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REGISTERED NUMBER: 03746274 (England and Wales)

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| FOR |

| ET WORKS LTD |

ET WORKS LTD (REGISTERED NUMBER: 03746274)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Statement of Income and Retained Earnings | 7 |

Balance Sheet | 8 |

Notes to the Financial Statements | 9 |

ET WORKS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | Mr B Boyce

| Mr A Boyce

| REGISTERED OFFICE: | Cambridge House

| Cambridge Road

| Walton On Thames

| Surrey

| KT12 2DP

| REGISTERED NUMBER: | 03746274 (England and Wales)

| AUDITORS: | GBJ Financial Limited

| Statutory Auditor

| Sterling House

| 27 Hatchlands Road

| Redhill

| Surrey

| RH1 6RW

ET WORKS LTD (REGISTERED NUMBER: 03746274)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of information technology solution provider, managed information technology services provider, and data management consultancy.

DIRECTORS

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

Mr B Boyce

Mr A Boyce

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ET WORKS LTD (REGISTERED NUMBER: 03746274)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 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:

Mr A Boyce - Director

14 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ET WORKS LTD

Opinion

We have audited the financial statements of ET Works Ltd (the 'company') for the year ended 30 April 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 30 April 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ET WORKS LTD

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ET WORKS LTD

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 the laws and regulations applicable to the company through discussions with directors and from our knowledge and experience of the IT sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

Additionally, we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding how fraud might occur by:

- making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with 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.

Jonathan Hillier (Senior Statutory Auditor)

for and on behalf of GBJ Financial Limited

Statutory Auditor

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

14 January 2026

ET WORKS LTD (REGISTERED NUMBER: 03746274)

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 30 APRIL 2025

2025 | 2024 |

| Notes | £ | £

TURNOVER | 8,578,695 |  | 7,814,743 |  |

Cost of sales | 6,279,373 |  | 5,358,329 |  |

GROSS PROFIT | 2,299,322 |  | 2,456,414 |  |

Administrative expenses | 2,117,579 |  | 2,249,909 |  |

OPERATING PROFIT | 4 | 181,743 |  | 206,505 |  |

Interest receivable and similar income | 28,839 |  | 30,768 |  |

210,582 |  | 237,273 |  |

Interest payable and similar expenses | 3,515 |  | 6,945 |  |

PROFIT BEFORE TAXATION | 207,067 |  | 230,328 |  |

Tax on profit | 52,731 |  | 67,444 |  |

PROFIT FOR THE FINANCIAL YEAR | 154,336 |  | 162,884 |  |

Retained earnings at beginning of year | 1,490,815 |  | 1,627,931 |  |

Dividends | (200,000 | ) | (300,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 1,445,151 |  | 1,490,815 |  |

ET WORKS LTD (REGISTERED NUMBER: 03746274)

BALANCE SHEET

30 APRIL 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 5 | 139,913 |  | 210,763 |  |

Investments | 6 | 3,410 |  | 3,410 |  |

143,323 |  | 214,173 |  |

CURRENT ASSETS

Stocks | 41,164 |  | 69,481 |  |

Debtors | 7 | 1,069,021 |  | 1,658,130 |  |

Cash at bank | 1,154,050 |  | 920,466 |  |

2,264,235 |  | 2,648,077 |  |

CREDITORS

Amounts falling due within one year | 8 | 927,279 |  | 1,320,775 |  |

NET CURRENT ASSETS | 1,336,956 |  | 1,327,302 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,480,279 |  | 1,541,475 |  |

PROVISIONS FOR LIABILITIES | 34,979 |  | 50,511 |  |

NET ASSETS | 1,445,300 |  | 1,490,964 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 100 |  | 100 |  |

Other reserves | 49 |  | 49 |  |

Retained earnings | 1,445,151 |  | 1,490,815 |  |

SHAREHOLDERS' FUNDS | 1,445,300 |  | 1,490,964 |  |

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

Mr A Boyce - Director

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| ET Works Ltd 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 (£).

| The figures in the accounts are rounded to the nearest £.

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.

| Preparation of consolidated financial statements

| The financial statements contain information about ET Works Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. The only items in the financial statements where these judgements and estimates have been made is in the depreciation rate of tangible fixed assets, bad debt provision in connection with trade debtors, accruals and accrued income.

| Turnover and revenue recognition

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales, value added tax, returns, rebates and discounts.

| The company recognises revenue when:

| The amount of revenue can be reliably measured;

| it is probable that future economic benefits will flow to the entity;

| and specific criteria have been met for each of the company's activities.

| 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.

| Office equipment | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Investments in subsidiaries and associates

| Investments in subsidiary and associate undertakings are recognised at cost.

| Stocks

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

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| 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.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 20 (2024 - 24 ) .

4. | OPERATING PROFIT

| The operating profit is stated after charging:

2025 | 2024 |

| £ | £

| Depreciation - owned assets | 53,430 |  | 58,505 |  |

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

5. | TANGIBLE FIXED ASSETS

Plant and |

machinery |

etc |

| £

| COST

| At 1 May 2024 | 475,624 |  |

| Additions | 12,777 |  |

| Disposals | (38,818 | ) |

| At 30 April 2025 | 449,583 |  |

| DEPRECIATION

| At 1 May 2024 | 264,861 |  |

| Charge for year | 53,430 |  |

| Eliminated on disposal | (8,621 | ) |

| At 30 April 2025 | 309,670 |  |

| NET BOOK VALUE

| At 30 April 2025 | 139,913 |  |

| At 30 April 2024 | 210,763 |  |

6. | FIXED ASSET INVESTMENTS

Shares in |

group | Interest in |

undertakings | associate | Totals |

| £ | £ | £

| COST

| At 1 May 2024

| and 30 April 2025 | 2,866 |  | 544 |  | 3,410 |  |

| NET BOOK VALUE

| At 30 April 2025 | 2,866 |  | 544 |  | 3,410 |  |

| At 30 April 2024 | 2,866 |  | 544 |  | 3,410 |  |

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

2025 | 2024 |

| £ | £

| Trade debtors | 602,495 |  | 1,259,714 |  |

| Amounts owed by group undertakings | 309,964 |  | 329,821 |  |

| Prepayments | 156,562 |  | 68,595 |  |

1,069,021 |  | 1,658,130 |  |

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

2025 | 2024 |

| £ | £

| Bank loans and overdrafts (see note 9) | - |  | 65,101 |  |

| Trade creditors | 385,179 |  | 560,688 |  |

| Amounts owed to group undertakings | 200,000 |  | 300,000 |  |

| Tax | 68,263 |  | 51,088 |  |

| VAT | 40,689 |  | 98,635 |  |

| Other creditors | 1,440 |  | - |  |

| Accrued expenses | 231,708 |  | 245,263 |  |

927,279 |  | 1,320,775 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| £ | £

| Amounts falling due within one year or on demand:

| Bank loans | - |  | 65,101 |  |

| The bank credit facilities are secured by fixed and floating charges over the assets of the company.

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

value: |  | £ | £

| 100 | Ordinary | £1 | 100 |  | 100 |  |

11. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | RELATED PARTY DISCLOSURES - continued

| ET Works Norway AS (ETWN), a 51% Subsidiary

| During the year the company purchased goods from ETWN to the value of £56,917, and sold goods to ETWN to the value of £34,906. At the year-end, £5,798 was owed to ETWN in relation to these transactions.

| At 30 April 2025 the company was owed £309,964 by ETWN, including annual interest of £16,143 which was charged by the company.

| During the year the company paid Mr B Boyce £20,700 (2024: £19,800) in respect of rent of commercial property occupied by the company that is owned by Mr Boyce jointly with his wife.

| The company is wholly owned by ET Works Holdings Limited, incorporated in England and Wales. The address of the parent's registered office and principal place of business is Cambridge House, Cambridge Road, Walton on Thames, Surrey, and accounts are available at UK Companies House.