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REGISTERED NUMBER: 01708987 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

TADWELD LIMITED

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| TADWELD LIMITED |

COMPANY INFORMATION

For The Year Ended 31 May 2025

| DIRECTORS: | Mr C A Joy

| Mr R S Byfield

| Mr J K Wheelock

| Mr C J Houston

| Mr J M Denton

| Mrs M L Keeves-Byfield

| REGISTERED OFFICE: | Station Industrial Estate

| Tadcaster

| LS24 9SG

| REGISTERED NUMBER: | 01708987 (England and Wales)

| ACCOUNTANTS: | Fortus Limited

| Business Advisors & Accountants

| Equinox House

| Clifton Park, Shipton Road

| York

| Yorkshire

| YO30 5PA

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

BALANCE SHEET

31 May 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 80,918 |  | 29,179 |  |

Tangible assets | 5 | 668,652 |  | 377,229 |  |

749,570 |  | 406,408 |  |

CURRENT ASSETS

Stocks | 335,303 |  | 258,386 |  |

Debtors | 6 | 791,408 |  | 521,475 |  |

Cash at bank and in hand | 359,715 |  | 222,516 |  |

1,486,426 |  | 1,002,377 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,120,908 |  | 622,447 |  |

NET CURRENT ASSETS | 365,518 |  | 379,930 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,115,088 |  | 786,338 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (320,761 | ) | (134,754 | ) |

PROVISIONS FOR LIABILITIES | (181,142 | ) | (94,307 | ) |

NET ASSETS | 613,185 |  | 557,277 |  |

CAPITAL AND RESERVES

Called up share capital | 50,000 |  | 50,000 |  |

Retained earnings | 563,185 |  | 507,277 |  |

613,185 |  | 557,277 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

BALANCE SHEET - continued

31 May 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

Mr C J Houston - Director

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 May 2025

1. | STATUTORY INFORMATION

| Tadweld 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| 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.

| Turnover

| Turnover represents amounts receivable for fabrication engineering net of VAT and other trade discounts and is recognised on completion of the job.

| 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 it is probable will be recovered.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being

| amortised evenly over its estimated useful life of five or 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.

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated

| residual value of each asset over its estimated useful life.

| Plant and machinery - 50% on straight balance, 50% on reducing balance, 33% on reducing

| balance, 25% on reducing balance and 15% on reducing balance.

| Fixtures and fittings - 33% on reducing balance, 25% on reducing balance and 15% on reducing

| balance.

| Motor vehicles - 50% on reducing balance, 25% on reducing balance and 15% on reducing balance.

| Stock and work in progress

| Stock and work in progress are stated at the lower of cost and estimated selling price less costs to

| complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock and work in progress to their present location and condition.

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

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| 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.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

| 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.

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

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

| Leases

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Pension costs and other post-retirement benefits

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

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

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

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

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

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

| Going concern

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 48 (2024 - 39 ) .

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 June 2024 | 30,890 |  |

| Additions | 61,000 |  |

| At 31 May 2025 | 91,890 |  |

| AMORTISATION

| At 1 June 2024 | 1,711 |  |

| Amortisation for year | 9,261 |  |

| At 31 May 2025 | 10,972 |  |

| NET BOOK VALUE

| At 31 May 2025 | 80,918 |  |

| At 31 May 2024 | 29,179 |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 June 2024 | 453,876 |  | 111,549 |  | 263,459 |  | 828,884 |  |

| Additions | 347,654 |  | 35,200 |  | 66,753 |  | 449,607 |  |

| At 31 May 2025 | 801,530 |  | 146,749 |  | 330,212 |  | 1,278,491 |  |

| DEPRECIATION

| At 1 June 2024 | 260,413 |  | 61,998 |  | 129,244 |  | 451,655 |  |

| Charge for year | 84,156 |  | 31,313 |  | 42,715 |  | 158,184 |  |

| At 31 May 2025 | 344,569 |  | 93,311 |  | 171,959 |  | 609,839 |  |

| NET BOOK VALUE

| At 31 May 2025 | 456,961 |  | 53,438 |  | 158,253 |  | 668,652 |  |

| At 31 May 2024 | 193,463 |  | 49,551 |  | 134,215 |  | 377,229 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 593,378 |  | 405,514 |  |

| Other debtors | 198,030 |  | 115,961 |  |

791,408 |  | 521,475 |  |

| TADWELD LIMITED (REGISTERED NUMBER: 01708987) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 May 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 10,511 |  | 10,648 |  |

| Hire purchase contracts (see note 9) | 103,706 |  | 38,579 |  |

| Trade creditors | 392,034 |  | 230,316 |  |

| Taxation and social security | 176,592 |  | 251,316 |  |

| Other creditors | 438,065 |  | 91,588 |  |

1,120,908 |  | 622,447 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 10,108 |  |

| Hire purchase contracts (see note 9) | 320,761 |  | 124,646 |  |

320,761 |  | 134,754 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 103,706 |  | 38,579 |  |

| Between one and five years | 320,761 |  | 124,646 |  |

424,467 |  | 163,225 |  |

| At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Rents due |  | 603,750 |  | 757,500 |  |

10. | RELATED PARTY DISCLOSURES

| During the year, the company paid loan interest to shareholders of the Parent company, as set out below:

| R Byfield |  | £Nil |  | (2024 : -£250 | ) |

| Mrs A McMullen |  | £Nil |  | (2024: £1605 | ) |

| JKW Investments Limited |  | £Nil |  | (2024 : £Nil | ) |