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REGISTERED NUMBER: 03029264 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| FOR |

| GSM LIMITED |

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 August 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| GSM LIMITED |

COMPANY INFORMATION

for the Year Ended 31 August 2025

| DIRECTORS: | Mr P H Pratt

| Mr D C Pratt

| SECRETARY: | Mr P H Pratt

| REGISTERED OFFICE: | Unit 1

| Old Station Road

| Newent

| Gloucestershire

| GL18 1BB

| REGISTERED NUMBER: | 03029264 (England and Wales)

| ACCOUNTANTS: | Kingscott Dix (Cheltenham) Limited

| 7 Rockfield Business Park

| Old Station Drive

| Leckhampton

| Cheltenham

| GL53 0AN

| SOLICITORS: | Orme & Slade

| Natwest Chambers

| The Homend

| Ledbury

| Herefordshire

| HR8 1AB

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

BALANCE SHEET

31 August 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 385,346 |  | 383,781 |  |

CURRENT ASSETS

Stocks | 5 | 20,586 |  | 60,866 |  |

Debtors | 6 | 925,747 |  | 709,038 |  |

Cash at bank | 121,730 |  | 159,009 |  |

1,068,063 |  | 928,913 |  |

CREDITORS

Amounts falling due within one year | 7 | (964,557 | ) | (693,392 | ) |

NET CURRENT ASSETS | 103,506 |  | 235,521 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 488,852 |  | 619,302 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (37,686 | ) | (79,398 | ) |

PROVISIONS FOR LIABILITIES | 9 | (61,584 | ) | (50,632 | ) |

NET ASSETS | 389,582 |  | 489,272 |  |

CAPITAL AND RESERVES

Called up share capital | 500 |  | 500 |  |

Retained earnings | 389,082 |  | 488,772 |  |

SHAREHOLDERS' FUNDS | 389,582 |  | 489,272 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

BALANCE SHEET - continued

31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2026 and were signed on its behalf by:

Mr P H Pratt - Director

Mr D C Pratt - Director

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 August 2025

1. | STATUTORY INFORMATION

| GSM 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. | 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.

| Significant judgements and estimates

| The directors are of the opinion that there are no significant judgements or estimations used in preparing the financial statements.

| Turnover

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

| 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 | - | Straight line over 50 years

| Plant and machinery | - | 20% on reducing balance

| Motor vehicles | - | 20% on reducing balance

| Stocks

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

| Financial instruments

| The company only has financial assets and liabilities of a kind that qualify as basic financial statements. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 August 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.

| 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.

| Long-term contracts

| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty.The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end by recording turnover and related costs as contract activity progresses.Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract.Full provision is made for losses on all contracts in the year in which they are first foreseen.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 29 (2024 - 28 ) .

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 September 2024 | 221,469 |  | 142,465 |  | 457,569 |  | 821,503 |  |

| Additions | - |  | 35,450 |  | 57,808 |  | 93,258 |  |

| Disposals | - |  | (20,238 | ) | (240,357 | ) | (260,595 | ) |

| At 31 August 2025 | 221,469 |  | 157,677 |  | 275,020 |  | 654,166 |  |

| DEPRECIATION

| At 1 September 2024 | 55,699 |  | 93,920 |  | 288,103 |  | 437,722 |  |

| Charge for year | 4,429 |  | 12,768 |  | 16,573 |  | 33,770 |  |

| Eliminated on disposal | - |  | (18,810 | ) | (183,862 | ) | (202,672 | ) |

| At 31 August 2025 | 60,128 |  | 87,878 |  | 120,814 |  | 268,820 |  |

| NET BOOK VALUE

| At 31 August 2025 | 161,341 |  | 69,799 |  | 154,206 |  | 385,346 |  |

| At 31 August 2024 | 165,770 |  | 48,545 |  | 169,466 |  | 383,781 |  |

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 August 2025

4. | TANGIBLE FIXED ASSETS - continued

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

| Motor

| vehicles

£ |

| COST

| At 1 September 2024

| and 31 August 2025 | 89,494 |  |

| DEPRECIATION

| At 1 September 2024 | 21,785 |  |

| Charge for year | 8,452 |  |

| At 31 August 2025 | 30,237 |  |

| NET BOOK VALUE

| At 31 August 2025 | 59,257 |  |

| At 31 August 2024 | 67,709 |  |

5. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 20,586 |  | 60,866 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 828,996 |  | 637,385 |  |

| Other debtors | 25,372 |  | 10,075 |  |

| Prepayments and accrued income | 71,379 |  | 61,578 |  |

925,747 |  | 709,038 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 21,477 |  | 19,835 |  |

| Hire purchase contracts | 18,596 |  | 18,596 |  |

| Trade creditors | 697,252 |  | 483,676 |  |

| Amounts owed to group undertakings | 41,350 |  | - |  |

| Tax | 31,602 |  | 33,868 |  |

| Social security and other taxes | 34,627 |  | 37,029 |  |

| Other creditors | 26,644 |  | - |  |

| Directors' current accounts | 69,455 |  | 93,061 |  |

| Accruals and deferred income | 23,554 |  | 7,327 |  |

964,557 |  | 693,392 |  |

| GSM LIMITED (REGISTERED NUMBER: 03029264) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 August 2025

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

2025 | 2024 |

£ | £ |

| Bank loans - 2-5 years | 15,214 |  | 38,330 |  |

| Hire purchase contracts | 22,472 |  | 41,068 |  |

37,686 |  | 79,398 |  |

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred taxation | 61,584 |  | 50,632 |  |

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 50,632 |  |

| Provided during year | 10,952 |  |

| Balance at 31 August 2025 | 61,584 |  |

10. | ULTIMATE CONTROLLING PARTY

| On the 1 September 2024 80% of the shares were acquired by GSM Energy Group Ltd.