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REGISTERED NUMBER: 05432716 (England and Wales)

Group Strategic Report, Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 30 April 2025

for

Cokebusters Limited

| Cokebusters Limited (Registered number: 05432716) |

Contents of the Consolidated Financial Statements

for the Year Ended 30 April 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 7 |

| Consolidated Income Statement | 8 |

| Consolidated Other Comprehensive Income | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 12 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Statement of Cash Flows | 18 |

| Notes to the Consolidated Statement of Cash Flows | 19 |

| Notes to the Consolidated Financial Statements | 21 |

| Cokebusters Limited |

Company Information

for the Year Ended 30 April 2025

| Directors: | J H Phipps

| V A Phipps

| J A Phipps

| J H Mottrom

| N A Bettley

| C E Bushnell

| K E Fordham

| Secretary: | J H Mottrom

| Registered office: | The Armoury Building

| Hawarden Aviation Park

| Flint Road

| Chester

| CH4 0GZ

| Registered number: | 05432716 (England and Wales)

| Accountants: | Ellis & Co

| Chartered Accountants

| 114-120 Northgate Street

| Chester

| CH1 2HT

| Cokebusters Limited (Registered number: 05432716) |

Group Strategic Report

for the Year Ended 30 April 2025

The Directors are pleased to submit their Strategic Report together with the consolidated financial statements. Incorporated in April 2005, Cokebusters Ltd. is a private limited company registered in the United Kingdom. The company wholly owns its subsidiary, Cokebusters USA Inc. which is based in Houston Texas. Both companies offer the same specialist engineering services to international energies and petrochemicals sectors.

Cokebusters Ltd. is owned through two types of ordinary shares, both with equal equity entitlement. Cokebusters USA Inc. is registered in the State of Delaware. During this trading year Cokebusters Ltd. bought back ordinary shares to the value of £120,000.

Principal activities:

From its HQ & Technology Centre in Chester UK, the company conducts its geographically widespread business activity which includes site operations across Europe, the Middle East, North Africa and parts of Asia. In a broad business model, the company manufactures its patented scraper pigs and intelligent ‘smart’ pigs, carries out repair, maintenance and new builds of specialist machinery and engages in continuous research & development.

Cokebusters USA Inc. carries out site operations of decoking, tube and pipeline inspections throughout the United States of America. The US based company additionally supports site operations across South America. Cokebusters is a leading provider in specialist engineering services in a niche industrial market, working directly for major oil companies and nationalised energy installations. The company is increasingly engaged in providing its services to the utilities and renewable energy sector.

The trading year to 30th April 2025: review of business and financial performance.

Detailed financial results are provided in the following pages, accompanied by explanations by the independent auditor.

At close of business on 30th April 2025 net assets were £17,643,637 [USD equivalent $23,659,234]. Total Group revenue was £14,349,654 [USD equivalent $19,242,168], with operating profit of £1,701,634 [USD equivalent $2,281,806].

After three years of consistent and impressive increases averaging over 25% annually, revenue reduced this year by 9½% with a drop in profit.

A change in senior management at Cokebusters USA was a distracting challenge during 2024 but provided the opportunity for refreshing structure and focus. All aspects of the company’s behaviour and performance were assessed, leading to a new and exciting vision for the future. Older specialist DPU (Double Pumping Unit) machines were engaged in a re-fit program, with two brand new machines placed on order, the first for delivery in Q4 of 2025.

Appointed as CEO of Cokebusters USA Inc. in April 2024, Kevin Fordham was invited to join the Board of Directors in April 2025, this position being confirmed the following month.

In December 2024 a plot in excess of 5 acres was purchased in North Houston for development of new premises with a view to making the move in 2026. In the United Kingdom the R&D technology centre launched an additional KTP (Knowledge Transfer Partnership) with Strathclyde University, designed to enhance data interpretation through use of artificial intelligence. In summary, new resources are set to boost the company’s capabilities, uplifting the company across all its features fit for the next stage of growth. The Directors are pleased to report that all site operations were concluded successfully.

| Cokebusters Limited (Registered number: 05432716) |

Group Strategic Report

for the Year Ended 30 April 2025

During the year the company experienced several project deferrals and cancellations, notably in Europe and the Middle East.

Key Performance Indicators (KPIs):

Supported by local third party accountants, each of the two companies has its own financial procedures and management. With regular overview by the Finance Director, each company operates independent cost and cash flow controls. Through weekly meetings, Directors set and update sales forecasts and closely liaise with all departments. The company operates a complex business model which demands attention to the various features which stand alone yet inter-relate to provide the site operations service. Accordingly, along with senior business responsibilities, Directors are allocated particular responsibilities all of which include Health & Safety, Quality Control & HR.

Through close connection with auditing accountants, the company has developed procedures which ensure correct financial monitoring. Such systems are compliant with ISO quality controls under regular review. Both companies deploy a variety of Performance Indicators (PIs) utilised on specific projects and in various departments to gauge the health of process inputs and outputs. In project based environments PIs can be interchangeable with KPIs, providing managers and directors with required information.

Headline KPIs for this period are considered to be as follows:

Turnover/Revenue of £14,349,654 in USD at prevailing rate: $19,242,168

Operating Profit of £1,701,634 in USD at prevailing rate: $2,281,806

Operating profit margin: 11.8% (2023-24: 17.1%)

Net Assets of £17,643,637 in USD at prevailing rate: $23,659,234.

Alongside inflationary impact, profitability was adversely affected by factors which are seen to be substantial to this trading period, including legal costs and machinery design.

Principal Risks and Uncertainties:

Although risks can be identified and mitigation measures determined, in many cases these risks can also be associated with new opportunities.

Economic Outlook:

This is largely a matter of geographic location, usually impacted by government policies. It can be seen in most parts of the world that Oil & Gas business activity continues to grow. Global use of oil has increased at an average of 1% per year in the last decade, currently running at just over 100 million barrels/day. Although world refining capacity roughly matches this, by 2020 the European refining industry had reduced by 11% since 2005 when Cokebusters was founded.

This pattern continues as governments strive towards Net Zero and employment costs rise across the EU. An example of this in the United Kingdom is the closure by INEOS of its flagship Grangemouth Refinery and associated chemicals plant. Another closure in the UK is the PRAX Lindsey Oil Refinery which is currently being prepared for receivership. More EU closures are forecast through to 2030 due to energy transition and reduced refining margins.

| Cokebusters Limited (Registered number: 05432716) |

Group Strategic Report

for the Year Ended 30 April 2025

Although European industrial demand remains positive, the company is able to increase resources in growth regions where it already has established clients and associations. This includes the Middle East and North Africa, with a developing record in the Far East. An uplift is confidently forecast in the second half of 2025 and into 2026. Meanwhile Cokebusters USA finds itself under pressure from clients, existing and new, to increase capacity.

The world’s general heading towards carbon reduction provides new opportunities. Where there is focus on reducing use of fossil fuels, energy policy shifts towards renewables which include steam generation by solar power and heat residue, an increasingly lively part of Cokebusters business.

In-Country Value (ICV):

Although a broad trend, countries in the Middle East especially have shifted in recent years to strive towards increasing ‘In-Country Value’. This policy aims to address and reverse historic business models in which western industrial providers fly-in to carry out site operations, then fly-out on completion of works. In changing this model with a sense of fairness, GCC countries seek a degree of local establishment and local employment in order to derive the fullest financial benefit and legacy from their natural resources. Cokebusters has several established agency relationships in the Arabian Gulf region, one of these dating back to 2006. Despite including ICV as an identified risk, the policy in fact draws specialist companies into the region where employment costs are typically lower. In this way a perceived risk can provide a fresh opportunity to increase investment in fast-growing regions.

Increased taxation and demands on capital:

Cokebusters has been built on low borrowing, traditionally holding dividends low as profits are directed to meet costs of growth. Although historically effective, this is now not sufficiently scalable for the more matured business to grow into its next phase to more widely deploy new technologies. October 2024 saw the announcement by the UK government of additional taxes on employment. This is seen as potentially damaging to employment and puts pressure on profit margin, straining resources and holding back growth. There are indications that UK and EU governments will continue this policy of higher taxation combined with introduction of more restrictive labour regulation. Meanwhile inflation remains relatively high.

In summary, although all indicators remain positive, directors are aware of certain risks and are respectful of efforts by overseas governments to benefit their economies. Acknowledging such commercial pressures, it is incumbent on western governments to ensure that fiscal measures at home do not damage competitive capabilities.

Project risks:

Cokebusters activities are mainly carried out in industrial environments with professionally controlled risks. The company deploys robust tried and tested management procedures required to satisfy strict safety standards, scheduling and budgetary parameters. When agreeing project terms, like all commercial enterprises the company makes assumptions and progressions about conditions which can be expected in site operations. Although all projects typically include critical path demands, clients present a mix of planned events and unexpected outages which require flexibility of manpower and equipment resource. The company is skilled and experienced at managing such risks, striving to provide adequate quantity of resource at the right location and in well-maintained readiness. Unscheduled client demands present challenges which can be difficult to meet when confronted with unexpected border restrictions and transport delays. Closer relationships with clients help to mitigate such risks which can otherwise lead to lost opportunities.

| Cokebusters Limited (Registered number: 05432716) |

Group Strategic Report

for the Year Ended 30 April 2025

Financial risks:

Although incoming payments from clients are often delayed, the company has not suffered a significant bad debt/default since its formation in 2005. Liquidity is an ongoing challenge, especially for a mid-range SME with wide international exposure. This is managed well, assisted by retention of profits and strict cost controls. Currency risks are well managed, with budget assumptions set conservatively.

Governance, Directors & Stakeholders:

Directors are aware of their duties and responsibilities to be exercised under the terms of the UK Companies Act 2006. The Board of Directors meets regularly, formally at least on a quarterly basis, but weekly in less formal management discussions. Directors have established a hierarchy of management personnel through which the company can be guided and controlled by means of agreed daily procedures.

Directors identify ‘stakeholders’ as:

# shareholders & investors

# the workforce of employees

# clients

# creditors & suppliers

# the community and the environment

Directors act to unlock and exploit the full potential of the company to the benefit of its stakeholders (ref. Section 172 Companies Act 2006). Regular contact is maintained with the company’s banking providers, maintaining all financial obligations.

Directors engage in direct contact with employees in regular staff meetings and open forums, additionally through the hierarchy of middle management and team leaders. All employees are directly employed in each of the UK and US companies, with easy access to HR support. External and internal safety training is maintained, along with competence training in all duties and responsibilities. Toolbox talks and site specific safety training ensure that employees have the fullest awareness of their work environment. An employee profit share scheme has been in place since 2017, with bi-annual equal distribution regardless of rank.

The company maintains and updates its approved supplier list in accordance with ISO recommendations, with every effort made to make due payment to suppliers and creditors in accordance with agreed and reasonable terms.

The Board is mindful of environmental obligations and strives to improve efficiency of its business operations, minimising waste and adverse environmental impact. There are many examples of this including improvements in machinery design which reduce fuel usage and emissions, contribution from solar generation of power for company premises and rainwater harvesting for pipeline test loop training. The double King’s Award announced in June 2024 recognised particularly the company’s commitment to care for the environment.

The Board authorises financial contributions to local communities, especially through its ongoing support of the registered charity D-Day Revisited www.d-dayrevisited.co.uk. After a cluster of national and international awards in the previous year, this report draws attention to the award of “Digital Company of the Year (2024)” issued by the British Chamber of Commerce. Once again, in November the company displayed at the ADIPEC conference and exhibition in Abu Dhabi which allowed the company to showcase its technological services to over 200,000 fellow exhibitors and visitors.

| Cokebusters Limited (Registered number: 05432716) |

Group Strategic Report

for the Year Ended 30 April 2025

Future Outlook:

After this recent period of reorganisation the Board looks forward to realising fresh growth in the forthcoming years. Recognising introduction of new technology in specialist machinery during 2025, continuing into 2026, this will help to fuel revenue and profitability. New premises in Houston are expected to be complete in early summer of 2026, injecting significant new investment into the business, demonstrating and uplifting confidence. Complimenting this, the new production building opened in Chester UK in early 2024 has brought valuable resource of floor space and engineering facilities which have improved the flow of fabrications.

In conclusive summary, directors have studied all aspects of performance, judging these consolidated accounts to be good results and conclude the company and group continue healthily as a going concern with strong finances and remarkably low monetary gearing.

On behalf of the board:

J H Phipps - Director

27 January 2026

| Cokebusters Limited (Registered number: 05432716) |

Report of the Directors

for the Year Ended 30 April 2025

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

Dividends

Interim dividends per share were declared as follows:

Date |  | Share type |  | £ |

23 October 2024 |  | Ordinary |  | £1,250 |

23 October 2024 |  | Ordinary A |  | £1,250 |

7 April 2025 |  | Ordinary |  | £2,500 |

7 April 2025 |  | Ordinary A |  | £2,500 |

The directors recommend that no final dividend be paid.

As some dividends were waived, the total distribution of dividends for the year ended 30 April 2025 was £600,000.

Directors

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

J H Phipps

V A Phipps

J A Phipps

J H Mottrom

N A Bettley

Other changes in directors holding office are as follows:

C E Bushnell - appointed 11 July 2024

K E Fordham was appointed as a director after 30 April 2025 but prior to the date of this report.

Disclosure in the strategic report

The directors have disclosed in the Group Strategic Report information regarding the principal risks and uncertainties affecting the group.

On behalf of the board:

J H Phipps - Director

27 January 2026

| Cokebusters Limited (Registered number: 05432716) |

Consolidated

Income Statement

for the Year Ended 30 April 2025

| 30/4/25 |  | 30/4/24

| Notes | £ | £ |

Turnover | 4 | 14,349,654 |  | 15,899,045 |  |

Cost of sales | 9,470,466 |  | 10,115,502 |  |

Gross profit | 4,879,188 |  | 5,783,543 |  |

Administrative expenses | 3,249,149 |  | 3,079,820 |  |

1,630,039 |  | 2,703,723 |  |

Other operating income | 71,595 |  | 18,618 |  |

Operating profit | 7 | 1,701,634 |  | 2,722,341 |  |

Interest receivable and similar income | 6,603 |  | 7,877 |  |

1,708,237 |  | 2,730,218 |  |

Interest payable and similar expenses | 8 | 60,805 |  | 26,241 |  |

Profit before taxation | 1,647,432 |  | 2,703,977 |  |

Tax on profit | 9 | 52,974 |  | 338,170 |  |

Profit for the financial year | 1,594,458 |  | 2,365,807 |  |

Profit attributable to:

Owners of the parent | 1,594,458 |  | 2,296,346 |  |

Non-controlling interests | - |  | 69,461 |  |

1,594,458 |  | 2,365,807 |  |

| Cokebusters Limited (Registered number: 05432716) |

Consolidated

Other Comprehensive Income

for the Year Ended 30 April 2025

| 30/4/25 |  | 30/4/24

| Notes | £ | £ |

Profit for the year | 1,594,458 |  | 2,365,807 |  |

Other comprehensive income |

Foreign exchange differences | (230,512 | ) | 1,800 |  |

Revaluation of plant & machinery | 179,328 |  | 663,641 |  |

Income tax relating to components of other comprehensive income | - |  | (118,383 | ) |

Other comprehensive income for the year, net of income tax | (51,184 | ) | 547,058 |  |

Total comprehensive income for the year | 1,543,274 |  | 2,912,865 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,543,274 |  | 2,841,196 |  |

Non-controlling interests | - |  | 71,669 |  |

1,543,274 |  | 2,912,865 |  |

| Cokebusters Limited (Registered number: 05432716) |

Consolidated Statement of Financial Position

30 April 2025

| 30/4/25 | 30/4/24 |

| Notes | £ | £ | £ | £ |

Fixed assets

Intangible assets | 12 | 72,112 |  | 58,641 |  |

Tangible assets | 13 | 11,623,126 |  | 10,917,778 |  |

Investments | 14 | - |  | - |  |

11,695,238 |  | 10,976,419 |  |

Current assets

Stocks | 15 | 2,524,072 |  | 1,909,142 |  |

Debtors | 16 | 4,889,975 |  | 6,653,982 |  |

Cash at bank and in hand | 1,722,336 |  | 409,142 |  |

9,136,383 |  | 8,972,266 |  |

Creditors

Amounts falling due within one year | 17 | 1,477,072 |  | 1,417,481 |  |

Net current assets | 7,659,311 |  | 7,554,785 |  |

Total assets less current liabilities | 19,354,549 |  | 18,531,204 |  |

Creditors

Amounts falling due after more than one year | 18 | (583,215 | ) | (537,613 | ) |

Provisions for liabilities | 22 | (1,127,697 | ) | (1,173,228 | ) |

Net assets | 17,643,637 |  | 16,820,363 |  |

| Cokebusters Limited (Registered number: 05432716) |

Consolidated Statement of Financial Position - continued

30 April 2025

| 30/4/25 | 30/4/24 |

| Notes | £ | £ | £ | £ |

Capital and reserves

Called up share capital | 23 | 190 |  | 194 |  |

Share premium | 24 | 23,990 |  | 23,990 |  |

Revaluation reserve | 24 | 3,730,739 |  | 3,695,915 |  |

Capital redemption reserve | 24 | 15 |  | 11 |  |

Retained earnings | 24 | 13,888,703 |  | 12,939,264 |  |

Shareholders' funds | 17,643,637 |  | 16,659,374 |  |

Non-controlling interests | - |  | 160,989 |  |

Total equity | 17,643,637 |  | 16,820,363 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

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

The directors acknowledge their responsibilities for:

(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2026 and were signed on its behalf by:

J H Phipps - Director

| Cokebusters Limited (Registered number: 05432716) |

Company Statement of Financial Position

30 April 2025

| 30/4/25 | 30/4/24 |

| Notes | £ | £ | £ | £ |

Fixed assets

Intangible assets | 12 | 67,767 |  | 50,480 |  |

Tangible assets | 13 | 8,951,475 |  | 9,323,627 |  |

Investments | 14 | 56,895 |  | 56,895 |  |

9,076,137 |  | 9,431,002 |  |

Current assets

Stocks | 15 | 2,046,056 |  | 1,382,259 |  |

Debtors | 16 | 5,753,915 |  | 6,200,724 |  |

Cash at bank and in hand | 671,578 |  | 214,450 |  |

8,471,549 |  | 7,797,433 |  |

Creditors

Amounts falling due within one year | 17 | 1,089,983 |  | 863,993 |  |

Net current assets | 7,381,566 |  | 6,933,440 |  |

Total assets less current liabilities | 16,457,703 |  | 16,364,442 |  |

Creditors

Amounts falling due after more than one year | 18 | (404,131 | ) | (401,229 | ) |

Provisions for liabilities | 22 | (1,139,647 | ) | (1,186,400 | ) |

Net assets | 14,913,925 |  | 14,776,813 |  |

Capital and reserves

Called up share capital | 23 | 190 |  | 194 |  |

Share premium | 23,990 |  | 23,990 |  |

Revaluation reserve | 3,546,481 |  | 3,549,275 |  |

Capital redemption reserve | 15 |  | 11 |  |

Retained earnings | 11,343,249 |  | 11,203,343 |  |

Shareholders' funds | 14,913,925 |  | 14,776,813 |  |

Company's profit for the financial year | 703,512 |  | 1,284,249 |  |

| Cokebusters Limited (Registered number: 05432716) |

Company Statement of Financial Position - continued

30 April 2025

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 27 January 2026 and were signed on its behalf by:

J H Phipps - Director

| Cokebusters Limited (Registered number: 05432716) |

Consolidated Statement of Changes in Equity

for the Year Ended 30 April 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 1 May 2023 | 192 |  | 11,078,018 |  | 23,990 |  | 3,152,721 |  |

Changes in equity

Total comprehensive income | - |  | 2,298,146 |  | - |  | 543,194 |  |

Dividends | - |  | (331,900 | ) | - |  | - |  |

Increase in share capital | 5 |  | - |  | - |  | - |  |

Reduction in share capital | - |  | (3 | ) | - |  | - |  |

Company repurchase of shares | (3 | ) | (104,997 | ) | - |  | - |  |

Total transactions with owners, recognised directly in equity | 2 |  | (436,900 | ) | - |  | - |  |

Balance at 30 April 2024 | 194 |  | 12,939,264 |  | 23,990 |  | 3,695,915 |  |

Changes in equity

Total comprehensive income | - |  | 1,363,946 |  | - |  | 179,328 |  |

Dividends | - |  | (600,000 | ) | - |  | - |  |

Reduction in share capital | - |  | (4 | ) | - |  | - |  |

Company repurchase of shares | (4 | ) | (119,996 | ) | - |  | - |  |

Transfer of realised revaluation | - |  | 156,394 |  | - |  | (156,394 | ) |

Net acquisitions of

non-controlling

interests | - |  | 149,099 |  | - |  | 11,890 |  |

Total transactions with owners, recognised directly in equity | (4 | ) | (414,507 | ) | - |  | (144,504 | ) |

Balance at 30 April 2025 | 190 |  | 13,888,703 |  | 23,990 |  | 3,730,739 |  |

| Cokebusters Limited (Registered number: 05432716) |

Consolidated Statement of Changes in Equity - continued

for the Year Ended 30 April 2025

| Capital |

| redemption |  | Non-controlling |  | Total

| reserve |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 May 2023 | 8 |  | 14,254,929 |  | 89,320 |  | 14,344,249 |  |

Changes in equity

Total comprehensive income | - |  | 2,841,340 |  | 71,669 |  | 2,913,009 |  |

Dividends | - |  | (331,900 | ) | - |  | (331,900 | ) |

Increase in share capital | - |  | 5 |  | - |  | 5 |  |

Reduction in share capital | 3 |  | - |  | - |  | - |  |

Company repurchase of shares | - |  | (105,000 | ) | - |  | (105,000 | ) |

Total transactions with owners, recognised directly in equity | 3 |  | (436,895 | ) | - |  | (436,895 | ) |

Balance at 30 April 2024 | 11 |  | 16,659,374 |  | 160,989 |  | 16,820,363 |  |

Changes in equity

Total comprehensive income | - |  | 1,543,274 |  | - |  | 1,543,274 |  |

Dividends | - |  | (600,000 | ) | - |  | (600,000 | ) |

Reduction in share capital | 4 |  | - |  | - |  | - |  |

Company repurchase of shares | - |  | (120,000 | ) | - |  | (120,000 | ) |

Net acquisitions of

non-controlling

interests | - |  | 160,989 |  | (160,989 | ) | - |  |

Total transactions with owners, recognised directly in equity | 4 |  | (559,011 | ) | (160,989 | ) | (720,000 | ) |

Balance at 30 April 2025 | 15 |  | 17,643,637 |  | - |  | 17,643,637 |  |

| Cokebusters Limited (Registered number: 05432716) |

Company Statement of Changes in Equity

for the Year Ended 30 April 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 May 2023 | 192 |  | 10,355,994 |  | 23,990 |  |

Changes in equity

Increase in share capital | 5 |  | - |  | - |  |

Reduction in share capital | - |  | (3 | ) | - |  |

Company repurchase of shares | (3 | ) | (104,997 | ) | - |  |

Dividends | - |  | (331,900 | ) | - |  |

Total comprehensive income | - |  | 1,284,249 |  | - |  |

Balance at 30 April 2024 | 194 |  | 11,203,343 |  | 23,990 |  |

Changes in equity

Reduction in share capital | - |  | (4 | ) | - |  |

Company repurchase of shares | (4 | ) | (119,996 | ) | - |  |

Dividends | - |  | (600,000 | ) | - |  |

Total comprehensive income | - |  | 703,512 |  | - |  |

Transfer of realised revaluation | - |  | 156,394 |  | - |  |

Balance at 30 April 2025 | 190 |  | 11,343,249 |  | 23,990 |  |

| Cokebusters Limited (Registered number: 05432716) |

Company Statement of Changes in Equity - continued

for the Year Ended 30 April 2025

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 3,031,526 |  | 8 |  | 13,411,710 |  |

Changes in equity

Increase in share capital | - |  | - |  | 5 |  |

Reduction in share capital | - |  | 3 |  | - |  |

Company repurchase of shares | - |  | - |  | (105,000 | ) |

Dividends | - |  | - |  | (331,900 | ) |

Total comprehensive income | 517,749 |  | - |  | 1,801,998 |  |

Balance at 30 April 2024 | 3,549,275 |  | 11 |  | 14,776,813 |  |

Changes in equity

Reduction in share capital | - |  | 4 |  | - |  |

Company repurchase of shares | - |  | - |  | (120,000 | ) |

Dividends | - |  | - |  | (600,000 | ) |

Total comprehensive income | 153,600 |  | - |  | 857,112 |  |

Transfer of realised revaluation | (156,394 | ) | - |  | - |  |

Balance at 30 April 2025 | 3,546,481 |  | 15 |  | 14,913,925 |  |

| Cokebusters Limited (Registered number: 05432716) |

Consolidated Statement of Cash Flows

for the Year Ended 30 April 2025

| 30/4/25 |  | 30/4/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,809,567 |  | 431,512 |  |

Interest paid | (31,196 | ) | (9,489 | ) |

Interest element of hire purchase payments paid | (29,609 | ) | (16,752 | ) |

Tax paid | (70,059 | ) | (99,986 | ) |

Net cash from operating activities | 2,678,703 |  | 305,285 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (30,426 | ) | - |  |

Purchase of tangible fixed assets | (1,108,967 | ) | (1,249,354 | ) |

Sale of tangible fixed assets | 498,278 |  | 14,066 |  |

Interest received | 6,603 |  | 7,877 |  |

Net cash from investing activities | (634,512 | ) | (1,227,411 | ) |

Cash flows from financing activities

New loans in year | - |  | 500,000 |  |

Loan repayments in year | (87,087 | ) | (169,275 | ) |

Capital repayments in year | (205,900 | ) | (89,806 | ) |

Amount withdrawn by directors | (150,510 | ) | (84,400 | ) |

Share issue | - |  | 5 |  |

Share buyback | (120,000 | ) | (105,000 | ) |

Equity dividends paid | (167,500 | ) | (79,900 | ) |

Net cash from financing activities | (730,997 | ) | (28,376 | ) |

Increase/(decrease) in cash and cash equivalents | 1,313,194 |  | (950,502 | ) |

Cash and cash equivalents at beginning of year | 2 | 409,142 |  | 1,359,644 |  |

Cash and cash equivalents at end of year | 2 | 1,722,336 |  | 409,142 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Statement of Cash Flows

for the Year Ended 30 April 2025

1. | Reconciliation of profit before taxation to cash generated from operations

| 30/4/25 |  | 30/4/24

£ | £ |

| Profit before taxation | 1,647,432 |  | 2,703,977 |  |

| Depreciation charges | 440,900 |  | 433,460 |  |

| Loss on disposal of fixed assets | 90,007 |  | 34,750 |  |

| Foreign exchange differences | (230,512 | ) | 1,946 |  |

| Finance costs | 60,805 |  | 26,241 |  |

| Finance income | (6,603 | ) | (7,877 | ) |

2,002,029 |  | 3,192,497 |  |

| Increase in stocks | (614,930 | ) | (671,373 | ) |

| Decrease/(increase) in trade and other debtors | 1,771,884 |  | (1,965,069 | ) |

| Decrease in trade and other creditors | (349,416 | ) | (124,543 | ) |

| Cash generated from operations | 2,809,567 |  | 431,512 |  |

2. | Cash and cash equivalents

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 April 2025

| 30/4/25 |  | 1/5/24

£ | £ |

| Cash and cash equivalents | 1,722,336 |  | 409,142 |  |

| Year ended 30 April 2024

| 30/4/24 |  | 1/5/23

£ | £ |

| Cash and cash equivalents | 409,142 |  | 1,359,644 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Statement of Cash Flows

for the Year Ended 30 April 2025

3. | Analysis of changes in net (debt)/funds

| Other |

| non-cash |

| At 1/5/24 | Cash flow | changes | At 30/4/25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 409,142 |  | 1,313,194 |  | 1,722,336 |  |

409,142 |  | 1,313,194 |  | 1,722,336 |  |

| Debt

| Finance leases | (198,907 | ) | 205,900 |  | (429,283 | ) | (422,290 | ) |

| Debts falling due

| within 1 year | (80,000 | ) | (10,000 | ) | - |  | (90,000 | ) |

| Debts falling due

| after 1 year | (401,229 | ) | 97,098 |  | - |  | (304,131 | ) |

(680,136 | ) | 292,998 |  | (429,283 | ) | (816,421 | ) |

| Total | (270,994 | ) | 1,606,192 |  | (429,283 | ) | 905,915 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements

for the Year Ended 30 April 2025

1. | Statutory information

| Cokebusters 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

| In the parent company financial statements, the cost of a business combination is accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given and liabilities incurred or assumed plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities.

| The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertaking. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

| Turnover

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

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

| Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

2. | Accounting policies - continued

| Intangible assets

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

| Inspection and filtration technology is being amortised evenly over its estimated useful life of 10 years.

| Patents and trademarks are being amortised evenly over their estimated useful life of between 5 and 10 years.

| Tangible fixed assets

| Tangible fixed assets are initially recorded at cost then subsequently at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold improvements |  | - |  | 10% on cost |

| Plant and machinery |  | - |  | 2% / 10% on cost |

| Fixtures, fittings & equipment |  | - |  | 25% on cost |

| Motor vehicles |  | - |  | 20% reducing balance |

| Freehold property comprises freehold land which is not depreciated.

| Stocks

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

| Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and position.

| Financial instruments

| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 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 statement of financial position 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 reporting 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, except for the exchange differences arising on re-translation of opening monetary assets and liabilities of the subsidiary, and the difference arising between the translation of transactions in the year and the translation of balances at the year end, which are recognised in the Consolidated Other Comprehensive Income.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

| Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

| Pension costs and other post-retirement benefits

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

| Government grants

| Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

3. | Critical accounting judgements and key sources of estimation uncertainty

| In the application of the group’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.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| In the opinion of the directors, there are no critical judgements other than those involving estimates.

| The directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

| i. Valuation of specialised mobile pumping equipment ("CB machines")

| The directors in arriving at the valuation of the CB machines have used their knowledge and experience of the sector in which the group operates, which necessarily involves a degree of subjectivity. Future trading conditions may impact on these valuations.

| ii. Estimated useful lives of CB machines

| The directors have estimated the useful lives of CB machines at 50 years. Changes in market conditions, technological developments and environmental regulations may have an impact on the useful life of CB machines. These machines are subject to periodic refit.

| iii. Recoverability of loan to The D-Day Revisited Society (Registered charity and related party)

| As shown in Note 28, the directors have estimated the likely amount recoverable from the charity on the basis of the probable sale proceeds of its principal asset.

4. | Turnover

| An analysis of the company's turnover has not been disclosed as it is deemed to be

| commercially sensitive.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

5. | Employees and directors

| Staff costs were as follows:

| Group

|  | 30/4/25 |  |  | 30/4/24 |  |

|  | £ |  |  | £ |  |

| Wages and salaries |  | 6,984,626 |  |  | 6,999,306 |  |

| Social security costs |  | 444,467 |  |  | 492,676 |  |

| Other pension costs |  | 223,493 |  |  | 216,225 |  |

|  | 7,740,070 |  |  | 7,708,20 |  |

| Company

|  | 30/4/25 |  |  | 30/4/24 |  |

|  | £ |  |  | £ |  |

| Wages and salaries |  | 2,644,038 |  |  | 2,398,863 |  |

| Social security costs |  | 304,509 |  |  | 265,037 |  |

| Other pension costs |  | 103,564 |  |  | 101,765 |  |

|  | 3,052,110 |  |  | 2,765,665 |  |

| The average number of employees during the year was as follows:

| Group

|  | 30/4/25 |  |  | 30/4/24 |  |

| Senior management |  | 11 |  |  | 10 |  |

| Operational |  | 94 |  |  | 99 |  |

|  | 105 |  |  | 109 |  |

| Company

|  | 30/4/25 |  |  | 30/4/24 |  |

| Senior management |  | 5 |  |  | 5 |  |

| Operational |  | 49 |  |  | 48 |  |

|  | 54 |  |  | 53 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

6. | Directors' disclosure

| Directors' remuneration for the year was £444,467 (2024 - £462,254).

| The aggregate of directors' pension contributions for the year was £27,253 (2024 - £20,040)

| The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

7. | Operating profit

| The operating profit is stated after charging:

| 30/4/25 |  | 30/4/24

£ | £ |

| Hire of plant and machinery | 1,543 |  | 10,104 |  |

| Other operating leases | 213,361 |  | 287,368 |  |

| Depreciation - owned assets | 423,945 |  | 419,284 |  |

| Loss on disposal of fixed assets | 90,007 |  | 34,750 |  |

| Inspection and filtration technology amortisation | 13,912 |  | 14,176 |  |

| Patents and trademarks amortisation | 3,043 |  | - |  |

| Auditors' remuneration | 40,000 |  | 25,750 |  |

| Foreign exchange differences | 27,624 |  | 45,298 |  |

8. | Interest payable and similar expenses |

| 30/4/25 |  | 30/4/24

£ | £ |

| Bank loan interest | 31,196 |  | 9,489 |  |

| Hire purchase | 29,609 |  | 16,752 |  |

60,805 |  | 26,241 |  |

9. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30/4/25 |  | 30/4/24

£ | £ |

| Current tax:

| UK corporation tax | 10,114 |  | - |  |

| Overseas corporation tax | 88,391 |  | 177,568 |  |

| Total current tax | 98,505 |  | 177,568 |  |

| Deferred tax | (45,531 | ) | 160,602 |  |

| Tax on profit | 52,974 |  | 338,170 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

9. | Taxation - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 30/4/25 |  | 30/4/24

£ | £ |

| Profit before tax | 1,647,432 |  | 2,703,977 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 411,858 |  | 675,994 |  |

| Effects of:

| Expenses not deductible for tax purposes | 65,356 |  | 29,673 |  |

| Utilisation of tax losses | (29,544 | ) | - |  |

| Higher rate of overseas taxation | 19,338 |  | - |  |

| Enhanced deductions | (424,148 | ) | (367,497 | ) |

| Other adjustments | 10,114 |  | - |  |

| Total tax charge | 52,974 |  | 338,170 |  |

| Tax effects relating to effects of other comprehensive | income |

| 30/4/25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Foreign exchange differences | (230,512 | ) | - |  | (230,512 | ) |

| Revaluation of plant & machinery | 179,328 |  | - |  | 179,328 |  |

(51,184 | ) | - |  | (51,184 | ) |

| 30/4/24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Foreign exchange differences | 1,800 |  | - |  | 1,800 |  |

| Revaluation of plant & machinery | 663,641 |  | (118,383 | ) | 545,258 |  |

665,441 |  | (118,383 | ) | 547,058 |  |

10. | Individual income statement

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

11. | Dividends

| 30/4/25 |  | 30/4/24

£ | £ |

| Ordinary shares of £1 each

| Interim | 581,250 |  | 325,650 |  |

| A Ordinary shares of £1 each

| Interim | 18,750 |  | 6,250 |  |

600,000 |  | 331,900 |  |

12. | Intangible fixed assets

| Group

| Inspection |

| and |  | Patents |

| filtration |  | and |

| technology |  | trademarks |  | Totals

£ | £ | £ |

| Cost

| At 1 May 2024 | 121,349 |  | - |  | 121,349 |  |

| Additions | - |  | 30,426 |  | 30,426 |  |

| At 30 April 2025 | 121,349 |  | 30,426 |  | 151,775 |  |

| Amortisation

| At 1 May 2024 | 62,708 |  | - |  | 62,708 |  |

| Amortisation for year | 13,912 |  | 3,043 |  | 16,955 |  |

| At 30 April 2025 | 76,620 |  | 3,043 |  | 79,663 |  |

| Net book value

| At 30 April 2025 | 44,729 |  | 27,383 |  | 72,112 |  |

| At 30 April 2024 | 58,641 |  | - |  | 58,641 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

12. | Intangible fixed assets - continued

| Company

| Inspection |

| and |  | Patents |

| filtration |  | and |

| technology |  | trademarks |  | Totals

£ | £ | £ |

| Cost

| At 1 May 2024 | 100,960 |  | - |  | 100,960 |  |

| Additions | - |  | 30,426 |  | 30,426 |  |

| At 30 April 2025 | 100,960 |  | 30,426 |  | 131,386 |  |

| Amortisation

| At 1 May 2024 | 50,480 |  | - |  | 50,480 |  |

| Amortisation for year | 10,096 |  | 3,043 |  | 13,139 |  |

| At 30 April 2025 | 60,576 |  | 3,043 |  | 63,619 |  |

| Net book value

| At 30 April 2025 | 40,384 |  | 27,383 |  | 67,767 |  |

| At 30 April 2024 | 50,480 |  | - |  | 50,480 |  |

13. | Tangible fixed assets

| Group

| Freehold |  | Leasehold |  | Plant and

| property |  | improvements |  | machinery

£ | £ | £ |

| Cost or valuation

| At 1 May 2024 | - |  | 611,942 |  | 10,295,883 |  |

| Additions | 919,992 |  | 19,901 |  | 284,919 |  |

| Disposals | - |  | - |  | (450,000 | ) |

| At 30 April 2025 | 919,992 |  | 631,843 |  | 10,130,802 |  |

| Depreciation

| At 1 May 2024 | - |  | 172,680 |  | 221,376 |  |

| Charge for year | - |  | 63,184 |  | 232,370 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| Revaluation adjustments | - |  | - |  | (179,328 | ) |

| At 30 April 2025 | - |  | 235,864 |  | 274,418 |  |

| Net book value

| At 30 April 2025 | 919,992 |  | 395,979 |  | 9,856,384 |  |

| At 30 April 2024 | - |  | 439,262 |  | 10,074,507 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

13. | Tangible fixed assets - continued

| Group

| Fixtures, |

| fittings |  | Motor |

| & equipment |  | vehicles |  | Totals

£ | £ | £ |

| Cost or valuation

| At 1 May 2024 | 147,257 |  | 841,414 |  | 11,896,496 |  |

| Additions | 11,709 |  | 301,729 |  | 1,538,250 |  |

| Disposals | - |  | (372,993 | ) | (822,993 | ) |

| At 30 April 2025 | 158,966 |  | 770,150 |  | 12,611,753 |  |

| Depreciation

| At 1 May 2024 | 99,553 |  | 485,109 |  | 978,718 |  |

| Charge for year | 26,612 |  | 101,779 |  | 423,945 |  |

| Eliminated on disposal | - |  | (234,708 | ) | (234,708 | ) |

| Revaluation adjustments | - |  | - |  | (179,328 | ) |

| At 30 April 2025 | 126,165 |  | 352,180 |  | 988,627 |  |

| Net book value

| At 30 April 2025 | 32,801 |  | 417,970 |  | 11,623,126 |  |

| At 30 April 2024 | 47,704 |  | 356,305 |  | 10,917,778 |  |

| Included in plant and machinery for the group at a valuation of £8,505,000 is specialised mobile pumping equipment. This was revalued by the directors at 30 April 2025. In respect of these tangible fixed assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been included under the historical cost model are as follows:

| Plant and |  |

| machinery |  |

| £ |  |

| At 30 April 2025 |  | 4,585,309 |  |

| At 30 April 2024 |  | 4,761,901 |  |

| The net book value of assets held under finance leases or hire purchase contracts included in plant and machinery was £998,782 (2024: £157,534).

| The net book value of assets held under finance leases or hire purchase contracts included in motor vehicles was £291,500 (2024: £153,215).

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

13. | Tangible fixed assets - continued

| Company

| Fixtures, |

| Leasehold |  | Plant and |  | fittings |  | Motor |

| improvements |  | machinery |  | & equipment |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Cost or valuation

| At 1 May 2024 | 611,942 |  | 8,803,577 |  | 107,655 |  | 430,148 |  | 9,953,322 |  |

| Additions | 19,901 |  | 159,887 |  | 11,709 |  | 30,000 |  | 221,497 |  |

| Disposals | - |  | (450,000 | ) | - |  | (50,484 | ) | (500,484 | ) |

| At 30 April 2025 | 631,843 |  | 8,513,464 |  | 119,364 |  | 409,664 |  | 9,674,335 |  |

| Depreciation

| At 1 May 2024 | 172,680 |  | 116,185 |  | 77,778 |  | 263,052 |  | 629,695 |  |

| Charge for year | 63,184 |  | 172,882 |  | 18,313 |  | 38,557 |  | 292,936 |  |

| Eliminated on disposal | - |  | - |  | - |  | (46,171 | ) | (46,171 | ) |

| Revaluation adjustments | - |  | (153,600 | ) | - |  | - |  | (153,600 | ) |

| At 30 April 2025 | 235,864 |  | 135,467 |  | 96,091 |  | 255,438 |  | 722,860 |  |

| Net book value

| At 30 April 2025 | 395,979 |  | 8,377,997 |  | 23,273 |  | 154,226 |  | 8,951,475 |  |

| At 30 April 2024 | 439,262 |  | 8,687,392 |  | 29,877 |  | 167,096 |  | 9,323,627 |  |

| Included in plant and machinery for the company at a valuation of £7,680,000 is specialised mobile pumping equipment. This was revalued by the directors at 30 April 2025. In respect of these tangible fixed assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been included under the historical cost model are as follows:

| Plant and |  |

| machinery |  |

| £ |  |

| At 30 April 2025 |  | 4,068,617 |  |

| At 30 April 2024 |  | 4,431,804 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

14. | Fixed asset investments

| Company

| Shares in

| group

| undertakings

£ |

| Cost

| At 1 May 2024

| and 30 April 2025 | 56,895 |  |

| Net book value

| At 30 April 2025 | 56,895 |  |

| At 30 April 2024 | 56,895 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiary

| Cokebusters USA Inc.

| Registered office: 6748 Theall Rd, Houston, TX 77066, USA

| Nature of business: Specialist decoking services

| %

| Class of shares: | holding |

| Common stock | 100.00 |

| The company's investments at 30 April 2025 in the share capital of companies include 100% of the capital stock of the subsidiary Cokebusters USA Inc. which is incorporated in Delaware, USA and trades from Houston Texas. The nature of business of Cokebusters USA Inc. is to provide specialist engineering services predominately to the Oil & Gas industry. Cokebusters USA Inc. is included in the consolidation.

15. | Stocks

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Stocks | 2,524,072 |  | 1,909,142 |  | 2,046,056 |  | 1,382,259 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

16. | Debtors: amounts falling due within one year |

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Trade debtors | 3,941,895 |  | 3,964,365 |  | 1,742,039 |  | 2,219,640 |  |

| Amounts owed by group undertakings | - |  | - |  | 3,069,016 |  | 3,029,544 |  |

| Other debtors | 562,908 |  | 515,299 |  | 557,688 |  | 515,300 |  |

| Tax | 43,118 |  | 35,241 |  | 43,118 |  | 35,241 |  |

| VAT | 22,371 |  | 37,328 |  | 22,371 |  | 37,328 |  |

| Prepayments and accrued income | 319,683 |  | 2,101,749 |  | 319,683 |  | 363,671 |  |

4,889,975 |  | 6,653,982 |  | 5,753,915 |  | 6,200,724 |  |

17. | Creditors: amounts falling due within one year |

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 19) | 90,000 |  | 80,000 |  | 90,000 |  | 80,000 |  |

| Hire purchase contracts (see note 20) | 143,206 |  | 62,523 |  | 66,667 |  | 8,472 |  |

| Trade creditors | 255,093 |  | 496,611 |  | 139,832 |  | 204,452 |  |

| Tax | 184,925 |  | 148,602 |  | - |  | - |  |

| Social security and other taxes | 78,754 |  | 108,132 |  | 78,754 |  | 101,914 |  |

| Other creditors | 64,316 |  | 157,308 |  | 53,947 |  | 104,848 |  |

| Directors' current accounts | 527,371 |  | 245,381 |  | 527,371 |  | 245,381 |  |

| Accruals and deferred income | 133,407 |  | 118,924 |  | 133,412 |  | 118,926 |  |

1,477,072 |  | 1,417,481 |  | 1,089,983 |  | 863,993 |  |

18. | Creditors: amounts falling due after more than one year |

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Bank loans (see note 19) | 304,131 |  | 401,229 |  | 304,131 |  | 401,229 |  |

| Hire purchase contracts (see note 20) | 279,084 |  | 136,384 |  | 100,000 |  | - |  |

583,215 |  | 537,613 |  | 404,131 |  | 401,229 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

19. | Loans

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

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Amounts falling due within one year | or on demand: |

| Bank loans | 90,000 |  | 80,000 |  | 90,000 |  | 80,000 |  |

| Amounts falling due between two | and five years: |

| Bank loans - 2-5 years | 304,131 |  | 401,229 |  | 304,131 |  | 401,229 |  |

20. | Leasing agreements

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 30/4/25 |  | 30/4/24 |

£ | £ |

| Net obligations repayable:

| Within one year | 143,206 |  | 62,523 |  |

| Between one and five years | 279,084 |  | 136,384 |  |

422,290 |  | 198,907 |  |

| Company

| Hire purchase |

| contracts |

| 30/4/25 |  | 30/4/24 |

£ | £ |

| Net obligations repayable:

| Within one year | 66,667 |  | 8,472 |  |

| Between one and five years | 100,000 |  | - |  |

166,667 |  | 8,472 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

21. | Secured debts

| The following secured debts are included within creditors:

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Bank loans | 394,131 |  | 481,229 |  | 394,131 |  | 481,229 |  |

| Hire purchase contracts | 422,290 |  | 198,907 |  | 166,667 |  | 8,472 |  |

816,421 |  | 680,136 |  | 560,798 |  | 489,701 |  |

| Obligations under hire purchase contracts are secured on the underlying asset. Bank loans are secured by a fixed and floating charge over the undertaking and all properties and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.

22. | Provisions for liabilities

| Group |  | Company |

| 30/4/25 |  | 30/4/24 |  | 30/4/25 |  | 30/4/24 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 1,087,564 |  | 1,131,871 |  | 1,087,564 |  | 1,131,871 |  |

| Tax losses carried forward | (569,959 | ) | (615,311 | ) | (569,959 | ) | (615,311 | ) |

| Other timing differences | 610,092 |  | 656,668 |  | 622,042 |  | 669,840 |  |

1,127,697 |  | 1,173,228 |  | 1,139,647 |  | 1,186,400 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 1,173,228 |  |

| Charge to Income Statement during year | 2,267 |  |

| Charge to revaluation |

| reserve during year | (47,798 | ) |

| Balance at 30 April 2025 | 1,127,697 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

22. | Provisions for liabilities - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 1,186,400 |  |

| Charge to Income Statement during year | 1,045 |  |

| Charge to revaluation |

| reserve during year | (47,798 | ) |

| Balance at 30 April 2025 | 1,139,647 |  |

23. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30/4/25 |  | 30/4/24

| value: | £ | £ |

| 185 | Ordinary | £1 | 185 |  | 189 |  |

| 5 | A Ordinary | £1 | 5 |  | 5 |  |

190 |  | 194 |  |

| During the year, four Ordinary shares of £1 each were repurchased by the company at a total consideration of £120,000. The shares were cancelled immediately on repurchase.

24. | Reserves

| Group

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 May 2024 | 12,939,264 |  | 23,990 |  | 3,695,915 |  | 11 |  | 16,659,180 |  |

| Profit for the year | 1,594,458 |  | 1,594,458 |  |

| Dividends | (600,000 | ) | (600,000 | ) |

| Foreign exchange differences | (230,512 | ) | - |  | - |  | - |  | (230,512 | ) |

| Revaluation of plant and machinery | - |  | - |  | 179,328 |  | - |  | 179,328 |  |

| Reduction in share capital | (4 | ) | - |  | - |  | 4 |  | - |  |

| Repurchase of shares | (119,996 | ) | - |  | - |  | - |  | (119,996 | ) |

| Transfer of realised revaluation | 156,394 |  | - |  | (156,394 | ) | - |  | - |  |

| Net acquisitions of

| non-controlling

| interests | 149,099 |  | - |  | 11,890 |  | - |  | 160,989 |  |

| At 30 April 2025 | 13,888,703 |  | 23,990 |  | 3,730,739 |  | 15 |  | 17,643,447 |  |

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

24. | Reserves - continued

| Company

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 May 2024 | 11,203,343 |  | 23,990 |  | 3,549,275 |  | 11 |  | 14,776,619 |  |

| Profit for the year | 703,512 |  | - |  | - |  | - |  | 703,512 |  |

| Dividends | (600,000 | ) | - |  | - |  | - |  | (600,000 | ) |

| Revaluation of plant and machinery | - |  | - |  | 153,600 |  | - |  | 153,600 |  |

| Reduction in share capital | (4 | ) | - |  | - |  | 4 |  | - |  |

| Repurchase of shares | (119,996 | ) | - |  | - |  | - |  | (119,996 | ) |

| Transfer of realised revaluation | 156,394 |  | - |  | (156,394 | ) | - |  | - |  |

| At 30 April 2025 | 11,343,249 |  | 23,990 |  | 3,546,481 |  | 15 |  | 14,913,735 |  |

25. | Contingent liabilities

| Cokebusters Limited and its subsidiary Cokebusters USA Inc. are involved in litigation following claims made by a former employee. The directors of Cokebusters Limited and its subsidiary Cokebusters USA Inc consider that there is no merit in these claims and therefore no provision has been made in these accounts.

26. | Other financial commitments

| At 30 April 2025 the group and company had total commitments under a non-cancellable operating lease of £145,260 (2024 - £145,260). The lease has a break clause after 10 years. 5 years of rental payments were paid upfront at the start of the lease in 2021. The amount shown as a commitment is for the final 5 years of the lease, of which £145,260 (2024 - £145,260) is payable within 5 years.

| Cokebusters Limited (Registered number: 05432716) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

27. | Directors' advances, credits and guarantees

| The following advances and credits to a director subsisted during the years ended 30 April 2025 and 30 April 2024:

|  | 30/4/25 |  | 30/4/24 |  |

| G B Winter |  | £ |  | £ |  |

| Balance outstanding at start of year |  | - |  | 107,195 |  |

| Amounts advanced |  | - |  | 11,248 |  |

| Amounts repaid |  | - |  | - |  |

| Amounts written off |  | - |  | - |  |

| Amounts transferred to Other debtors |  | - |  | (118,443 | ) |

| Balance outstanding at end of year |  | - |  | - |  |

| G B Winter resigned as director of the UK company on 31 August 2023. The balance due from G B Winter has been transferred to other debtors and a doubtful debt provision made.

28. | Related party disclosures

| Cokebusters USA Inc. is 100% owned by the Company. During the year the Company made sales of £1,276,710 (2024: £1,529,357) to Cokebusters USA Inc, and purchases of £74,044 from Cokebusters USA, Inc. In addition, the Company has provided funding to Cokebusters USA Inc. At 30 April 2025 £3,069,016 (2024: £3,029,544) was outstanding and is included within debtors in the Company Statement of Financial Position. The balance is unsecured, repayable on demand and no guarantees have been given.

| Three of the directors of the Company are also trustees of The D-Day Revisited Society, a charity registered with the Charities Commission under number 1129753. The Company has strongly supported the restoration of a World War II gunboat through meeting restoration expenditure on behalf of the Charity. At 30 April 2025 the amount due from the Charity included in debtors in the Company and Group Statement of Financial Position was £552,770 (2024: £510,884). No interest is charged on the balance. The trustees of the Charity are seeking to dispose of this boat and the directors of the Company are not looking for repayment of the balance owing until the MASB 27 gunboat is sold.

| Included in creditors in the Company and Group Statement of Financial Position are amounts owed to directors of £527,371 (2024: £245,381).

| Key management personnel comprise the directors of the Company. Key management personnel compensation is identical with directors' remuneration, which is disclosed in note 5.

29. | Ultimate controlling party

| The controlling party is J H Phipps.