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COMPANY REGISTRATION NUMBER: 07123284

Sevcap Ltd

Filleted Unaudited Financial Statements

31 January 2026

Sevcap Ltd

Consolidated Statement of Financial Position

31 January 2026

| 2026 | 2025
Note | £ | £

Current assets

Debtors | 8 | 21,511,598 | 20,445,097
Investments | 9 | 505,732 | –
Cash at bank and in hand | 1,213,772 | 1,292,571
| ------------- | -------------
| 23,231,102 | 21,737,668

Creditors: amounts falling due within one year | 10 | 10,597,053 | 9,768,337
| ------------- | -------------
Net current assets | 12,634,049 | 11,969,331
| ------------- | -------------
Total assets less current liabilities | 12,634,049 | 11,969,331

Creditors: amounts falling due after more than one year | 11 | 5,881,387 | 6,678,051
| ------------- | -------------
Net assets | 6,752,662 | 5,291,280
| ------------- | -------------

Capital and reserves

Called up share capital | 12 | 100 | 100
Profit and loss account | 6,752,562 | 5,291,180
| ------------ | ------------
Shareholder funds | 6,752,662 | 5,291,280
| ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sevcap Ltd

Consolidated Statement of Financial Position (continued)

31 January 2026
These financial statements were approved by the board of directors and authorised for issue on 19 February 2026 , and are signed on behalf of the board by:

Mr A Harvie-Clark |
Director |

Company registration number: 07123284

Sevcap Ltd

Company Statement of Financial Position

31 January 2026

| 2026 | 2025
Note | £ | £

Fixed assets

Investments | 7 | 2 | 2

Current assets

Debtors | 8 | 8,868,738 | 8,850,244
Investments | 9 | 505,732 | –
Cash at bank and in hand | 904,939 | 939,893
| ------------- | ------------
| 10,279,409 | 9,790,137

Creditors: amounts falling due within one year | 10 | 626,440 | 1,076,859
| ------------- | ------------
Net current assets | 9,652,969 | 8,713,278
| ------------ | ------------
Total assets less current liabilities | 9,652,971 | 8,713,280

Creditors: amounts falling due after more than one year | 11 | 5,180,000 | 4,600,000
| ------------ | ------------
Net assets | 4,472,971 | 4,113,280
| ------------ | ------------

Capital and reserves

Called up share capital | 12 | 100 | 100
Profit and loss account | 4,472,871 | 4,113,180
| ------------ | ------------
Shareholder funds | 4,472,971 | 4,113,280
| ------------ | ------------

The profit for the financial year of the parent company was £ 359,691 (2025: £ 336,537 ).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sevcap Ltd

Company Statement of Financial Position (continued)

31 January 2026
These financial statements were approved by the board of directors and authorised for issue on 19 February 2026 , and are signed on behalf of the board by:

Mr A Harvie-Clark |
Director |

Company registration number: 07123284

Sevcap Ltd

Notes to the Financial Statements

Year ended 31 January 2026
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Third Floor, 1 New Fetter Lane, London, EC4A1AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Sevcap Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 25% straight line

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2025: 2 ).
5. Tax on profit
Major components of tax expense

| 2026 | 2025
| £ | £

Current tax:

UK current tax expense | 489,614 | 487,700
Adjustments in respect of prior periods | 1,185 | –
| --------- | ---------
Total current tax | 490,799 | 487,700
| --------- | ---------
Tax on profit | 490,799 | 487,700
| --------- | ---------

6. Tangible assets

Group and company | Plant and machinery
| £
Cost |
At 1 February 2025 and 31 January 2026 | 8,068
| -------
Depreciation |
At 1 February 2025 and 31 January 2026 | 8,068
| -------
Carrying amount |
At 31 January 2026 | –
| -------
At 31 January 2025 | –
| -------

7. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 February 2025 and 31 January 2026 | 2
| ----
Impairment |
At 1 February 2025 and 31 January 2026 | –
| ----

Carrying amount |
At 1 February 2025 and 31 January 2026 | 2
| ----
At 31 January 2025 | 2
| ----

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Sevcap I Ltd. Third Floor, 1 New Fetter Lane, London, EC4A 1AN | Ordinary | 100
Sevcap II Ltd. Third Floor, 1 New Fetter Lane, London, EC4A 1AN | Ordinary | 100

The company owns 100% of Sevcap I Ltd which is a company incorporated in England and Wales. It made a profit in the year of £734,306 (2025 £802,261) and at the year end had net assets of £1,587,994 (2025 £853,688). It also owns 100% of Sevcap II which is incorporated in England and Wales. It made a profit in the year of £367,384 (2025 £324,313) and had net assets at the year end of £691,698 (2025 £324,314). Overall the U.K. Group Profit before Tax for the year was £1,952,181 (2025 £1,950,811).
8. Debtors

| Group | Company
| 2026 | 2025 | 2026 | 2025
| £ | £ | £ | £
Trade debtors | 21,483,971 | 20,353,674 | 566,006 | 586,323
Amounts owed by group undertakings and undertakings in which the company has a participating interest | – | – | 8,290,232 | 8,263,921
Other debtors | 27,627 | 91,423 | 12,500 | –
| ------------- | ------------- | ------------ | ------------
| 21,511,598 | 20,445,097 | 8,868,738 | 8,850,244
| ------------- | ------------- | ------------ | ------------

9. Investments

| Group | Company
| 2026 | 2025 | 2026 | 2025
| £ | £ | £ | £
Other investments | 505,732 | – | 505,732 | –
| --------- | ---- | --------- | ----

10. Creditors: amounts falling due within one year

| Group | Company
| 2026 | 2025 | 2026 | 2025
| £ | £ | £ | £
Bank loans and overdrafts | 9,696,839 | 8,314,824 | – | –
Corporation tax | 364,614 | 486,516 | 122,360 | 111,062
Social security and other taxes | 37,347 | 45,265 | 37,347 | 45,265
Other creditors | 498,253 | 921,732 | 466,733 | 920,532
| ------------- | ------------ | --------- | ------------
| 10,597,053 | 9,768,337 | 626,440 | 1,076,859
| ------------- | ------------ | --------- | ------------

11. Creditors: amounts falling due after more than one year

| Group | Company
| 2026 | 2025 | 2026 | 2025
| £ | £ | £ | £
Bank loans and overdrafts | 5,881,387 | 6,678,051 | 5,180,000 | 4,600,000
| ------------ | ------------ | ------------ | ------------

Included in creditors for the company are loans of £5,180,000 (2025 £4,600,000) which are secured against the company's assets. For the Group the amounts are £14,578,226 (2025 £14,992,875).
12. Called up share capital
Authorised share capital

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

Issued, called up and fully paid

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

13. Director's advances, credits and guarantees
Included in other creditors are loans from the Director of £256,635 (2025 £738,788). The loans are repayable on demand and in the year interest of £36,636 (2025 £34,096) was charged on these loans.