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REGISTERED NUMBER: 04227801 (England and Wales)

| MASSERS LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 1 APRIL 2024 TO 31 MAY 2025 |

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

MASSERS LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

| DIRECTORS: | Mrs A Bowman

| Mr T M G Gladdle

| Mr R B Hammond

| Miss C M Yardley

| REGISTERED OFFICE: | 2 Kayes Walk, Stoney Street

| The Lace Market

| Nottingham

| Nottinghamshire

| NG1 1PZ

| REGISTERED NUMBER: | 04227801 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mr Gary Underwood

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| Pinnacle House

| 1 Pinnacle Way

| Derby

| Derbyshire

| DE24 8ZS

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

STATEMENT OF FINANCIAL POSITION

31 MAY 2025

| 31.5.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | - |  | 7,169 |  |

- |  | 7,169 |  |

CURRENT ASSETS

Debtors | 6 | - |  | 1,257,256 |  |

Cash at bank and in hand | 1 |  | 1,004,845 |  |

1 |  | 2,262,101 |  |

CREDITORS

Amounts falling due within one year | 7 | - |  | 469,982 |  |

NET CURRENT ASSETS | 1 |  | 1,792,119 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1 |  | 1,799,288 |  |

PROVISIONS FOR LIABILITIES | - |  | 2,382 |  |

NET ASSETS | 1 |  | 1,796,906 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 1 |  | 25,000 |  |

Retained earnings | - |  | 1,771,906 |  |

SHAREHOLDERS' FUNDS | 1 |  | 1,796,906 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2026 and were signed on its behalf by:

Miss C M Yardley - Director

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

1. | STATUTORY INFORMATION

| Massers 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

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

| Tangible fixed assets

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

| Long leasehold |  | - |  | Straight line over the life of the lease |  |

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

| Fixtures and fittings |  | - |  | 25% on reducing balance |  |

| Financial instruments

| The company has chosen to adopt the FRS102 1A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

| 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. Accounts 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.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 16 (2024 - 32 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024 | 750,000 |  |

| Disposals | (750,000 | ) |

| At 31 May 2025 | - |  |

| AMORTISATION

| At 1 April 2024 | 750,000 |  |

| Disposals | (750,000 | ) |

| At 31 May 2025 | - |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  |

| At 31 March 2024 | - |  |

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 65,990 |  | 112,241 |  | 178,231 |  |

| Additions | - |  | 680 |  | 680 |  |

| Disposals | (65,990 | ) | (112,921 | ) | (178,911 | ) |

| At 31 May 2025 | - |  | - |  | - |  |

| DEPRECIATION

| At 1 April 2024 | 65,990 |  | 105,072 |  | 171,062 |  |

| Charge for period | - |  | 2,213 |  | 2,213 |  |

| Disposals | (65,990 | ) | (107,285 | ) | (173,275 | ) |

| At 31 May 2025 | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  | - |  | - |  |

| At 31 March 2024 | - |  | 7,169 |  | 7,169 |  |

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

| 31.5.25 |  | 31.3.24

£ | £ |

| Trade debtors | - |  | 204,289 |  |

| Other debtors | - |  | 1,052,967 |  |

- |  | 1,257,256 |  |

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

| 31.5.25 |  | 31.3.24

£ | £ |

| Trade creditors | - |  | 34,590 |  |

| Taxation and social security | - |  | 371,093 |  |

| Other creditors | - |  | 64,299 |  |

- |  | 469,982 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

| Number: |  | Class: |  |  | Nominal |  | 31.5.25 |  |  | 31.3.24 |

|  | Value: |  | £ |  |  | £ |

| 1 |  | Ordinary |  |  | £1 |  | 1 |  |  | 25,000 |

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was qualified on the following basis:

| Basis for qualified opinion

| We were not appointed as auditor of the company until after 31 March 2024 and thus were unable to satisfy ourselves concerning opening balances quantities held at 31 March 2024. Consequently, we were unable to determine whether any adjustment to these amounts were necessary. In addition, were any adjustment to the opening balances be required, the director's report would also need to be amended.

| The company was previously exempt from audit under section 477 of the Companies Act 2006. Since the opening balances enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in the respect of profit for the period reported in the Profit and Loss account.

| 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 qualified | opinion. |

| Emphasis of Matter - Financial Statement prepared on a basis other than going concern |

| We draw attention to Note 11 to the financial statements which explains that the entirety of the assets and trade was hived up into the | immediate parent company on 30 September 2024, with the company subsequently ceasing to carry on its trade. The directors therefore | do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the | financial statements have been prepared on a basis other than going concern as described in Note 11. Our opinion is not modified in | respect of this matter. |

| Matters required to report by exception

| Except for the matter described in the basis for qualified opinion section of our report, 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 Report of the Directors.

| Arising solely from the limitation on the scope of our work relating to opening balances, referred to above:

| - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

| - we were unable to determine whether adequate accounting records have been kept.

| 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:

| - 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.

| - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

| Mr Gary Underwood (Senior Statutory Auditor)

| for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the period ended 31 May 2025 and the year ended 31 March 2024:

| 31.5.25 |  | 31.3.24

£ | £ |

| Mr T Brooke

| Balance outstanding at start of period | 5,439 |  | (3 | ) |

| Amounts advanced | 166,281 |  | 90,788 |  |

| Amounts repaid | (171,720 | ) | (85,346 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | - |  | 5,439 |  |

MASSERS LIMITED (REGISTERED NUMBER: 04227801)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2024 TO 31 MAY 2025

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

| Mr J P Carley

| Balance outstanding at start of period | 38,151 |  | (9 | ) |

| Amounts advanced | 133,569 |  | 149,788 |  |

| Amounts repaid | (171,720 | ) | (111,628 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | - |  | 38,151 |  |

| Mr M J Witherspoon

| Balance outstanding at start of period | 41,599 |  | (1 | ) |

| Amounts advanced | 130,117 |  | 166,320 |  |

| Amounts repaid | (171,716 | ) | (124,720 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | - |  | 41,599 |  |

| Mr R J Jackson

| Balance outstanding at start of period | 20,313 |  | (3 | ) |

| Amounts advanced | 151,406 |  | 83,292 |  |

| Amounts repaid | (171,719 | ) | (62,976 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | - |  | 20,313 |  |

| Mr R Thompson

| Balance outstanding at start of period | 58,149 |  | (2 | ) |

| Amounts advanced | 113,570 |  | 124,788 |  |

| Amounts repaid | (171,719 | ) | (66,637 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | - |  | 58,149 |  |

11. | PARENT UNDERTAKING AND CONTROLLING PARTY

| The company is a wholly owned subsidiary of Kayes Walk Holdings Limited, a company registered in England and Wales. The ultimate parent undertaking and controlling party is Rothera Bray LLP, a company registered in England and Wales. Their registered office address are the same as Massers Limited, which is detailed on the Company Information page.

12. | ACCOUNTS PREPARED UNDER A BASIS OTHER THAN GOING CONCERN

| The company ceased to trade on 30th September 2024, and has been dormant since. It is the intention of the directors to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.