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BXFOUR GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2025

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 8 |

| Consolidated Balance Sheet | 9 |

| Company Balance Sheet | 10 |

| Consolidated Statement of Changes in Equity | 11 |

| Company Statement of Changes in Equity | 12 |

| Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| BXFOUR GROUP LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MAY 2025

| DIRECTORS: | R J Burrells

| T S Bygrave

| P M Bygrave

| M L Bygrave

| REGISTERED OFFICE: | First Floor Woburn Court

| 2 Railton Road

| Kempston

| Bedford

| Bedfordshire

| MK42 7PN

| REGISTERED NUMBER: | 13703640 (England and Wales)

| AUDITORS: | HW Bedford Limited

| First Floor, Woburn Court

| 2 Railton Road

| Woburn Rd Ind Est

| Kempston

| Bedfordshire

| MK42 7PN

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST MAY 2025

The directors present their strategic report of the company and the group for the year ended 31st May 2025.

REVIEW OF BUSINESS

The group results are for a five month period from January 2025 until 31 May 2025 when BXFour Group Limited acquired the shares of Redglaze Limited and it's subsidiary entities; Spicgem Limited and Foilit Northampton Limited.

The key performance indicator monitored by management is the gross profit margin. In the 5 months to May 2025 the gross profit margin was 30%. The directors are satisfied with the performance given the tough economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES

Raw material costs

Inflationary pressures are expected to remain for the foreseeable future due to various factors such as Britain exiting the European Union and the Russian invasion of Ukraine. Our sales price has been realigned to reflect the higher raw material costs which is represented by the maintaining of the gross profit margins for the year.

Credit risk

There remains a concern that certain customers that we supply may be susceptible to an economic downturn and if demand for their products took a slight dip this could leave them exposed which in turn could lead bad debt back to the company. The diverse customer base remains strong for the company and the risk remains manageable.

Brand and Reputation

Year on year, the company has consistently grown organically as a result of a strong brand and continues to reinforce its position as a market leader. New equipment and state of the art software along with factory layout changes have been implemented to drive efficiency in the business. The company will continue to invest in research and development projects to maintain the high standards to avoid any damage to our reputation.

Going Concern

The company has sufficient liquid reserves by way of cash at hand and in bank to manage any foreseeable downturns in the economy and continues to trade with strong profitability. Management believes it has sufficient awareness of all major risks to manage the company successfully though any crisis. These include liquidity and cash flow risks covered by the going concern and financial risks indicated above.

The directors have a reasonable expectation that the

ON BEHALF OF THE BOARD:

R J Burrells - Director

4th February 2026

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST MAY 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st May 2025.

COMMENCEMENT OF TRADING

BXFour Group Limited acquired the shares of Redglaze Limited and it's subsidiary entities on 20 December 2024. This is the date that the Group commenced trading.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of sash window manufacture and wrapping.

DIVIDENDS

The total distribution of dividends for the year ended 31st May 2025 will be £ 305,000 .

DIRECTORS

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

R J Burrells

T S Bygrave

P M Bygrave

M L Bygrave

All the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST MAY 2025

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Burrells - Director

4th February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BXFOUR GROUP LIMITED

Opinion

We have audited the financial statements of BXFour Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st May 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st May 2025 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report and 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.

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

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BXFOUR GROUP LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments, including but not limited to; recoverability of inter company debts, valuations of investments and investment properties.

- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BXFOUR GROUP LIMITED

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.

Alberto Di Lorenzo (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

4th February 2026

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST MAY 2025

| Notes | £ |

| TURNOVER | 6,643,579 |  |

| Cost of sales | 4,644,666 |  |

| GROSS PROFIT | 1,998,913 |  |

| Administrative expenses | 974,134 |  |

1,024,779 |  |

| Other operating income | 171,611 |  |

| OPERATING PROFIT | 4 | 1,196,390 |  |

| Interest receivable and similar income | 74,263 |  |

1,270,653 |  |

| Interest payable and similar expenses | 5 | 29,200 |  |

| PROFIT BEFORE TAXATION | 1,241,453 |  |

| Tax on profit | 6 | 284,342 |  |

| PROFIT FOR THE FINANCIAL YEAR | 957,111 |  |

| OTHER COMPREHENSIVE INCOME | - |  |

| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 957,111 |  |

| Profit attributable to:

| Owners of the parent | 947,028 |  |

| Non-controlling interests | 10,083 |  |

957,111 |  |

| Total comprehensive income attributable to:

| Owners of the parent | 947,028 |  |

| Non-controlling interests | 10,083 |  |

957,111 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

CONSOLIDATED BALANCE SHEET

31ST MAY 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 9 | (2,808,840 | ) |

| Tangible assets | 10 | 757,512 |  |

| Investments | 11 | - |  |

(2,051,328 | ) |

| CURRENT ASSETS

| Stocks | 12 | 1,496,127 |  |  |

| Debtors | 13 | 1,913,337 |  |  |

| Cash at bank and in hand | 2,610,151 |  |  |

6,019,615 |  |

| CREDITORS

| Amounts falling due within one year | 14 | 2,897,716 |  |

| NET CURRENT ASSETS | 3,121,899 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,070,571 |  |

| CREDITORS

| Amounts falling due after more than one year | 15 | (170,317 | ) |

| PROVISIONS FOR LIABILITIES | 17 | (248,043 | ) |

| NET ASSETS | 652,211 |  |

| CAPITAL AND RESERVES

| Called up share capital | 18 | 100 |  |

| Retained earnings | 19 | 642,028 |  |

| SHAREHOLDERS' FUNDS | 642,128 |  |

| NON-CONTROLLING INTERESTS | 20 | 10,083 |  |

| TOTAL EQUITY | 652,211 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4th February 2026 and were signed on its behalf by:

R J Burrells - Director

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

COMPANY BALANCE SHEET

31ST MAY 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 9 | - |  |

| Tangible assets | 10 | - |  |

| Investments | 11 | 2,000,000 |  |

2,000,000 |  |

| CURRENT ASSETS

| Debtors | 13 | 5,100 |  |  |

| CREDITORS

| Amounts falling due within one year | 14 | 2,004,570 |  |

| NET CURRENT LIABILITIES | (1,999,470 | ) |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 530 |  |

| CAPITAL AND RESERVES

| Called up share capital | 18 | 100 |  |

| Retained earnings | 19 | 430 |  |

| SHAREHOLDERS' FUNDS | 530 |  |

| Company's profit for the financial year | 306,500 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4th February 2026 and were signed on its behalf by:

R J Burrells - Director

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST MAY 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  | - |  | 100 |  |

Dividends | - |  | (305,000 | ) | (305,000 | ) | - |  | (305,000 | ) |

Total comprehensive income | - |  | 947,028 |  | 947,028 |  | 10,083 |  | 957,111 |  |

Balance at 31st May 2025 | 100 |  | 642,028 |  | 642,128 |  | 10,083 |  | 652,211 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST MAY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  |

Dividends | - |  | (305,000 | ) | (305,000 | ) |

Total comprehensive income | - |  | 306,500 |  | 306,500 |  |

Balance at 31st May 2025 | 100 |  | 1,500 |  | 1,600 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MAY 2025

| Notes | £ |

| Cash flows from operating activities

| Cash generated from operations | 1 | 456,813 |  |

| Interest paid | (1,734 | ) |

| Interest element of hire purchase payments paid | (27,466 | ) |

| Tax paid | (75,554 | ) |

| Net cash from operating activities | 352,059 |  |

| Cash flows from investing activities

| Purchase of intangible fixed assets | 3,060,245 |  |

| Purchase of tangible fixed assets | (904,694 | ) |

| Interest received | 74,263 |  |

| Net cash from investing activities | 2,229,814 |  |

| Cash flows from financing activities

| Loan to participating interest | (13,227 | ) |

| Capital repayments in year | 329,405 |  |

| Amount introduced by directors | 17,000 |  |

| Share issue | 100 |  |

| Equity dividends paid | (305,000 | ) |

| Net cash from financing activities | 28,278 |  |

| Increase in cash and cash equivalents | 2,610,151 |  |

| Cash and cash equivalents at beginning of year | 2 | - |  |

| Cash and cash equivalents at end of year | 2 | 2,610,151 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MAY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£ |

| Profit before taxation | 1,241,453 |  |

| Depreciation charges | (105,593 | ) |

| Loss on disposal of fixed assets | 1,370 |  |

| Finance costs | 29,200 |  |

| Finance income | (74,263 | ) |

1,092,167 |  |

| Increase in stocks | (1,496,127 | ) |

| Increase in trade and other debtors | (1,754,759 | ) |

| Increase in trade and other creditors | 2,615,532 |  |

| Cash generated from operations | 456,813 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st May 2025

| 31/5/25 |  | 1/6/24

£ | £ |

| Cash and cash equivalents | 2,610,151 |  | - |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/6/24 | Cash flow | At 31/5/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | - |  | 2,610,151 |  | 2,610,151 |  |

- |  | 2,610,151 |  | 2,610,151 |  |

| Debt

| Finance leases | - |  | (329,405 | ) | (329,405 | ) |

- |  | (329,405 | ) | (329,405 | ) |

| Total | - |  | 2,280,746 |  | 2,280,746 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

1. | STATUTORY INFORMATION

| BXFour Group 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.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| Basis of consolidation

| The group accounts consolidate the accounts of BXFour Group Limited and its subsidiary undertakings to 31 May each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method with goodwill, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life.

| In the group accounts, interests in associated and joint venture undertakings are accounted for using the equity method of accounting. The consolidated profit and loss account includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on approved financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the groups share of the identifiable net assets including any unamortised premium paid on acquisition.

| Significant judgements and estimates

| The following areas are considered to be the most significant estimates included with the accounts:

| Stock provisions

| Based on historic trends and knowledge of the industry the directors provide against items that are considered to be slow moving or obsolete items.

| Warranty provision

| The products are each sold with a warranty. The directors each year determine the claims that have been made during the financial year and estimate what the likely impact of future claims may be.

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

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

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group & Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

| - The Company has transferred the significant risks and rewards of ownership to the buyer;

| - The Company retains neither continuing managerial involvement to the degree usually associated with

| ownership nor effective control over the goods sold;

| - The amount of turnover can be measured reliably; It is probable that the Company will receive the

| consideration due under the transaction; and

| - The costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Turnover includes valuations of work completed by not yet invoiced to commercial customers.

| Goodwill

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

| Negative goodwill arose on the acquisition of the subsidiary entities on 20 December 2024 where the fair value of the assets acquired with greater than the consideration. The negative goodwill is amortised over 5 years.

| Intangible assets

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

| Patents and licences are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 25% on reducing balance, 15% on reducing balance and 5% on cost

| Fixtures and fittings | - | 15% on reducing balance and 5% on cost

| Motor vehicles | - | at varying rates on cost

| Computer equipment | - | 5% on cost

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| During the period a general provision was made for slow moving/obsolete stocks which represents 5% (2024: 5%) of stock, being £65,002 (2024: £71,996).

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

£ |

| Wages and salaries | 1,644,723 |  |

| Social security costs | 317,100 |  |

| Other pension costs | 77,541 |  |

2,039,364 |  |

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

| Directors | 4 |  |

| Staff | 125 |  |

129 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was NIL.

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

3. | EMPLOYEES AND DIRECTORS - continued

£ |

| Directors' remuneration | 137,292 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

£ |

| Hire of plant and machinery | 10,532 |  |

| Depreciation - owned assets | 69,451 |  |

| Depreciation - assets on hire purchase contracts | 76,361 |  |

| Loss on disposal of fixed assets | 1,370 |  |

| Goodwill amortisation | (256,384 | ) |

| Patents and licences amortisation | 4,979 |  |

| Auditors' remuneration | 14,100 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

£ |

| Bank loan interest | 642 |  |

| Other loan interest | 993 |  |

| Interest on late tax payment | 99 |  |

| Hire purchase interest | 27,466 |  |

29,200 |  |

6. | TAXATION

| Analysis of the tax charge

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

£ |

| Current tax:

| UK corporation tax | 341,377 |  |

| Prior period under/(over) provisions | (1 | ) |

| Total current tax | 341,376 |  |

| Deferred tax | (57,034 | ) |

| Tax on profit | 284,342 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

6. | 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:

£ |

| Profit before tax | 1,241,453 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 310,363 |  |

| Effects of:

| Expenses not deductible for tax purposes | (29,192 | ) |

| Depreciation in excess of capital allowances | 59,863 |  |

| Deferred tax | (56,692 | ) |

| Total tax charge | 284,342 |  |

7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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

8. | DIVIDENDS

£ |

| Ordinary A shares of £1 each |

| Interim | 75,000 |  |

| Ordinary B shares of £1 each |

| Interim | 75,000 |  |

| Ordinary C shares of £1 each |

| Interim | 80,000 |  |

| Ordinary E shares of £1 each |

| Interim | 75,000 |  |

305,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Group

| Patents |

| and |

| Goodwill |  | licences |  | Totals

£ | £ | £ |

| COST

| Additions | (3,076,617 | ) | 16,372 |  | (3,060,245 | ) |

| At 31st May 2025 | (3,076,617 | ) | 16,372 |  | (3,060,245 | ) |

| AMORTISATION

| Amortisation for year | (256,384 | ) | 4,979 |  | (251,405 | ) |

| At 31st May 2025 | (256,384 | ) | 4,979 |  | (251,405 | ) |

| NET BOOK VALUE

| At 31st May 2025 | (2,820,233 | ) | 11,393 |  | (2,808,840 | ) |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

9. | INTANGIBLE FIXED ASSETS - continued

| Group

| Goodwill arose on the acquisition of Redglaze Limited and it's subsidiary undertakings.

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

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

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

£ | £ | £ | £ | £ |

| COST

| Additions | 665,262 |  | 34,624 |  | 177,847 |  | 26,961 |  | 904,694 |  |

| Disposals | - |  | (5,944 | ) | - |  | (367 | ) | (6,311 | ) |

| At 31st May 2025 | 665,262 |  | 28,680 |  | 177,847 |  | 26,594 |  | 898,383 |  |

| DEPRECIATION

| Charge for year | 109,806 |  | 7,754 |  | 26,871 |  | 1,381 |  | 145,812 |  |

| Eliminated on disposal | - |  | (4,574 | ) | - |  | (367 | ) | (4,941 | ) |

| At 31st May 2025 | 109,806 |  | 3,180 |  | 26,871 |  | 1,014 |  | 140,871 |  |

| NET BOOK VALUE

| At 31st May 2025 | 555,456 |  | 25,500 |  | 150,976 |  | 25,580 |  | 757,512 |  |

| The net book value of tangible fixed assets includes £ 335,696 in respect of assets held under hire purchase contracts.

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 2,000,000 |  |

| At 31st May 2025 | 2,000,000 |  |

| NET BOOK VALUE

| At 31st May 2025 | 2,000,000 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Redglaze Limited

| Registered office:

| Nature of business: Intermediate holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

11. | FIXED ASSET INVESTMENTS - continued

| Spicgem Limited

| Registered office:

| Nature of business: Window manufacturing

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The company is a subsidiary of Redglaze Limited

| Foilit Northampton Limited

| Registered office:

| Nature of business: Window wraps

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

| The company is a subsidiary of Spicgem Limited.

12. | STOCKS

| Group |

£ |

| Stocks | 1,496,127 |  |

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

| Group |  | Company |

£ | £ |

| Trade debtors | 1,388,689 |  | - |  |

| Doubtful debt provision | (45,271 | ) | - |  |

| Amounts owed by group undertakings | - |  | 5,000 |  |

| Amounts owed by participating interests | 13,227 |  | - |  |

| Amounts recoverable on contract | 309,196 |  | - |  |

| Other debtors | 7,203 |  | 100 |  |

| Called up share capital not paid | 100 |  | - |  |

| Prepayments and accrued income | 240,193 |  | - |  |

1,913,337 |  | 5,100 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

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

| Group |  | Company |

£ | £ |

| Hire purchase contracts (see note 16) | 159,088 |  | - |  |

| Trade creditors | 952,125 |  | - |  |

| Amounts owed to group undertakings | - |  | 2,001,070 |  |

| Corporation tax | 106,096 |  | - |  |

| Social security and other taxes | 95,195 |  | - |  |

| VAT | 408,638 |  | - |  |

| Other creditors | 16,575 |  | - |  |

| Directors' current accounts | 17,000 |  | - |  |

| Accruals and deferred income | 1,142,999 |  | 3,500 |  |

2,897,716 |  | 2,004,570 |  |

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

| Group |

£ |

| Hire purchase contracts (see note 16) | 170,317 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire

| purchase

| contracts

£ |

| Net obligations repayable:

| Within one year | 159,088 |  |

| Between one and five years | 170,317 |  |

329,405 |  |

| Group

| Non- |

| cancellable |

| operating |

| leases |

£ |

| Within one year | 251,862 |  |

| Between one and five years | 826,002 |  |

1,077,864 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

17. | PROVISIONS FOR LIABILITIES

| Group |

£ |

| Deferred tax | 168,043 |  |

| Other provisions | 80,000 |  |

| Aggregate amounts | 248,043 |  |

| Group

| Deferred |  |

| tax |  | Warranty |

£ | £ |

| Provided during year | 168,043 |  | 80,000 |  |

| Balance at 31st May 2025 | 168,043 |  | 80,000 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

|  | value: |  | :£ |  | £ |  |

| Ordinary A |  |  | £1 |  | 25 |  | 100 |  |

| Ordinary B |  |  | £1 |  | 19 |  | - |  |

| Ordinary C |  |  | £1 |  | 23 |  | - |  |

| Ordinary D |  |  | £1 |  | 10 |  | - |  |

| Ordinary E |  |  | £1 |  | 23 |  | - |  |

|  | 100 |  | 100 |  |

| In July 2024 75 £1 Ordinary A shares were redesignated in to 19 £1 Ordinary B shares, 23 £1 ordinary C shares, 10 £1 ordinary D shares and 23 £1 ordinary E shares.

19. | RESERVES

| Group

| Retained

| earnings

£ |

| Profit for the year | 947,028 |  |

| Dividends | (305,000 | ) |

| At 31st May 2025 | 642,028 |  |

| BXFOUR GROUP LIMITED (REGISTERED NUMBER: 13703640) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

19. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1st June 2024 | (1,070 | ) |

| Profit for the year | 306,500 |  |

| Dividends | (305,000 | ) |

| At 31st May 2025 | 430 |  |

20. | NON-CONTROLLING INTERESTS

| Spicgem Limited holds 60% of the ordinary share capital of Foilit Northampton Limited.

|  | £ |  | Attributable to NCI (40%£ | ) |

| Profit for the 5 months to 31 May 2025 |  | 25,207 |  | 10,083 |  |

21. | 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. | ACQUISITION OF SUBSIDIARIES

| On 20 December 2024, BXFour Group Limited acquired the entire share capital of Redglaze Limited and it's subsidiary companies; Spicgem Limited (100% owned) and Foilit Northampton Limited (60% owned).

| The acquisition was part of a management buy out and the consideration was £2,000,000.

|  | £ |  | Fair value adjustment£ | Final£ |  |

| Net assets at acquisitionRedglaze Limited |  | 192,423 |  | - | 192,423 |  |

| Net assets at acquisitionSpicgem Limited |  | 4,717,611 |  | - | 4,717,611 |  |

| Net assets at acquisitionFoilit Northampton Limited (60%) |  | 166,583 |  | - | 166,583 |  |

| Total net assets at acquisition |  | 5,076,617 |  | - | 5,076,617 |  |

| Consideration for shares |  | 2,000,000 |  | - | 2,000,000 |  |

| Goodwill |  | 3,076,617 |  |  | 3,076,617 |  |

| See note 9.