REGISTERED NUMBER: 04906215 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

S & B Industrial Investments Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Miss S R Broadley

Miss S J Broadley

SECRETARY:

Mrs K J Broadley

REGISTERED OFFICE:

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

REGISTERED NUMBER:

04906215 (England and Wales)

AUDITORS:

DKR Audit Services Ltd

36 Lichfield Street

Walsall

West Midlands

WS1 1TJ

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

REVIEW OF BUSINESS

The results for the financial year and the financial position of the group are shown in the annexed financial statements.

The group continued to operate principally as a UK based waste management and recycling operator. The majority of group operating income is derived from S & B Waste Management & Recycling Limited. Group turnover has decreased by 8.6% compared to 2024 and profit before tax has decreased by 23% to £3,440,736. The directors are satisfied with the group performance for the year.

The Company's key financial and other performance indicators during the year were as follows:

2025

2024

Turnover

12,369,446

13,530,009

Gross profit

4,669,197

5,678,418

Gross profit %

37.77

41.97

Profit before taxation

3,440,736

4,452,932

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the company relate mainly to the subsidiary company, S & B Waste Management & Recycling Limited.

The waste management and recycling sector has experienced volatility in recent years and expansion has been difficult to predict. The outlook for 2026 and beyond is uncertain with the UK economy fluctuating between recession and growth. Local competition. and continuing increases in landfill taxes remains a key risk to the group.

The waste industry remains under pressure to reduce landfill and develop innovative and environmentally friendly techniques and processes to manage waste and waste product. The group is continually evolving processes and procedures to minimise the costs of landfill and increase levels of recycling and continues to investigate the technical and financial feasibility of waste to energy technology. Management believe this technology is key to future development and success.Whilst remaining fully committed to Waste to Energy, entry to this segment of the waste sector is challenging as the costs of developing and commissioning the technology, already high, continue to increase. Identifying a suitable partner is also proving problematic as financial and technological risks mount. More recently, public opposition and adverse media coverage of these plants has further increased reducing the appetite for new installations.

DEVELOPMENT AND FUTURE OUTLOOK

The market for waste management is expected to remain volatile in the short to medium term with overall demand remaining at current levels due to the recessionary influences acting on the economy. The directors are committed to ensuring that the group operates in an environmentally aware, efficient manner and that it remains competitive in a changing market place by investing principally in new, innovative technologies.

The activities of the group are expected to continue unchanged for the foreseeable future.

CONCLUSION

The directors expect provision of core services to remain at current levels in 2026 with modest non-inflationary growth only. Any UK recession may impact on overall levels of demand but the volatility of the sector could present additional opportunities for growth.

Investment in plant, equipment and associated technologies will be maintained and working practices improved to produce greater operating efficiencies and greater profitability.

ON BEHALF OF THE BOARD:

Miss S R Broadley - Director

29 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of waste management.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 1,000,000 .

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 S R Broadley

Miss S J Broadley

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). 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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Miss S R Broadley - Director

29 December 2025

Opinion

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

In our opinion the financial statements:

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

We identified areas of laws and regulation that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors, and other management, and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws, and regulations through our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pensions legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the the procedures undertaken to detect irregularities vary from audit to audit, based on the specific audit risks identified and assessed as material, the procedures may include the following:

* Enquiry of management and key staff

* Reviewing minutes of meetings

* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

* Performing audit work over the risk of management override including testing of journals and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In addition, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines. We identified the following areas as those most likely to have such an effect: health and safety, General Data Protection Regulation (GDP), fraud, bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher 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.

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.

Stephen Gray BSc, FCA (Senior Statutory Auditor)

for and on behalf of DKR Audit Services Ltd

36 Lichfield Street

Walsall

West Midlands

WS1 1TJ

29 December 2025

TURNOVER

4

12,369,446

13,530,009

Cost of sales

(7,700,249

)

(7,851,591

)

GROSS PROFIT

4,669,197

5,678,418

Administrative expenses

(1,573,396

)

(1,501,985

)

3,095,801

4,176,433

Other operating income

42,256

13,129

OPERATING PROFIT

6

3,138,057

4,189,562

Interest receivable and similar income

317,111

268,612

3,455,168

4,458,174

Interest payable and similar expenses

7

(14,432

)

(5,242

)

PROFIT BEFORE TAXATION

3,440,736

4,452,932

Tax on profit

8

(949,125

)

(1,188,810

)

PROFIT FOR THE FINANCIAL YEAR

2,491,611

3,264,122

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,491,611

3,264,122

Profit attributable to:

Owners of the parent

2,491,611

3,264,122

Total comprehensive income attributable to:

Owners of the parent

2,491,611

3,264,122

FIXED ASSETS

Intangible assets

11

12,527

25,053

Tangible assets

12

6,125,284

5,236,921

Investments

13

-

-

Investment property

14

910,000

1,710,000

7,047,811

6,971,974

CURRENT ASSETS

Stocks

15

40,000

55,750

Debtors

16

6,230,486

5,581,289

Cash at bank and in hand

8,635,247

7,689,496

14,905,733

13,326,535

CREDITORS

Amounts falling due within one year

17

(1,375,180

)

(1,385,933

)

NET CURRENT ASSETS

13,530,553

11,940,602

TOTAL ASSETS LESS CURRENT LIABILITIES

20,578,364

18,912,576

CREDITORS

Amounts falling due after more than one year

18

(11,176

)

-

PROVISIONS FOR LIABILITIES

21

(745,752

)

(582,751

)

NET ASSETS

19,821,436

18,329,825

CAPITAL AND RESERVES

Called up share capital

22

200

200

Revaluation reserve

23

28,898

-

Other reserves

23

325,738

377,588

Retained earnings

23

19,466,600

17,952,037

SHAREHOLDERS' FUNDS

19,821,436

18,329,825

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

Miss S R Broadley - Director

FIXED ASSETS

Intangible assets

11

3,650

7,300

Tangible assets

12

2,907,826

2,650,985

Investments

13

746,393

746,393

Investment property

14

4,346,334

4,346,334

8,004,203

7,751,012

CURRENT ASSETS

Debtors

16

2,503,670

1,579,138

Cash at bank

7,949,308

7,180,681

10,452,978

8,759,819

CREDITORS

Amounts falling due within one year

17

(2,830,455

)

(3,471,691

)

NET CURRENT ASSETS

7,622,523

5,288,128

TOTAL ASSETS LESS CURRENT LIABILITIES

15,626,726

13,039,140

CREDITORS

Amounts falling due after more than one year

18

(11,176

)

-

PROVISIONS FOR LIABILITIES

21

(702,878

)

(478,031

)

NET ASSETS

14,912,672

12,561,109

CAPITAL AND RESERVES

Called up share capital

22

200

200

Other reserves

23

1,415,657

1,463,469

Retained earnings

23

13,496,815

11,097,440

SHAREHOLDERS' FUNDS

14,912,672

12,561,109

Company's profit for the financial year

3,351,563

1,215,480

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

Miss S R Broadley - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 April 2023

200

15,367,915

-

377,588

15,745,703

Changes in equity

Dividends

-

(680,000

)

-

-

(680,000

)

Total comprehensive income

-

3,264,122

-

-

3,264,122

Balance at 31 March 2024

200

17,952,037

-

377,588

18,329,825

Changes in equity

Dividends

-

(1,000,000

)

-

-

(1,000,000

)

Total comprehensive income

-

2,514,563

28,898

(51,850

)

2,491,611

Balance at 31 March 2025

200

19,466,600

28,898

325,738

19,821,436

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 April 2023

200

10,561,960

1,463,469

12,025,629

Changes in equity

Dividends

-

(680,000

)

-

(680,000

)

Total comprehensive income

-

1,215,480

-

1,215,480

Balance at 31 March 2024

200

11,097,440

1,463,469

12,561,109

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

3,399,375

(47,812

)

3,351,563

Balance at 31 March 2025

200

13,496,815

1,415,657

14,912,672

Cash flows from operating activities

Cash generated from operations

1

3,514,423

4,914,782

Interest paid

(966

)

-

Interest element of hire purchase payments paid

(13,466

)

(5,242

)

Finance costs paid

-

(1

)

Tax paid

(1,045,438

)

(850,923

)

Net cash from operating activities

2,454,553

4,058,616

Cash flows from investing activities

Purchase of tangible fixed assets

(1,101,293

)

(827,031

)

Sale of tangible fixed assets

150,483

24,872

Interest received

317,111

268,612

Net cash from investing activities

(633,699

)

(533,547

)

Cash flows from financing activities

New asset finance in year

251,475

-

Capital repayments in year

(126,578

)

(117,100

)

Equity dividends paid

(1,000,000

)

(680,000

)

Net cash from financing activities

(875,103

)

(797,100

)

Increase in cash and cash equivalents

945,751

2,727,969

Cash and cash equivalents at beginning of year

2

7,689,496

4,961,527

Cash and cash equivalents at end of year

2

8,635,247

7,689,496

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

2025

2024

£

£

Profit before taxation

3,440,736

4,452,932

Depreciation charges

918,709

914,508

(Profit)/loss on disposal of fixed assets

(43,736

)

5,251

Finance costs

14,432

5,242

Finance income

(317,111

)

(268,612

)

4,013,030

5,109,321

Decrease/(increase) in stocks

15,750

(750

)

Increase in trade and other debtors

(456,415

)

(203,981

)

(Decrease)/increase in trade and other creditors

(57,942

)

10,192

Cash generated from operations

3,514,423

4,914,782

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

8,635,247

7,689,496

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

7,689,496

4,961,527

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

7,689,496

945,751

8,635,247

7,689,496

945,751

8,635,247

Debt

Finance leases

(15,661

)

(124,897

)

(140,558

)

(15,661

)

(124,897

)

(140,558

)

Total

7,673,835

820,854

8,494,689

1.	STATUTORY INFORMATION

S & B Industrial Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 as modified by the revaluation of certain assets.

Basis of consolidation

The accompanying financial statements and related notes present the consolidated financial position as of 31 March 2023 and the consolidated results of the operations and cash flows. All significant intercompany transactions have been eliminated.

Turnover

Turnover represents amounts chargeable in respect of goods and services supplied, excluding value added tax. Turnover from the provision of skips is recognised when the skips are physically delivered to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Skips

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Investment property

The Group carries its investment property at fair value, with changes in fair value being recognised in the profit and loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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