Company registration number 04938668 (England and Wales)
ENGINEERING SERVICES (BRIDGEND) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
ENGINEERING SERVICES (BRIDGEND) LIMITED
COMPANY INFORMATION
Director
Mr K Francis
Secretary
Mrs D Francis
Company number
04938668
Registered office
Shepherds Yard
Australian Terrace
Bridgend
CF31 1LY
Auditor
Xeinadin Audit Limited
Suite 2d Building 1 Eastern Business Park
St Mellons
Cardiff
CF3 5EA
ENGINEERING SERVICES (BRIDGEND) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
ENGINEERING SERVICES (BRIDGEND) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The director presents the strategic report for the year ended 31 May 2025.

Review of the business

Details of the trading activities and financial position of the company are shown on page 12 and 13.

Financial key performance indicators

|  | 2025 | 2024
| Turnover | 6,916,874 | 9,965,290
| Profit before tax | 216,511 | 277,927
| GP% | 33 | 20
| EBITDA | 473,624 | 527,531

Turnover reduced by £3,048,412 (31%), however profitability has remained strong relative to the reduced scale of activity.

The improvement in gross margin reflects a favourable sales mix and tighter operational cost control.

EBITDA remains robust in the context of a significantly weaker machinery sales climate.

Future developments

Post year end the steel and scrap market has been impacted by political decisions in USA regarding tariffs and along with a weak dollar the activity in the sector for the sales of machinery has been depressed. The current global economic outlook has resulted in customers reluctance to purchase new machinery and to continue to rely on their own existing aging machinery. Although the sales of machinery have decreased as a result of these global uncertainties, the company has seen an increase in repairs and maintenance work on customers' existing machinery. The company is well positioned to take advantage of the shift in work to more repairs and maintenance, and they are also in a good position for when customers commence capital expenditure on new machinery.

ENGINEERING SERVICES (BRIDGEND) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Principal risks and uncertainties

The main risk still facing the company is the effect of Brexit and the impact of inflation. Although this will be industry wide it is still uncertain what effect this will have in the future.

The company's operations expose it to a variety of financial risks that include the effect of changes in market prices, credit risk and liquidity risk. The company has in place a risk management programme that seeks to limit adverse effects on the financial performance of the company. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the director are implemented by the finance department.

Price risk

Price risk for the business is the potential adverse impact that fluctuations in prices of goods, services, or inputs may have on the financial performance and profitability of the business. Various factors can contribute to price risk, and the businesses need to assess, manage, and adapt to these risks to remain resilient. The UK economy faced high levels of inflation as a result of a combination of supply shortages, energy prices, and labour costs.

The businesses will continually monitor and assess price risk factors in the evolving economic landscape for 2026/27 and beyond.

Credit risk

The principal credit risk arises from the recoverability of trade debtors and amounts recoverable on contract.

Effectively managing credit risk is essential for the businesses to maintain financial stability, protect assets, and sustain profitability. The company implements credit risk management practices through a combination of prudent credit terms, ongoing monitoring, and risk mitigation strategies. Ultimately, the credit risk is managed carefully by the Director's close working relationship with the core customer base.

Liquidity risk

The liquidity risk is a critical consideration for the businesses. The effective management involves maintaining a balance between optimising cash flows, managing working capital efficiently, and having contingency plans in place to address unforeseen challenges. Regular monitoring and proactive risk management are essential to ensure the business remains financially robust and adaptable to changing economic conditions.

On behalf of the board

Mr K Francis
Director
16 February 2026
ENGINEERING SERVICES (BRIDGEND) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of the supply and service of heavy machinery used in the industrial reprocessing industry

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr K Francis
Financial instruments

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Xeinadin Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr K Francis
Director
16 February 2026
ENGINEERING SERVICES (BRIDGEND) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

The director is 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. He is 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.

ENGINEERING SERVICES (BRIDGEND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENGINEERING SERVICES (BRIDGEND) LIMITED
- 5 -
Opinion

We have audited the financial statements of Engineering Services (Bridgend) Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

ENGINEERING SERVICES (BRIDGEND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENGINEERING SERVICES (BRIDGEND) LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.

ENGINEERING SERVICES (BRIDGEND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENGINEERING SERVICES (BRIDGEND) LIMITED (CONTINUED)
- 7 -

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance;

- Results of the enquiries of management about their own identification and assessment of the risks of

irregularities;

- Any matters we have identified having obtained and reviewed the company's documentation of their

policies and procedures relating to:

-- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

-- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

ENGINEERING SERVICES (BRIDGEND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENGINEERING SERVICES (BRIDGEND) LIMITED (CONTINUED)
- 8 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Catherine Ingram FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Suite 2d Building 1 Eastern Business Park
St Mellons
Cardiff
CF3 5EA
16 February 2026
ENGINEERING SERVICES (BRIDGEND) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
6,916,874
9,965,286
Cost of sales
(4,610,535)
(7,992,066)
Gross profit
2,306,339
1,973,220
Distribution costs
(25,058)
(41,147)
Administrative expenses
(2,262,695)
(2,370,189)
Other operating income
206,400
723,153
Operating profit
5
224,986
285,037
Interest receivable and similar income
8
3,497
6,021
Interest payable and similar expenses
9
(11,972)
(13,131)
Profit before taxation
216,511
277,927
Tax on profit
10
216,265
(142,579)
Profit for the financial year
432,776
135,348

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ENGINEERING SERVICES (BRIDGEND) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
2025
2024
£
£
Profit for the year
432,776
135,348
Other comprehensive income
-
-
Total comprehensive income for the year
432,776
135,348
ENGINEERING SERVICES (BRIDGEND) LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
795,003
931,516
Current assets
Stocks
13
4,454,355
4,820,378
Debtors
14
1,204,427
1,592,062
Cash at bank and in hand
231,283
30,563
5,890,065
6,443,003
Creditors: amounts falling due within one year
15
(1,299,268)
(2,293,427)
Net current assets
4,590,797
4,149,576
Total assets less current liabilities
5,385,800
5,081,092
Creditors: amounts falling due after more than one year
16
-
0
(74,583)
Provisions for liabilities
Deferred tax liability
19
151,746
205,231
(151,746)
(205,231)
Net assets
5,234,054
4,801,278
Capital and reserves
Called up share capital
22
80,000
80,000
Profit and loss reserves
5,154,054
4,721,278
Total equity
5,234,054
4,801,278

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 16 February 2026
Mr K Francis
Director
Company registration number 04938668 (England and Wales)
ENGINEERING SERVICES (BRIDGEND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
80,000
4,585,930
4,665,930
Year ended 31 May 2024:
Profit and total comprehensive income
-
135,348
135,348
Balance at 31 May 2024
80,000
4,721,278
4,801,278
Year ended 31 May 2025:
Profit and total comprehensive income
-
432,776
432,776
Balance at 31 May 2025
80,000
5,154,054
5,234,054
ENGINEERING SERVICES (BRIDGEND) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
145,702
152,916
Interest paid
(11,972)
(13,131)
Income taxes refunded/(paid)
198,711
(67,821)
Net cash inflow from operating activities
332,441
71,964
Investing activities
Purchase of tangible fixed assets
(118,085)
(109,723)
Proceeds from disposal of tangible fixed assets
(3)
13,317
Repayment of loans
(581)
-
0
Interest received
3,497
6,021
Net cash used in investing activities
(115,172)
(90,385)
Financing activities
Repayment of bank loans
-
0
(212,715)
Payment of finance leases obligations
(103,655)
(79,280)
Net cash used in financing activities
(103,655)
(291,995)
Net increase/(decrease) in cash and cash equivalents
113,614
(310,416)
Cash and cash equivalents at beginning of year
(71,443)
238,973
Cash and cash equivalents at end of year
42,171
(71,443)
Relating to:
Cash at bank and in hand
231,283
30,563
Bank overdrafts included in creditors payable within one year
(189,112)
(102,006)
ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
1
Accounting policies
Company information

Engineering Services (Bridgend) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shepherds Yard, Australian Terrace, Bridgend, CF31 1LY.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Machinery sales

- Spares and repair sales

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

Interest income

Interest income is recognised using the effective interest rate method.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Computers
10% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Impairment of debtors

The company make estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience

Slow moving and obsolete stock

The company asses at each reporting date whether any stock is impaired and it is impracticable to determine the selling price less costs to complete and sell for stocks item by item. As a result of the nature of business, items of stock can be held for up to a number of years and utilised on a number of different machines, without being considered impaired. There is a large degree of judgement an estimation uncertainty with regards to the assessment of slow moving or obsolete stock provisions.

The director takes comfort that stock will either be used on future contracts, or has a high realisable value because of the significant increase in metal prices since the older stock was purchased.

Valuation of work in progress

When returns are probable, an estimate is made of the expected financial impact of these returns. The estimate is based upon historical data on the return rates and the expenditure incurred to date using the percentage -of- completion methodology. The percentage-of-completion methodology involves recognising probable and reasonable estimable revenue using the percentage of services completed, on a current cumulative cost to estimated total cost basis, using a reasonable consistent profit margin over the period.

Due to the longer-term nature of these projects, developing the estimates of costs often requires significant judgement. Factors that must be considered in estimating the progress of work completed and ultimate cost of the projects include, but are not limited to, the availability of labour and labour productivity, the nature and complexity of the work to be performed and the impact of the delayed performance.

If changes occur in delivery, productivity or other factors used in developing the estimates of costs or revenues, we revise our cost and revenue estimates, which may result in increases or decreases in revenues and costs. Such revisions are reflected in income in the period in which the facts that give rise to that revision become known.

If at any times these estimates indicates the contract will be unprofitable, the entire estimated loss for the reminder of the contract is recorded immediately in cost.

We perform ongoing profitability analyses of our services contracts in order to determine whether the latest estimates require updating.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
UK Spares, machinery & repairs
6,040,597
8,285,870
Overseas spares & repairs
876,277
1,679,416
6,916,874
9,965,286
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,040,597
8,285,870
Overseas
876,277
1,679,416
6,916,874
9,965,286
2025
2024
£
£
Other revenue
Interest income
3,497
6,021
4
Exceptional item
2025
2024
£
£
Income
Exceptional item - Other operating income
206,400
723,153
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(5,322)
(4,658)
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
11,000
Depreciation of tangible fixed assets
248,638
243,584
Loss/(profit) on disposal of tangible fixed assets
5,963
(6,940)
Operating lease charges
186,504
166,495
ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
6
Employees

Their aggregate remuneration comprised:

2025
2024
Number
Number
Production staff
31
32
Administrative staff
21
21
Total
52
53

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,683,886
2,805,145
Social security costs
48
13,857
Pension costs
211,519
189,481
2,895,453
3,008,483
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
66,966
79,400
Company pension contributions to defined contribution schemes
33,000
33,000
99,966
112,400
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
3,497
6,021
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,497
6,021
ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
11,972
13,131
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(162,780)
123,998
Deferred tax
Origination and reversal of timing differences
(53,485)
18,581
Total tax (credit)/charge
(216,265)
142,579

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
216,511
277,927
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
54,128
69,482
Tax effect of expenses that are not deductible in determining taxable profit
(26,225)
25,010
Permanent capital allowances in excess of depreciation
(30,457)
29,506
Research and development tax credit
(213,711)
-
0
-
0
18,581
Taxation (credit)/charge for the year
(216,265)
142,579
ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2024
192,677
1,276,051
157,048
122,405
833,775
2,581,956
Additions
-
0
94,101
320
5,751
17,913
118,085
Disposals
-
0
-
0
-
0
(61,415)
(12,055)
(73,470)
At 31 May 2025
192,677
1,370,152
157,368
66,741
839,633
2,626,571
Depreciation and impairment
At 1 June 2024
89,284
742,596
111,930
97,396
609,234
1,650,440
Depreciation charged in the year
19,268
97,322
8,066
17,207
106,775
248,638
Eliminated in respect of disposals
-
0
-
0
-
0
(55,454)
(12,056)
(67,510)
At 31 May 2025
108,552
839,918
119,996
59,149
703,953
1,831,568
Carrying amount
At 31 May 2025
84,125
530,234
37,372
7,592
135,680
795,003
At 31 May 2024
103,393
533,455
45,118
25,009
224,541
931,516

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
83,816
95,117
Motor vehicles
99,757
176,365
183,573
271,482
12
Financial instruments
13
Stocks
2025
2024
£
£
Raw materials and consumables
2,004,976
2,631,978
Work in progress
2,449,379
2,188,400
4,454,355
4,820,378
ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,087,674
1,498,221
Other debtors
55,349
14,177
Prepayments and accrued income
61,404
79,664
1,204,427
1,592,062
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
189,112
102,006
Obligations under finance leases
18
74,583
103,655
Trade creditors
241,999
1,115,628
Corporation tax
159,929
123,998
Other taxation and social security
368,485
91,567
Deferred income
20
-
0
128,925
Other creditors
126,700
504,929
Accruals and deferred income
138,460
122,719
1,299,268
2,293,427
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
-
0
74,583
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
189,112
102,006
Payable within one year
189,112
102,006

Overdraft facility secured by following

- A Debenture granted by Engineering Services (Bridgend) Limited in favour of Barclays Bank PLC

- A Guarantee for £ 100,000 from Director Mr Kevin Francis in favour of Barclays Bank PLC

- A legal charge over the Land and buildings at Shepherds Yard, Australian Terrace, Bridgend in favour of Barclays Bank PLC

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
74,583
103,655
In two to five years
-
0
74,583
74,583
178,238

Obligations under hire purchase agreements are secured upon the assets to which they relate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
151,746
205,231
2025
Movements in the year:
£
Liability at 1 June 2024
205,231
Credit to profit or loss
(53,485)
Liability at 31 May 2025
151,746

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Deferred income
2025
2024
£
£
Other deferred income
-
128,925
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
169,113
142,537

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 27 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
80,000
80,000
80,000
80,000
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Sales and Management recharge
47,804
140,500
-
-
Rent
-
-
237,600
193,000

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
70,166
363,600
24
Ultimate controlling party

In the opinion of the director, the ultimate controlling party is Mr K Francis, who owns 51% of the company's issued share capital.

ENGINEERING SERVICES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 28 -
25
Cash generated from operations
2025
2024
£
£
Profit after taxation
432,776
135,348
Adjustments for:
Taxation (credited)/charged
(216,265)
142,579
Finance costs
11,972
13,131
Investment income
(3,497)
(6,021)
Loss/(gain) on disposal of tangible fixed assets
5,963
(6,940)
Depreciation and impairment of tangible fixed assets
248,638
243,584
Decrease in deferred income
-
(273,860)
Movements in working capital:
Decrease in stocks
366,023
173,752
Decrease/(increase) in debtors
388,216
(99,585)
Decrease in creditors
(959,199)
(297,997)
(Decrease)/increase in deferred income
(128,925)
128,925
Cash generated from operations
145,702
152,916
26
Analysis of changes in net debt
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
30,563
200,720
231,283
Bank overdrafts
(102,006)
(87,106)
(189,112)
(71,443)
113,614
42,171
Lease liabilities
(178,238)
103,655
(74,583)
(249,681)
217,269
(32,412)
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