU1 3AJ

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The principal activity of the Company during the year continued to be the provision of security and fire protection services across the United Kingdom. The year under review has been one of significant progress, marked by both strong operational performance and successful strategic development.

A key highlight of the period was the successful integration of Worth Fire Protection Ltd. The acquisition has strengthened the Group's technical capability, broadened its geographic reach, and enhanced its service offering, particularly within fire protection and compliance services. Integration was completed in line with management expectations, with operational systems, personnel, and client portfolios aligned effectively. Early synergies have been realised through shared resources, improved procurement efficiencies, and cross-selling opportunities, contributing positively to overall performance.

The Directors are pleased with the financial results for the year, which reflect the benefits of integration activity, disciplined cost management, and continued demand for the Group's services. The Group remains financially robust, with a solid balance sheet and adequate liquidity to support ongoing operations and strategic objectives.

The company profit before taxation is £908,735 (2024 - £684,614) and the profit after taxation is £635,264 (2024 - £481,068).

The company has net current liabilities of £313,084 (2024 - £1,110,340) and the total shareholders' funds at the balance sheet date are £1,596,027 (2024 - £1,049,563). The directors believe the financial position will continue to strengthen in the current year.

The main key performance indicators are turnover and gross margin which are monitored through monthly management accounts.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks are:

1. Reduced demand from the company's main markets

2. Increased costs of raw materials and energy

3. Adverse changes in legislation

4. Competitive pressure

The company has strategies to manage these risks and the directors are confident that they will continue to be successful.

STRATEGIC REVIEW AND FUTURE DEVELOPMENTS

The successful integration of Worth Fire Protection Ltd has validated the Group's acquisition-led growth strategy. Accordingly, the Directors intend to continue pursuing selective acquisitions in strategic geographic and service-led areas, focusing on businesses that are well managed, culturally aligned, and complementary to the Group's existing operations.

Future acquisitions will be targeted to:

- Strengthen regional coverage in under-represented areas;

- Expand specialist technical capabilities within fire and security services; and

- Deliver sustainable earnings growth while maintaining operational and financial discipline.

The Directors remain mindful of market conditions, including regulatory requirements, labour availability, and cost pressures, and will continue to manage risk prudently while capitalising on growth opportunities.

GOING CONCERN

After making appropriate enquiries and having regard to forecasts and available facilities, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

M Tobin - Director

23 December 2025

The directors present their 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 was that of the provision of fire safety and security systems.

DIVIDENDS

Interim dividends per share on the Ordinary 1 shares were paid as follows:

74

- 30 April 2024

74

- 31 May 2024

74

- 28 June 2024

74

- 31 July 2024

74

- 30 August 2024

74

- 27 September 2024

74

- 31 October 2024

74

- 29 November 2024

74

- 31 December 2024

74

- 31 January 2025

74

- 28 February 2025

74

- 31 March 2025

888

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A 1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B 1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 88,800 .

DIRECTORS

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

Miss J Higson

A Hoolighan

Mrs S L Tobin

M Tobin

Other changes in directors holding office are as follows:

A Nicholls ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Streets Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Tobin - Director

23 December 2025

Opinion

We have audited the financial statements of Security and Fire Experts Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

The prior year financial statements were not audited and accordingly the comparatives in these financial statements are unaudited.

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 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, 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 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 five, 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 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

Enquiries with management and those charged with governance about any known or suspected instances of non-compliance with laws and regulations and fraud;

Challenging assumptions and judgements made by management in their significant accounting estimates, and

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; and

Reviewing the systems for recording revenue and testing a sample of revenue items from source to the posting on the accounting system.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Robert Anderson BSc FCA (Senior Statutory Auditor)

for and on behalf of Streets Audit LLP

Halifax House

30 George Street

Hull

HU1 3AJ

24 December 2025

TURNOVER

14,171,603

11,624,848

Cost of sales

8,438,790

6,562,767

GROSS PROFIT

5,732,813

5,062,081

Administrative expenses

4,784,924

4,326,088

OPERATING PROFIT

4

947,889

735,993

Interest receivable and similar income

2,505

1,043

950,394

737,036

Interest payable and similar expenses

6

41,659

52,422

PROFIT BEFORE TAXATION

908,735

684,614

Tax on profit

7

273,471

203,546

PROFIT FOR THE FINANCIAL YEAR

635,264

481,068

Retained earnings at beginning of year

1,049,459

664,391

Dividends

8

(88,800

)

(96,000

)

RETAINED EARNINGS AT END OF YEAR

1,595,923

1,049,459

FIXED ASSETS

Tangible assets

10

568,993

350,288

Investments

11

1,856,452

2,120,751

2,425,445

2,471,039

CURRENT ASSETS

Stocks

12

346,796

431,764

Debtors

13

3,669,498

2,605,541

Cash at bank

1,200,424

164,090

5,216,718

3,201,395

CREDITORS

Amounts falling due within one year

14

5,529,802

4,311,735

NET CURRENT LIABILITIES

(313,084

)

(1,110,340

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,112,361

1,360,699

CREDITORS

Amounts falling due after more than one year

15

(488,820

)

(311,136

)

PROVISIONS FOR LIABILITIES

19

(27,514

)

-

NET ASSETS

1,596,027

1,049,563

CAPITAL AND RESERVES

Called up share capital

20

104

104

Retained earnings

21

1,595,923

1,049,459

SHAREHOLDERS' FUNDS

1,596,027

1,049,563

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 Tobin - Director

1.	STATUTORY INFORMATION

Security and Fire Experts 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.

Going Concern

The directors have not identified any material uncertainties related to events or conditions that mat cast significant doubt about the company's ability to continue as a going concern.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Security and Fire Experts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Safe Group Holdings Limited, Unit 9 J2 Business Park, Bridge Hall Lane, Bury, Lancashire, BL9 7NY.

Significant judgements and estimates

When preparing the financial statements, management makes a number of estimates, judgements and assumptions about the recognition and measurement of assets, liabilities, revenue and expenses. Management base their assessment for estimates and judgements on historical experience, market insights and other factors, including expectations of future events that are believed to be reasonable in light of known circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of Goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

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 stocks. Costs include all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Trade creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at keast twelve months after the reporting date, they are presented as non-current liabilities.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of the trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

as restated

£

£

Wages and salaries

2,596,319

2,305,741

Social security costs

244,501

215,357

Other pension costs

46,452

41,497

2,887,272

2,562,595

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

31.3.25

31.3.24

as restated

Installations

52

51

Administration

19

14

Management

8

7

79

72

31.3.25

31.3.24

as restated

£

£

Directors' remuneration

214,140

25,140

Directors' pension contributions to money purchase schemes

4,152

-

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

31.3.25

£

Emoluments etc

67,500

Pension contributions to money purchase schemes

1,320

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

as restated

£

£

Other operating leases

423,793

453,975

Depreciation - owned assets

103,793

95,326

Loss on disposal of fixed assets

12,544

-

5.	AUDITORS' REMUNERATION

31.3.25

31.3.24

as restated

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

20,000

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

as restated

£

£

Bank interest

-

1

Bank loan interest

34,965

26,481

HMRC Interest

1,222

20,468

Hire purchase

5,472

5,472

41,659

52,422

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

as restated

£

£

Current tax:

UK corporation tax

245,957

203,546

Deferred tax

27,514

-

Tax on profit

273,471

203,546

Reconciliation of total tax 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:

31.3.25

31.3.24

as restated

£

£

Profit before tax

908,735

684,614

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

227,184

171,154

Effects of:

Expenses not deductible for tax purposes

1,840

8,561

Depreciation in excess of capital allowances

44,447

23,831

Total tax charge

273,471

203,546

8.

DIVIDENDS

31.3.25

31.3.24

as restated

£

£

Ordinary shares of 1 each

Interim

88,800

96,000

9.	PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact of a misclassification of an investment as an intercompany loan. The change has not resulted in any movement in profits available for distribution at 31 March 2024.

Summary of the prior year accounting impact

£

Increase in Investments

2,120,751

Increase in loan to associated company

-1,264,711

Increase in deferred liability for share purchase

-856,040

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

34,295

26,378

417,839

8,445

486,957

Additions

-

-

503,042

-

503,042

Disposals

(32,595

)

-

(211,912

)

(4,995

)

(249,502

)

At 31 March 2025

1,700

26,378

708,969

3,450

740,497

DEPRECIATION

At 1 April 2024

10,128

16,382

104,989

5,170

136,669

Charge for year

363

1,999

101,139

292

103,793

Eliminated on disposal

(9,880

)

-

(56,190

)

(2,888

)

(68,958

)

At 31 March 2025

611

18,381

149,938

2,574

171,504

NET BOOK VALUE

At 31 March 2025

1,089

7,997

559,031

876

568,993

At 31 March 2024

24,167

9,996

312,850

3,275

350,288

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

2,120,751

Impairments

(264,299

)

At 31 March 2025

1,856,452

NET BOOK VALUE

At 31 March 2025

1,856,452

At 31 March 2024

2,120,751

The impairment of the investment represents an agreed variation to the historic cost of the investment.

12.

STOCKS

31.3.25

31.3.24

as restated

£

£

Stocks

346,796

357,945

Work-in-progress

-

73,819

346,796

431,764

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

as restated

£

£

Trade debtors

2,349,626

2,273,172

Amounts owed by group undertakings

647,209

201,182

Amounts owed by associates

52,320

-

Other debtors

11,398

10,800

Directors' loan accounts

91,179

20,808

Tax

7,679

12,244

VAT

117,119

-

Prepayments

254,827

87,335

Accrued income

138,141

-

3,669,498

2,605,541

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

as restated

£

£

Bank loans and overdrafts (see note 16)

138,685

-

Other loans (see note 16)

58,511

-

Trade creditors

1,794,266

1,628,743

Amounts owed to group undertakings

2,495,677

1,089,642

Tax

525,404

341,447

Social security and other taxes

69,004

52,967

VAT

-

278,741

Other creditors

221,022

51,099

Deferred share payments

199,997

856,040

Accrued expenses

27,236

13,056

5,529,802

4,311,735