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| REPORT OF THE DIRECTOR AND |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 JUNE 2025 |

| FOR |

| BRAY'S PIPELINES LIMITED |

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

Page |

| Company Information | 1 |

| Report of the Director | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 4 |

| Chartered Certified Accountants' Report | 8 |

| BRAY'S PIPELINES LIMITED |

COMPANY INFORMATION

for the year ended 30 June 2025

| DIRECTOR: | N C Bray

| SECRETARY: | Mrs J B Bray

| REGISTERED OFFICE: | Unit 10 Maun Close

| Mansfield

| Nottinghamshire

| NG18 5GY

| REGISTERED NUMBER: | 05745033 (England and Wales)

| ACCOUNTANTS: | Hewitt Card Limited

| Chartered Certified Accountants

| 70-72 Nottingham Road

| Mansfield

| Nottinghamshire

| NG18 1BN

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

REPORT OF THE DIRECTOR

for the year ended 30 June 2025

The director presents his report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the installation and repair of underground clean water pipes for both private and commercial customers.

DIRECTORS

N C Bray has held office during the whole of the period from 1 July 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mrs J B Bray - resigned 5 April 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

N C Bray - Director

12 January 2026

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

BALANCE SHEET

30 June 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | 29,408 |  | 58,820 |  |

Tangible assets | 6 | 1,628,617 |  | 1,095,541 |  |

1,658,025 |  | 1,154,361 |  |

CURRENT ASSETS

Stocks | 42,500 |  | 10,000 |  |

Debtors | 7 | 1,547,797 |  | 1,495,522 |  |

Cash at bank and in hand | 1,024,547 |  | 1,003,320 |  |

2,614,844 |  | 2,508,842 |  |

CREDITORS

Amounts falling due within one year | 8 | 757,740 |  | 640,814 |  |

NET CURRENT ASSETS | 1,857,104 |  | 1,868,028 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,515,129 |  | 3,022,389 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (819,702 | ) | (348,522 | ) |

PROVISIONS FOR LIABILITIES | (389,663 | ) | (260,689 | ) |

NET ASSETS | 2,305,764 |  | 2,413,178 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 2,305,762 |  | 2,413,176 |  |

SHAREHOLDERS' FUNDS | 2,305,764 |  | 2,413,178 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 12 January 2026 and were signed by:

N C Bray - Director

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

1. | STATUTORY INFORMATION

| Bray's Pipelines 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill represents the amount paid in connection with the acquisition of the business in 2006 less amortisation to date. The company has estimated that the goodwill will have an effective life of 20 years from the date of acquisition. Depreciation was not previously provided, for the first 3 years, as the directors felt that there was no reduction in the value of goodwill. The policy is now to write off the goodwill evenly over the remaining period of it's estimated useful life of 17 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.

| 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.

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33.3% on cost

| 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 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.

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

3. | ACCOUNTING POLICIES - continued

| 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.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2024 - 15 ) .

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 500,000 |  |

| AMORTISATION

| At 1 July 2024 | 441,180 |  |

| Amortisation for year | 29,412 |  |

| At 30 June 2025 | 470,592 |  |

| NET BOOK VALUE

| At 30 June 2025 | 29,408 |  |

| At 30 June 2024 | 58,820 |  |

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 July 2024 | 282,877 |  | 8,027 |  | 1,178,088 |  | 29,941 |  | 1,498,933 |  |

| Additions | 24,634 |  | 1,340 |  | 783,320 |  | 3,961 |  | 813,255 |  |

| At 30 June 2025 | 307,511 |  | 9,367 |  | 1,961,408 |  | 33,902 |  | 2,312,188 |  |

| DEPRECIATION

| At 1 July 2024 | 68,517 |  | 5,194 |  | 315,057 |  | 14,624 |  | 403,392 |  |

| Charge for year | 34,280 |  | 597 |  | 237,615 |  | 7,687 |  | 280,179 |  |

| At 30 June 2025 | 102,797 |  | 5,791 |  | 552,672 |  | 22,311 |  | 683,571 |  |

| NET BOOK VALUE

| At 30 June 2025 | 204,714 |  | 3,576 |  | 1,408,736 |  | 11,591 |  | 1,628,617 |  |

| At 30 June 2024 | 214,360 |  | 2,833 |  | 863,031 |  | 15,317 |  | 1,095,541 |  |

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

6. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 84,994 |  | 755,126 |  | 840,120 |  |

| Additions | - |  | 758,342 |  | 758,342 |  |

| Transfer to ownership | (84,994 | ) | (96,807 | ) | (181,801 | ) |

| At 30 June 2025 | - |  | 1,416,661 |  | 1,416,661 |  |

| DEPRECIATION

| At 1 July 2024 | 19,071 |  | 222,809 |  | 241,880 |  |

| Charge for year | - |  | 135,147 |  | 135,147 |  |

| Transfer to ownership | (19,071 | ) | (41,880 | ) | (60,951 | ) |

| At 30 June 2025 | - |  | 316,076 |  | 316,076 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  | 1,100,585 |  | 1,100,585 |  |

| At 30 June 2024 | 65,923 |  | 532,317 |  | 598,240 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 972,564 |  | 1,036,578 |  |

| Amounts owed by associates | 125,998 |  | 61,200 |  |

| Other debtors | 7,634 |  | 1,275 |  |

| Directors' loan accounts | 279,718 |  | 267,518 |  |

| Tax | 104,688 |  | 88,865 |  |

| Prepayments | 57,195 |  | 40,086 |  |

1,547,797 |  | 1,495,522 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 297,573 |  | 193,002 |  |

| Trade creditors | 230,550 |  | 137,206 |  |

| Tax | - |  | 80,009 |  |

| Social security and other taxes | 15,068 |  | 50,085 |  |

| VAT | 185,552 |  | 152,435 |  |

| Accrued expenses | 28,997 |  | 28,077 |  |

757,740 |  | 640,814 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 819,702 |  | 348,522 |  |

| BRAY'S PIPELINES LIMITED (REGISTERED NUMBER: 05745033) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 1,117,275 |  | 541,524 |  |

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 June 2025 and 30 June 2024:

2025 | 2024 |

£ | £ |

| Mrs J B Bray and N C Bray

| Balance outstanding at start of year | 267,518 |  | 198,738 |  |

| Amounts advanced | 94,500 |  | 72,780 |  |

| Amounts repaid | (82,300 | ) | (4,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 279,718 |  | 267,518 |  |

12. | RELATED PARTY DISCLOSURES

| Interest at the rate of 8% p.a. was payable until the 30 June 2013 at which time it became interest free, an amount of £8,200 remains unpaid and is included in accrued expenses.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR

ON THE UNAUDITED FINANCIAL STATEMENTS OF

BRAY'S PIPELINES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bray's Pipelines Limited for the year ended 30 June 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the director of Bray's Pipelines Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bray's Pipelines Limited and state those matters that we have agreed to state to the director of Bray's Pipelines Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Bray's Pipelines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bray's Pipelines Limited. You consider that Bray's Pipelines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bray's Pipelines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

13 January 2026