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REGISTERED NUMBER: 01325489 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

FOR

SECURITY PLUS LIMITED

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Director | 4 |  | to |  | 5

Report of the Independent Auditors | 6 |  | to |  | 9

Statement of Income and Retained Earnings | 10 |

Statement of Financial Position | 11 |

Notes to the Financial Statements | 12 |  | to |  | 20

SECURITY PLUS LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

| DIRECTOR: | T J Hughes

| REGISTERED OFFICE: | Tolerant House

| Bellringer Road

| Trentham Lakes South

| Stoke on Trent

| Staffordshire

| ST4 8GZ

| REGISTERED NUMBER: | 01325489 (England and Wales)

| AUDITORS: | Sumer Auditco Limited

| Chartered Accountants & Statutory Auditors

| Stone House

| Stone Road Business Park

| Stoke-on-Trent

| ST4 6SR

| BANKERS: | National Westminster Bank PLC

| 26 Market Place

| Uttoxeter

| Staffordshire

| ST14 8HX

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

It gives me great pleasure to present my report for the extended accounting period following a significant milestone in the history of Security Plus Limited. In October 2024, the company was acquired by Tate Group Holdings t/a Pivotal, a strategic move that aligns us with a new parent company and its March year-end.

Business Overview

Throughout this 18-month period, the principal activity of the company remains that of Cash management, logistics and security services. The business continued to trade as normal, maintaining its core focus on delivering high-quality services to our customers. The acquisition by Pivotal has provided us with access to new insights, resources, and strategic guidance, which have already begun to influence our operations positively. While our day-to-day services remained uninterrupted, the integration process has opened opportunities for innovation, efficiency, and growth. We are continuing to invest in our inhouse development team, creating enhanced capability around route planning and customer management. The enlarged customer base across the group provides opportunities to widen our service offerings.

Significant Event: Acquisition by Pivotal

The acquisition marks a new chapter for Security Plus Limited. Pivotal brings a wealth of experience and a strong track record in operational excellence. Their support has enabled us to:

- Begin aligning our systems and processes with group standards.

- Explore synergies in technology and fleet management.

- Benefit from enhanced governance and strategic planning frameworks.

This partnership strengthens our ability to meet customer needs and positions us for sustainable growth in a rapidly evolving market.

Financial Performance

While detailed figures will be presented in the full annual accounts, it is important to note that trading remained robust throughout the period. On a like for like basis the Revenue and Profitability have remained in line with the prior year, but benefits have flown through to the Group results given operational efficiencies and strategic investments initiated in prior years. The extended reporting period reflects continuity in performance and the early benefits of Pivotal's involvement.

A brief overview of this years performance.

| 6m period |  | 12m period |  |

| 31.3.25 |  | (1.10.24 - 31.3.25) |  | (1.10.23 - 30.9.24) |  | 30.9.23 |  | Change |

| £ |  | £ |  | £ |  | £ |  | % |

Revenue |  | 53,247,898 |  | 17,239,496 |  | 36,008,402 |  | 34,356,471 |  | 4.81 |

Gross Profit |  | 28,409,537 |  | 9,221,328 |  | 19,188,209 |  | 18,634,692 |  | 2.97 |

Profit / (loss) before tax |  | 2,968,661 |  | 861,571 |  | 2,107,090 |  | 1,471,000 |  | 43.24 |

Operational Highlights

- Ongoing modernisation of our vehicle fleet, with a focus on sustainability and security.

- Further enhancements to technology platforms, improving customer visibility and operational reliability.

- Strengthened risk management and governance under Pivotal's guidance.

Challenges and Opportunities

The external environment remains challenging, with inflationary pressures and labour market constraints persisting. However, the acquisition provides a strong foundation to address these risks and leverage new opportunities for growth and innovation.

Our staff remain critical to the success of the business and we have continued to invest in their development. Integration with the workforce at Pivotal is ongoing, with best practice being adopted throughout all areas of the business.

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

Outlook

Looking ahead, the integration with Pivotal will accelerate our transformation journey. With access to group resources and expertise, we are confident in our ability to grow our market share while delivering enhanced value to all our customers, employees, and stakeholders.

ON BEHALF OF THE BOARD:

T J Hughes - Director

6 March 2026

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

REPORT OF THE DIRECTOR

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

The director presents his report with the financial statements of the company for the period 1 October 2023 to 31 March 2025.

DIVIDENDS

No dividends will be distributed for the period ended 31 March 2025.

RESEARCH AND DEVELOPMENT

Research and development expenditure is written off in the year in which it is incurred.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the balance sheet date.

R B Philpott

S M Owen

Other changes in directors holding office are as follows:

A S Gee - resigned 23 October 2024

T J Hughes - appointed 23 October 2024

S M Owen and R B Philpott ceased to be directors after 31 March 2025 but prior to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

The company is committed to good communication with its employees. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Likely future developments in the business of the entity have been disclosed in the strategic report.

The strategic report can be found on page 2 of these financial statements.

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

REPORT OF THE DIRECTOR

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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;

- | 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 him 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T J Hughes - Director

6 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SECURITY PLUS LIMITED

Opinion

We have audited the financial statements of SECURITY PLUS LIMITED (the 'company') for the period ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 31 March 2025 and of its profit for the period 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 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SECURITY PLUS 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 Director.

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 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 Statement of Director's Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SECURITY PLUS LIMITED

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

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

• |  | the nature of the industry and sector, control environment and business performance including the design of the company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |

• |  | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |

• |  | any matters we identified having obtained and reviewed the company 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. |

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified failing to meet the SIA and NSI industry requirements as a key audit matter related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

- review of the outcomes of SIA and NSI audits and inspections;

- ensure the company has the appropriate SIA and NSI licences in place during the year;

- 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;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SECURITY PLUS LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- | Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

9 March 2026

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

| Period |

| 1.10.23 |

| to |  | Year Ended

| 31.3.25 |  | 30.9.23

| Notes | £ | £ |

TURNOVER | 53,247,898 |  | 34,356,471 |  |

Cost of sales | (24,838,361 | ) | (15,721,779 | ) |

GROSS PROFIT | 28,409,537 |  | 18,634,692 |  |

Distribution costs | (8,005,127 | ) | (5,381,892 | ) |

Administrative expenses | (17,458,435 | ) | (11,750,880 | ) |

OPERATING PROFIT | 4 | 2,945,975 |  | 1,501,920 |  |

Interest receivable and similar income | 6 | 121,948 |  | 46,718 |  |

3,067,923 |  | 1,548,638 |  |

Interest payable and similar expenses | 7 | (99,262 | ) | (77,638 | ) |

PROFIT BEFORE TAXATION | 2,968,661 |  | 1,471,000 |  |

Tax on profit | 8 | (760,290 | ) | (480,918 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 2,208,371 |  | 990,082 |  |

Retained earnings at beginning of period | 1,587,569 |  | 597,487 |  |

RETAINED EARNINGS AT END OF PERIOD | 3,795,940 |  | 1,587,569 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 31.3.25 |  | 30.9.23

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 3,738,457 |  | 5,181,048 |  |

CURRENT ASSETS

Stocks | 10 | 184,900 |  | 72,200 |  |

Debtors | 11 | 12,819,027 |  | 5,873,551 |  |

Cash at bank | 586,766 |  | 2,703,371 |  |

13,590,693 |  | 8,649,122 |  |

CREDITORS

Amounts falling due within one year | 12 | (13,100,330 | ) | (11,327,947 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 490,363 |  | (2,678,825 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,228,820 |  | 2,502,223 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (28,350 | ) | (456,132 | ) |

PROVISIONS FOR LIABILITIES | 16 | (4,530 | ) | (58,522 | ) |

NET ASSETS | 4,195,940 |  | 1,987,569 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 400,000 |  | 400,000 |  |

Retained earnings | 18 | 3,795,940 |  | 1,587,569 |  |

SHAREHOLDERS' FUNDS | 4,195,940 |  | 1,987,569 |  |

The financial statements were approved by the director and authorised for issue on 6 March 2026 and were signed by:

T J Hughes - Director

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

1. | STATUTORY INFORMATION

| SECURITY PLUS 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.

| The principal activity is that of security services.

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 as modified by the revaluation of certain assets.

| The financial statements are prepared in sterling, which is the functional currency of the entity.

| FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

| The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Tate Group Holdings Limited which can be obtained from 38 Montgomery Road, Belfast, Northern Ireland, BT6 9HL . As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

| (a) No cash flow statement has been presented for the company.

| (b) Disclosures in respect of financial instruments have not been presented.

| SIGNIFICANT JUDGEMENTS AND ESTIMATES

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Key sources of estimation uncertainty

| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below.

| As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

| REVENUE RECOGNITION

| The company provides security services. Income is recognised in the period that the services are provided. When services are billed in advance, the income is deferred to the period when the service is provided. The turnover presented in the profit and loss account is exclusive of Value Added Tax.

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| TANGIBLE FIXED ASSETS

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

| Short leasehold | - | straight line over the life of the lease

| Fixtures and fittings | - | 20% - 50% straight line

| Motor vehicles | - | 12.5% - 50% straight line

| 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.

| STOCKS

| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Consumable items such as bags and seals are expensed to the Profit and Loss Account in the period that they are purchased.

| FINANCIAL INSTRUMENTS

| 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.

| 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.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

| TAXATION

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 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.

| RESEARCH AND DEVELOPMENT

| Expenditure on research and development is written off in the year in which it is incurred.

| 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.

| 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.

| OPERATING LEASES

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| FINANCE LEASES AND HIRE PURCHASE CONTRACTS

| Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| EMPLOYEE BENEFITS

| The company provides a range of benefits to employees. Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. | EMPLOYEES AND DIRECTORS

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Wages and salaries | 27,443,072 |  | 17,487,946 |  |

| Social security costs | 2,660,236 |  | 1,623,697 |  |

| Other pension costs | 700,706 |  | 442,878 |  |

30,804,014 |  | 19,554,521 |  |

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

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

| Office & management | 102 |  | 104 |  |

| Security | 521 |  | 511 |  |

623 |  | 615 |  |

|  | 31.3.25 |  | 30.9.23 |  |

|  | £ |  | £ |  |

| Directors' remuneration |  | 641,660 |  | 827,285 |  |

| Directors' pension |  | 15,775 |  | 4,761 |  |

|  | 657,435 |  | 832,046 |  |

| The number of directors who accrued benefits under company pension plans was as follows:

|  | 31.3.25 |  | 30.9.23 |  |

|  | £ |  | £ |  |

| Defined contribution plans |  | 2 |  | 1 |  |

| Remuneration of the highest paid director in respect of qualifying services: |  |  |

|  | 31.3.25 |  | 30.9.23 |  |

|  | £ |  | £ |  |

| Aggregate remuneration |  | 231,947 |  | 312,470 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

4. | OPERATING PROFIT

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

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Depreciation - owned assets | 2,332,158 |  | 1,863,445 |  |

| Loss/(profit) on disposal of fixed assets | 139,071 |  | (20,803 | ) |

5. | AUDITORS' REMUNERATION

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 26,500 |  | 19,250 |  |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Deposit account interest | 121,948 |  | 46,718 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Hire purchase interest | 99,262 |  | 77,638 |  |

8. | TAXATION

| Analysis of the tax charge

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

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Current tax:

| UK corporation tax | 814,282 |  | - |  |

| Deferred tax | (53,992 | ) | 480,918 |  |

| Tax on profit | 760,290 |  | 480,918 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

8. | TAXATION - continued

| RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| Period |

| 1.10.23 |

| to | Year Ended

| 31.3.25 |  | 30.9.23

£ | £ |

| Profit before tax | 2,968,661 |  | 1,471,000 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 742,165 |  | 367,750 |  |

| Effects of:

| Capital allowances in excess of depreciation | - |  | (37,490 | ) |

| Depreciation in excess of capital allowances | 18,125 |  | - |  |

| Amount surrendered as group relief | - |  | 150,658 |  |

| future changes in tax rates |

| Total tax charge | 760,290 |  | 480,918 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Short |  | and |  | Motor |

| leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2023 | 901,648 |  | 5,659,966 |  | 16,528,872 |  | 23,090,486 |  |

| Additions | - |  | 278,009 |  | 1,253,300 |  | 1,531,309 |  |

| Disposals | - |  | - |  | (1,208,765 | ) | (1,208,765 | ) |

| At 31 March 2025 | 901,648 |  | 5,937,975 |  | 16,573,407 |  | 23,413,030 |  |

| DEPRECIATION

| At 1 October 2023 | 659,936 |  | 4,756,847 |  | 12,492,655 |  | 17,909,438 |  |

| Charge for period | 61,210 |  | 492,300 |  | 1,778,648 |  | 2,332,158 |  |

| Eliminated on disposal | - |  | - |  | (567,023 | ) | (567,023 | ) |

| At 31 March 2025 | 721,146 |  | 5,249,147 |  | 13,704,280 |  | 19,674,573 |  |

| NET BOOK VALUE

| At 31 March 2025 | 180,502 |  | 688,828 |  | 2,869,127 |  | 3,738,457 |  |

| At 30 September 2023 | 241,712 |  | 903,119 |  | 4,036,217 |  | 5,181,048 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

9. | TANGIBLE FIXED ASSETS - continued

| Finance leases and hire purchase contracts

| Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

| Motor vehicles |  |

| £ |  |

| At 31 March 2025 |  | 1,271,002 |  |

| At 30 September 2023 |  | 3,330,465 |  |

10. | STOCKS

| 31.3.25 |  | 30.9.23

£ | £ |

| Finished goods | 184,900 |  | 72,200 |  |

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

| 31.3.25 |  | 30.9.23

£ | £ |

| Trade debtors | 3,533,195 |  | 4,521,529 |  |

| Amounts owed by group undertakings | 8,280,151 |  | - |  |

| Tax | - |  | 28,750 |  |

| Prepayments | 1,005,681 |  | 1,323,272 |  |

12,819,027 |  | 5,873,551 |  |

| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

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

| 31.3.25 |  | 30.9.23

£ | £ |

| Hire purchase contracts (see note 14) | 251,756 |  | 790,008 |  |

| Trade creditors | 1,512,886 |  | 1,391,313 |  |

| Amounts owed to group undertakings | 8,271,835 |  | 6,950,386 |  |

| Tax | 420,965 |  | - |  |

| Social security and other taxes | 411,230 |  | 606,168 |  |

| VAT | 876,779 |  | 930,785 |  |

| Other creditors | 661,682 |  | 45,246 |  |

| Accruals and deferred income | 693,197 |  | 614,041 |  |

13,100,330 |  | 11,327,947 |  |

| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

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

| 31.3.25 |  | 30.9.23

£ | £ |

| Hire purchase contracts (see note 14) | 28,350 |  | 456,132 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

14. | LEASING AGREEMENTS

| The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

|  | 31.3.25 |  | 30.9.23 |  |

| £ |  | £ |  |

| Not later than 1 year |  | 279,248 |  | 857,378 |  |

| Later than 1 year and not later than 5 years |  | 32,075 |  | 515,621 |  |

|  | 311,323 |  | 1,381,548 |  |

| Less: future finance charges |  | (31,217 | ) | (126,859 | ) |

| Present value of minimum lease payments |  | 280,106 |  | 1,246,140 |  |

| Non-cancellable |

| operating leases |

| 31.3.25 |  | 30.9.23

£ | £ |

| Within one year | 481,865 |  | 574,461 |  |

| Between one and five years | 1,488,791 |  | 1,686,375 |  |

| In more than five years | 432,583 |  | 943,654 |  |

2,403,239 |  | 3,204,490 |  |

15. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.25 |  | 30.9.23

£ | £ |

| Hire purchase contracts | 280,106 |  | 1,246,140 |  |

| There is a fixed and floating charge dated 23 October 2024 covering all property and undertakings of the company. The guarantee is in favour of Barclays Bank PLC.

16. | PROVISIONS FOR LIABILITIES

| 31.3.25 |  | 30.9.23

£ | £ |

| Deferred tax

| Accelerated capital allowances | 4,530 |  | 58,522 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2023 | 58,522 |  |

| Utilised during period | (53,992 | ) |

| Balance at 31 March 2025 | 4,530 |  |

SECURITY PLUS LIMITED (REGISTERED NUMBER: 01325489)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2025

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 30.9.23

| value: | £ | £ |

| 400,000 | Ordinary | 1 | 400,000 |  | 400,000 |  |

18. | RESERVES

| Retained earnings - This reserve records retained earnings and accumulated losses.

19. | CONTINGENCIES

| The bank facilities are secured by a debenture and an inter company guarantee between the company and The Abbotshurst Group Limited. The contingent liability as at the statement of financial position date was £Nil (2023: £7,000,000).

| The company acts as a guarantor for the facility in place between Tate Group Holdings Limited and Barclays Bank PLC. The contingent liability at the statement of financial position date was £17,575,000 (2023: £Nil).

20. | EMPLOYEE BENEFITS

| Defined contribution plans

| The amount recognised in profit or loss as an expense in relation to defined contribution plans was £700,706 (2023: £442,878).

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

22. | EVENTS AFTER THE END OF THE REPORTING PERIOD

| There were no material events up to the date of approval of the financial statements by the Board.

23. | ULTIMATE CONTROLLING PARTY

| The parent company is The Abbotshurst Group Limited which owned all of the issued share capital of the company throughout the current and prior year. A copy of the financial statements can be obtained from the registered office; being Tolerant House, Bellringer Road, Trentham Lakes South, Stoke-on-Trent, Staffordshire, ST4 8GZ.

| During the period, the entire issued share capital of The Abbotshurst Group Limited was acquired by Tate Group Holdings Limited, which is now the ultimate parent company.

| The ultimate controlling parties are Mr T J Hughes and Mrs K Hughes who control 100% of the voting rights in the ultimate parent company.