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SPICGEM LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2025

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Notes to the Financial Statements | 12 |

| SPICGEM LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MAY 2025

| DIRECTORS: | S M Bygrave

| R J Burrells

| M L Bygrave

| P M Bygrave

| T S Bygrave

| SECRETARY: | S M Bygrave

| REGISTERED OFFICE: | 35 Stilebrook Road

| Yardley Road Industrial Estate

| Olney

| Buckinghamshire

| MK46 5EA

| REGISTERED NUMBER: | 01294999 (England and Wales)

| AUDITORS: | HW Bedford Limited

| First Floor, Woburn Court

| 2 Railton Road

| Woburn Rd Ind Est

| Kempston

| Bedfordshire

| MK42 7PN

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST MAY 2025

The directors present their strategic report for the year ended 31st May 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The Directors can report an improvement in turnover for 2025, with turnover increasing from £15,212,730 to £16,088,712. This increase is a reflection of a more accurate growth pattern.

The company continues to monitor gross profit margins as a key performance indicator. Gross profit margins for the year were down from 28.4% to 25.2%. Since the end of the year the market place has suffered from the overall economic climate with inflation levels and interest rates so demand has realigned. The company still remains profitable.

In the previous year the company invested close to £500,000 on capital equipment and software operating systems. Leaving the business in a great place to maximise bottom line revenue and increase capacity to be able to efficiently gain more work. This also allows growth without need to dramatically increase labour beyond current, there is evidence already of these benefits filtering through to the figures and for customer retention due to increase of product quality and OTIF metrics.

In a difficult market place the Directors are satisfied with the performance and current position of the business.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST MAY 2025

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 company will have adequate resources to meet its financial obligations as they fall due for the foreseeable future.

ON BEHALF OF THE BOARD:

R J Burrells - Director

4th February 2026

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST MAY 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing double glazed windows.

DIVIDENDS

An interim dividend of 30.5 per share was paid on 8th January 2025. The directors recommend that no final dividend be paid.

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.

S M Bygrave

R J Burrells

M L Bygrave

P M Bygrave

T S Bygrave

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

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

SPICGEM LIMITED

Opinion

We have audited the financial statements of Spicgem Limited (the 'company') for the year ended 31st May 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31st May 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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

SPICGEM LIMITED

Matters on which we are required to report by exception

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

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

- 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 judgements made by management in its significant accounting estimates and judgments pertaining to the assessment and evaluation of work in progress and stock provisions, and expected recovery of amounts recoverable on contracts.

- 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.

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

SPICGEM 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 FCA (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

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST MAY 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

TURNOVER | 16,088,712 |  | 15,212,730 |  |

Cost of sales | 12,030,242 |  | 10,888,652 |  |

GROSS PROFIT | 4,058,470 |  | 4,324,078 |  |

Administrative expenses | 2,616,369 |  | 2,498,721 |  |

1,442,101 |  | 1,825,357 |  |

Other operating income | 171,611 |  | - |  |

OPERATING PROFIT | 4 | 1,613,712 |  | 1,825,357 |  |

Interest receivable and similar income | 64,996 |  | 68,297 |  |

1,678,708 |  | 1,893,654 |  |

Interest payable and similar expenses | 5 | 28,108 |  | 35,086 |  |

PROFIT BEFORE TAXATION | 1,650,600 |  | 1,858,568 |  |

Tax on profit | 6 | 383,119 |  | 480,702 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,267,481 |  | 1,377,866 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,267,481 |  | 1,377,866 |  |

Prior year adjustment | 8 | 228,620 |  |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 1,496,101 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

BALANCE SHEET

31ST MAY 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 11,393 |  | 16,372 |  |

Tangible assets | 10 | 601,171 |  | 887,339 |  |

Investments | 11 | 60 |  | 60 |  |

612,624 |  | 903,771 |  |

CURRENT ASSETS

Stocks | 12 | 1,411,209 |  | 1,415,863 |  |

Debtors | 13 | 3,863,133 |  | 1,426,214 |  |

Cash at bank and in hand | 2,316,195 |  | 3,359,527 |  |

7,590,537 |  | 6,201,604 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,729,517 |  | 2,317,112 |  |

NET CURRENT ASSETS | 4,861,020 |  | 3,884,492 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,473,644 |  | 4,788,263 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (151,705 | ) | (358,193 | ) |

PROVISIONS FOR LIABILITIES | 20 | (230,293 | ) | (300,905 | ) |

NET ASSETS | 5,091,646 |  | 4,129,165 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 10,000 |  | 10,000 |  |

Retained earnings | 22 | 5,081,646 |  | 4,119,165 |  |

SHAREHOLDERS' FUNDS | 5,091,646 |  | 4,129,165 |  |

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

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST MAY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st June 2023 | 10,000 |  | 3,341,299 |  | 3,351,299 |  |

Changes in equity

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

Total comprehensive income | - |  | 1,149,246 |  | 1,149,246 |  |

Balance at 31st May 2024 | 10,000 |  | 3,890,545 |  | 3,900,545 |  |

Prior year adjustment | - |  | 228,620 |  | 228,620 |  |

As restated | 10,000 |  | 4,119,165 |  | 4,129,165 |  |

Changes in equity

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

Total comprehensive income | - |  | 1,267,481 |  | 1,267,481 |  |

Balance at 31st May 2025 | 10,000 |  | 5,081,646 |  | 5,091,646 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

1. | STATUTORY INFORMATION

| Spicgem Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Preparation of consolidated financial statements

| The financial statements contain information about Spicgem Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Redglaze Limited, First Floor, Woburn Court 2 Railton Road, Woburn Road Industrial Estate, Kempston, Bedfordshire, England, MK42 7PN.

| Critical accounting judgements and key sources of estimation uncertainty

| 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.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the 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.

| 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 three years.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Plant and machinery |  | 20% on cost |  |

| Fixture and fittings |  | 33% on cost |  |

| Motor vehicles |  | Vans at 33% on cost and Cars at 20% on cost |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| During the period a general provision was made for slow moving/obsolete stocks which represents 5% (2024: 5%) of stock, being £74,274 (2024: £71,996).

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expenses recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that:

| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the difference between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| Defined contribution pension plan

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

| The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shows in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Finance costs

| Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

2. | ACCOUNTING POLICIES - continued

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

| Holiday pay accrual

| A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

| Interest income

| Interest income is recognised in the income statement using the effective interest method.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the balance sheet.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| as restated |

£ | £ |

| Wages and salaries | 3,728,636 |  | 3,634,110 |  |

| Social security costs | 349,705 |  | 316,641 |  |

| Other pension costs | 63,902 |  | 59,790 |  |

4,142,243 |  | 4,010,541 |  |

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

| 2025 |  | 2024

| as restated |

| Employees | 120 |  | 132 |  |

| 2025 |  | 2024

| as restated |

£ | £ |

| Directors' remuneration | 347,191 |  | 359,828 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

3. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Emoluments etc | 99,500 |  | 99,500 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

| as restated |

£ | £ |

| Hire of plant and machinery | 4,984 |  | 4,234 |  |

| Depreciation - owned assets | 151,591 |  | 181,166 |  |

| Depreciation - assets on hire purchase contracts | 183,267 |  | 176,095 |  |

| Loss on disposal of fixed assets | - |  | 3,040 |  |

| Patents and licences amortisation | 4,979 |  | 798 |  |

| Auditors' remuneration | 12,700 |  | 12,300 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| as restated |

£ | £ |

| Bank loan interest | 642 |  | 7,337 |  |

| Hire purchase interest | 27,466 |  | 27,749 |  |

28,108 |  | 35,086 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 539,927 |  | 446,688 |  |

| Prior period under/(over) provisions | (86,196 | ) | - |  |

| Total current tax | 453,731 |  | 446,688 |  |

| Deferred tax | (70,612 | ) | 34,014 |  |

| Tax on profit | 383,119 |  | 480,702 |  |

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

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE 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:

| 2025 |  | 2024

| as restated |

£ | £ |

| Profit before tax | 1,650,600 |  | 1,858,568 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 412,650 |  | 464,642 |  |

| Effects of:

| Expenses not deductible for tax purposes | 18,209 |  | 14,425 |  |

| Capital allowances in excess of depreciation | - |  | (32,379 | ) |

| Depreciation in excess of capital allowances | 66,165 |  | - |  |

| Deferred tax | (70,612 | ) | 34,014 |  |

| Prior period under/(over) provisions | (86,196 | ) | - |  |

| Research and Development Expenditure adjustment | 42,903 |  | - |  |

| Total tax charge | 383,119 |  | 480,702 |  |

7. | DIVIDENDS

| 2025 |  | 2024

| as restated |

£ | £ |

| Ordinary shares of £1 each

| Interim | 305,000 |  | 600,000 |  |

8. | PRIOR YEAR ADJUSTMENT

| It was identified that stock was understated by £311,441 in relation to the 2024 valuation therefore an adjustment has been made to rectify this. The Corporation Tax liability as a result of this has also been included.

| Understated stock valuation as at 31 May 2024 |  | £311,441 |  |

| Corporation tax effect on understated stock |  | £(82,308 | ) |

| Total |  | £229,133 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1st June 2024

| and 31st May 2025 | 17,170 |  |

| AMORTISATION

| At 1st June 2024 | 798 |  |

| Amortisation for year | 4,979 |  |

| At 31st May 2025 | 5,777 |  |

| NET BOOK VALUE

| At 31st May 2025 | 11,393 |  |

| At 31st May 2024 | 16,372 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st June 2024 | 1,717,842 |  | 94,459 |  | 318,685 |  | 2,130,986 |  |

| Additions | 43,650 |  | 5,040 |  | - |  | 48,690 |  |

| At 31st May 2025 | 1,761,492 |  | 99,499 |  | 318,685 |  | 2,179,676 |  |

| DEPRECIATION

| At 1st June 2024 | 1,078,585 |  | 61,844 |  | 103,218 |  | 1,243,647 |  |

| Charge for year | 251,755 |  | 18,611 |  | 64,492 |  | 334,858 |  |

| At 31st May 2025 | 1,330,340 |  | 80,455 |  | 167,710 |  | 1,578,505 |  |

| NET BOOK VALUE

| At 31st May 2025 | 431,152 |  | 19,044 |  | 150,975 |  | 601,171 |  |

| At 31st May 2024 | 639,257 |  | 32,615 |  | 215,467 |  | 887,339 |  |

| The net book value of tangible fixed assets includes £ 335,696 (2024 - £ 518,963 ) in respect of assets held under hire purchase contracts.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st June 2024

| and 31st May 2025 | 60 |  |

| NET BOOK VALUE

| At 31st May 2025 | 60 |  |

| At 31st May 2024 | 60 |  |

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

| Foilit (Northampton) Limited

| Registered office: First Floor, Woburn Court 2 Railton Road, Woburn Road Industrial Estate, Kempston, Bedfordshire, United Kingdom, MK42 7PN

| Nature of business: manufacturer of windows

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

12. | STOCKS

2025 | 2024 |

| as restated |

£ | £ |

| Stocks | 1,411,209 |  | 1,415,863 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Trade debtors | 1,366,423 |  | 1,069,925 |  |

| Doubtful debt provision | (45,271 | ) | (217,692 | ) |

| Amounts owed by group undertakings | 2,012,337 |  | 58,289 |  |

| Amounts owed by participating interests | 14,297 |  | 4,948 |  |

| Amounts recoverable on contract | 302,607 |  | 263,500 |  |

| Other debtors | 7,103 |  | 4,559 |  |

| Directors' current accounts | - |  | 55,373 |  |

| Prepayments and accrued income | 205,637 |  | 187,312 |  |

3,863,133 |  | 1,426,214 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

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

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans and overdrafts (see note 16) | - |  | 50,000 |  |

| Hire purchase contracts (see note 17) | 152,321 |  | 198,485 |  |

| Trade creditors | 831,111 |  | 799,939 |  |

| Amounts owed to group undertakings | 21,840 |  | 3,840 |  |

| Corporation tax | 139,136 |  | 196,688 |  |

| Social security and other taxes | 90,558 |  | 79,526 |  |

| VAT | 371,553 |  | 395,643 |  |

| Other creditors | 15,632 |  | 13,442 |  |

| Accruals and deferred income | 1,107,366 |  | 579,549 |  |

2,729,517 |  | 2,317,112 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans (see note 16) | - |  | 54,167 |  |

| Hire purchase contracts (see note 17) | 151,705 |  | 304,026 |  |

151,705 |  | 358,193 |  |

16. | LOANS

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

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | - |  | 50,000 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 54,167 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

17. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

| as restated |

£ | £ |

| Net obligations repayable:

| Within one year | 152,321 |  | 198,485 |  |

| Between one and five years | 151,705 |  | 304,026 |  |

304,026 |  | 502,511 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| as restated |

£ | £ |

| Hire purchase contracts | 304,026 |  | 502,511 |  |

19. | FINANCIAL INSTRUMENTS

| The Company carries no financial instruments at fair value.

20. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax | 150,293 |  | 220,905 |  |

| Other provisions | 80,000 |  | 80,000 |  |

230,293 |  | 300,905 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1st June 2024 | 220,905 |  | 80,000 |  |

| Provided during year | (70,612 | ) | - |  |

| Balance at 31st May 2025 | 150,293 |  | 80,000 |  |

| Other provisions includes a warranty provision and a dilapidation provision.

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

22. | RESERVES

| Retained

| earnings

£ |

| At 1st June 2024 | 3,890,545 |  |

| Prior year adjustment | 228,620 |  |

4,119,165 |  |

| Profit for the year | 1,267,481 |  |

| Dividends | (305,000 | ) |

| At 31st May 2025 | 5,081,646 |  |

23. | OTHER FINANCIAL COMMITMENTS

| At the balance sheet date, the Company had a minimum of other financial commitments under operating leases of £317,495 (2024: £403,495).

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31st May 2025 and 31st May 2024:

2025 | 2024 |

| as restated |

£ | £ |

| R J Burrells

| Balance outstanding at start of year | 25,280 |  | - |  |

| Amounts advanced | 21,720 |  | 25,280 |  |

| Amounts repaid | (47,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 25,280 |  |

| T S Bygrave

| Balance outstanding at start of year | 30,092 |  | - |  |

| Amounts advanced | 4,908 |  | 30,092 |  |

| Amounts repaid | (35,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 30,092 |  |

| SPICGEM LIMITED (REGISTERED NUMBER: 01294999) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MAY 2025

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| Interest has been charged using the official rate of interest per HMRC.

25. | 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.

| At the balance sheet date a balance was owed by the ultimate parent company, Bxfour Group Limited totalling £2,000,000.

| At the balance sheet date a balance was owed by a subsidiary undertaking, Foilit (Northampton) Limited totalling £12,337 (2024: £58,288).

26. | ULTIMATE PARENT COMPANY

| During the financial year the group structure changed in way of a management buy-out.

| The ultimate parent company at the balance sheet date was Bxfour Group Limited, a company registered in England.

| Their registered office is First Floor Woburn Court, 2 Railton Road, Kempston, Bedford, MK42 7PN.

| Copies of the financial statements of Bxfour Group Limited are available from Companies House.