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REGISTERED NUMBER: 01688993 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 30th June 2025 |

| for |

| CMF Limited |

CMF Limited (Registered number: 01688993)

Contents of the Financial Statements

for the Year Ended 30th June 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

CMF Limited

Company Information

for the Year Ended 30th June 2025

| DIRECTORS: | K J Deegan

| G Blunden

| C Roy

| D Gibbs

| SECRETARY: | D Camp

| REGISTERED OFFICE: | Trios House

| Reform Road

| Maidenhead

| Berkshire

| SL6 8BY

| BUSINESS ADDRESS: | Central Way

| Feltham

| Middlesex

| TW14 0XJ

| REGISTERED NUMBER: | 01688993 (England and Wales)

| AUDITORS: | Hannaways

| Chartered Accountants

| and Statutory Auditors

| Trios House

| Reform Road

| Maidenhead

| Berkshire

| SL6 8BY

CMF Limited (Registered number: 01688993)

Strategic Report

for the Year Ended 30th June 2025

The directors present their strategic report for the year ended 30th June 2025.

REVIEW OF BUSINESS

The financial results for the year ended 30 June 2025 are presented in the accompanying financial statements.

The directors acknowledge that the financial performance for the period has fallen well below expectations. Whilst revenue of £19.8 million represents the highest level of turnover achieved since the period preceding the COVID-19 pandemic, the significant underperformance of two major contracts has resulted in a reported loss for the period of £614,113, with a gross profit margin of 19.91%.

A material contributor to this outcome was a technical fabrication defect identified on one contract, which necessitated extensive remedial works. The cost of remediation was substantially elevated as a consequence of the works being required following practical completion and handover of the building to the client, resulting in materially more complex and costly working conditions. The additional costs attributable to this contract, relative to projections established in the year ended 30 June 2024, exceeded £500,000.

In response to the operational challenges encountered during the period, the business has undertaken a structural review of several departments and has implemented revised reporting protocols designed to enhance transparency, accuracy, and management oversight.

Overhead Reduction and Operational Restructuring

Subsequent to the year end, the directors have implemented a programme of overhead reduction. Current indications suggest that the business's overhead base will stabilise at a level approximately 15-20% below that reflected in the accompanying financial statements. Central to achieving this reduction has been the relocation of the company's production facility and offices from Feltham to Basingstoke, which has enabled significant reductions in property and staffing costs whilst preserving the company's capacity to maintain turnover and continue servicing its client base across the Greater London area. This process is expected to be substantially complete by April 2026.

Outlook

The directors anticipate that the near-term financial performance of the company will continue to be affected by costs associated with the relocation programme and by the final resolution of the underperforming contracts referenced above. As a result, further reported losses are expected for the year ending 30 June 2026. The directors are, however, confident in the company's return to profitability in the year ending 30 June 2027, underpinned by the current strength of the order book, in excess of £20m, and a pipeline of future projects carrying materially improved contract margins.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly assess and monitor the principal risks and uncertainties facing the company. The business continues to operate within a challenging economic environment, and the directors remain confident in the resilience of the company and its employees in navigating these conditions. Key areas of focus include the reduction of work-in-progress balances, the continued optimisation of performance across the company's ongoing contract portfolio and minimising disruption during the factory and office relocation. Whilst maintaining productivity during the transition is challenging, we have been able to secure a period where both factories are overlapping manufacturing to minimise the risk of lost production time.

ON BEHALF OF THE BOARD:

K J Deegan - Director

16th March 2026

CMF Limited (Registered number: 01688993)

Report of the Directors

for the Year Ended 30th June 2025

The directors present their report with the financial statements of the company for the year ended 30th June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of architectural metalwork and steel fabrication.

DIVIDENDS

The total distribution of dividends for the year ended 30th June 2025 will be £ 110,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st July 2024 to the date of this report.

K J Deegan

G Blunden

C Roy

D Gibbs

Other changes in directors holding office are as follows:

T M Best - resigned 1st September 2024

N A Boyles ceased to be a director after 30th June 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

CMF Limited (Registered number: 01688993)

Report of the Directors

for the Year Ended 30th June 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

K J Deegan - Director

16th March 2026

Report of the Independent Auditors to the Members of

CMF Limited

Opinion

We have audited the financial statements of CMF Limited (the 'company') for the year ended 30th June 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30th June 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

CMF Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

CMF 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 obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management. We considered the significant laws and regulations to be the Companies Act 2006 and Health and Safety regulations. As part of our audit work we reviewed the reports of any Health and Safety audits carried out by independent assessors in the year. We also reviewed minutes of the Board meetings throughout the year.

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our audit work focused on revenue recognition, amounts recoverable on contracts and deferred income, as these areas were subject to significant judgement and estimation techniques, and as such the risk of material misstatement due to fraud is the greatest. Our audit work in these areas consisted of substantive tests of detail on a sample of the population of contracts ongoing and existing at the year end to confirm the appropriateness of the estimates used in the stage of completion of the contract.

We addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to, the testing of journals, reviewing accounting estimates for evidence of bias and evaluating the business rationale of any significant transactions that were unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery. misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.

Christopher Northwood BSc FCA (Senior Statutory Auditor)

for and on behalf of Hannaways

Chartered Accountants

and Statutory Auditors

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

16th March 2026

CMF Limited (Registered number: 01688993)

Statement of Comprehensive Income

for the Year Ended 30th June 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 19,801,239 |  | 17,543,768 |  |

Cost of sales | 15,859,306 |  | 13,088,805 |  |

GROSS PROFIT | 3,941,933 |  | 4,454,963 |  |

Administrative expenses | 4,552,521 |  | 4,239,258 |  |

OPERATING (LOSS)/PROFIT | 6 | (610,588 | ) | 215,705 |  |

Interest receivable and similar income | 7 | 1,211 |  | 10,138 |  |

(609,377 | ) | 225,843 |  |

Interest payable and similar expenses | 8 | 4,736 |  | 1,687 |  |

(LOSS)/PROFIT BEFORE TAXATION | (614,113 | ) | 224,156 |  |

Tax on (loss)/profit | 9 | - |  | - |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (614,113 | ) | 224,156 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (614,113 | ) | 224,156 |  |

CMF Limited (Registered number: 01688993)

Balance Sheet

30th June 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 380,359 |  | 204,192 |  |

Investments | 12 | 600,200 |  | 600,300 |  |

980,559 |  | 804,492 |  |

CURRENT ASSETS

Stocks | 13 | 10,200 |  | 10,200 |  |

Debtors | 14 | 2,754,372 |  | 3,765,105 |  |

Cash at bank and in hand | 159,396 |  | 703,798 |  |

2,923,968 |  | 4,479,103 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,799,049 |  | 3,600,219 |  |

NET CURRENT ASSETS | 124,919 |  | 878,884 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,105,478 |  | 1,683,376 |  |

CREDITORS

Amounts falling due after more than one year | 16 | 163,737 |  | 17,522 |  |

NET ASSETS | 941,741 |  | 1,665,854 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 84 |  | 84 |  |

Capital redemption reserve | 19 | 16 |  | 16 |  |

Retained earnings | 19 | 941,641 |  | 1,665,754 |  |

SHAREHOLDERS' FUNDS | 941,741 |  | 1,665,854 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16th March 2026 and were signed on its behalf by:

K J Deegan - Director

CMF Limited (Registered number: 01688993)

Statement of Changes in Equity

for the Year Ended 30th June 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st July 2023 | 84 |  | 1,441,598 |  | 16 |  | 1,441,698 |  |

Changes in equity

Total comprehensive income | - |  | 224,156 |  | - |  | 224,156 |  |

Balance at 30th June 2024 | 84 |  | 1,665,754 |  | 16 |  | 1,665,854 |  |

Changes in equity

Dividends | - |  | (110,000 | ) | - |  | (110,000 | ) |

Total comprehensive income | - |  | (614,113 | ) | - |  | (614,113 | ) |

Balance at 30th June 2025 | 84 |  | 941,641 |  | 16 |  | 941,741 |  |

CMF Limited (Registered number: 01688993)

Cash Flow Statement

for the Year Ended 30th June 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (336,054 | ) | (441,981 | ) |

Interest element of hire purchase payments paid | (4,736 | ) | (1,687 | ) |

Net cash from operating activities | (340,790 | ) | (443,668 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (278,368 | ) | (122,992 | ) |

Sale of tangible fixed assets | 14,066 |  | - |  |

Sale of fixed asset investments | 100 |  | - |  |

Interest received | 1,211 |  | 10,138 |  |

Net cash from investing activities | (262,991 | ) | (112,854 | ) |

Cash flows from financing activities

New HP agreements | 191,845 |  | - |  |

Hire purchase repayments in year | (22,466 | ) | (7,248 | ) |

Equity dividends paid | (110,000 | ) | - |  |

Net cash from financing activities | 59,379 |  | (7,248 | ) |

Decrease in cash and cash equivalents | (544,402 | ) | (563,770 | ) |

Cash and cash equivalents at beginning of year | 2 | 703,798 |  | 1,267,568 |  |

Cash and cash equivalents at end of year | 2 | 159,396 |  | 703,798 |  |

CMF Limited (Registered number: 01688993)

Notes to the Cash Flow Statement

for the Year Ended 30th June 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (614,113 | ) | 224,156 |  |

| Depreciation charges | 86,065 |  | 31,668 |  |

| Loss on disposal of fixed assets | 2,070 |  | 2,277 |  |

| Finance costs | 4,736 |  | 1,687 |  |

| Finance income | (1,211 | ) | (10,138 | ) |

(522,453 | ) | 249,650 |  |

| Decrease/(increase) in trade and other debtors | 1,010,733 |  | (1,671,802 | ) |

| (Decrease)/increase in trade and other creditors | (824,334 | ) | 980,171 |  |

| Cash generated from operations | (336,054 | ) | (441,981 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30th June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 159,396 |  | 703,798 |  |

| Year ended 30th June 2024

| 30.6.24 |  | 1.7.23

£ | £ |

| Cash and cash equivalents | 703,798 |  | 1,353,112 |  |

| Bank overdrafts | - |  | (85,544 | ) |

703,798 |  | 1,267,568 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1.7.24 | Cash flow | At 30.6.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 703,798 |  | (544,402 | ) | 159,396 |  |

703,798 |  | (544,402 | ) | 159,396 |  |

| Debt

| Finance leases | (24,772 | ) | (169,379 | ) | (194,151 | ) |

(24,772 | ) | (169,379 | ) | (194,151 | ) |

| Total | 679,026 |  | (713,781 | ) | (34,755 | ) |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements

for the Year Ended 30th June 2025

1. | STATUTORY INFORMATION

| CMF 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 company's business address can also be found on the Company Information page.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about CMF Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, BBG Industries Limited, Trios House, Reform Road, Maidenhead SL6 8BY.

| Significant judgements and estimates

| The preparation of the group financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates and judgements.

| The judgements, estimates and assumptions that have the most significant effect on amounts recognised in the group financial statements are as follows.

| Revenue recognition, amounts recoverable on contracts and deferred income

| The group makes an estimate of the stage completion of a construction contract based on costs incurred and revenue earned at the balance sheet date. The method used is as stated in the construction contract turnover accounting policy. Estimation uncertainty will exist with regard to the estimation of the total costs to complete each contract.

| Turnover

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

| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

| Turnover from construction contracts represents turnover received from construction work carried out in the year and includes an appropriate proportion of revenue receivable from contracts which are recognised by reference to the stage of completion of the contract at the balance sheet date. Stage of completion is assessed by reference to the proportion of the contract costs incurred for the work performed to date relative to the estimated total costs to complete the contract.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

3. | ACCOUNTING POLICIES - continued

| Stock

| Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

| Deferred taxation

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet, and are depreciated over their estimated useful lives.

| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the profit and loss account as incurred.

| 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.

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

3. | ACCOUNTING POLICIES - continued

| Fixed asset investments

| Investments in subsidiary companies are stated at deemed cost, which is the carrying amount at the date of transition as determined under previous UK GAAP.

| Short term debtors and creditors

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction cost. Any losses from impairment are recognised in the profit and loss account.

4. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Construction contracts | 19,387,600 |  | 17,042,017 |  |

| Bus shelters | 413,639 |  | 501,751 |  |

19,801,239 |  | 17,543,768 |  |

| The turnover arose entirely in the UK.

| Amounts recoverable on contracts at 30th June 2025 totalling £1,851,490 (2024 £2,502,270) is included in debtors amounts falling due within one year. Deferred income on contracts at 30th June 2025 totalling £90,553 (2024 £1,220,771) is included in creditors amounts falling due within one year.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,641,781 |  | 3,474,564 |  |

| Social security costs | 399,093 |  | 360,769 |  |

| Other pension costs | 68,844 |  | 67,560 |  |

4,109,718 |  | 3,902,893 |  |

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

| 2025 |  | 2024

| Office and management | 43 |  | 43 |  |

| Production | 33 |  | 35 |  |

76 |  | 78 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 583,553 |  | 565,583 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 188,650 |  | 160,900 |  |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 509,173 |  | 392,150 |  |

| Depreciation - owned assets | 36,567 |  | 24,110 |  |

| Depreciation - assets on hire purchase contracts | 49,498 |  | 7,560 |  |

| Loss on disposal of fixed assets | 2,070 |  | 2,277 |  |

| Auditors' remuneration | 16,500 |  | 8,300 |  |

7. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 1,211 |  | 10,138 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase | 4,736 |  | 1,687 |  |

9. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 30th June 2025 nor for the year ended 30th June 2024.

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before tax | (614,113 | ) | 224,156 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (153,528 | ) | 56,039 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,636 |  | 1,666 |  |

| Capital allowances in excess of depreciation | (48,481 | ) | (17,555 | ) |

| Utilisation of tax losses | 198,373 |  | (40,150 | ) |

| Total tax charge | - |  | - |  |

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 110,000 |  | - |  |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st July 2024 | 714,346 |  | 37,803 |  | 155,371 |  | 907,520 |  |

| Additions | 42,523 |  | - |  | 235,845 |  | 278,368 |  |

| Disposals | - |  | - |  | (50,706 | ) | (50,706 | ) |

| At 30th June 2025 | 756,869 |  | 37,803 |  | 340,510 |  | 1,135,182 |  |

| DEPRECIATION

| At 1st July 2024 | 599,335 |  | 37,352 |  | 66,641 |  | 703,328 |  |

| Charge for year | 22,342 |  | 68 |  | 63,655 |  | 86,065 |  |

| Eliminated on disposal | - |  | - |  | (34,570 | ) | (34,570 | ) |

| At 30th June 2025 | 621,677 |  | 37,420 |  | 95,726 |  | 754,823 |  |

| NET BOOK VALUE

| At 30th June 2025 | 135,192 |  | 383 |  | 244,784 |  | 380,359 |  |

| At 30th June 2024 | 115,011 |  | 451 |  | 88,730 |  | 204,192 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1st July 2024 | 36,250 |  |

| Additions | 235,845 |  |

| At 30th June 2025 | 272,095 |  |

| DEPRECIATION

| At 1st July 2024 | 12,846 |  |

| Charge for year | 49,498 |  |

| At 30th June 2025 | 62,344 |  |

| NET BOOK VALUE

| At 30th June 2025 | 209,751 |  |

| At 30th June 2024 | 23,404 |  |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

12. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st July 2024 | 600,300 |  |

| Disposals | (100 | ) |

| At 30th June 2025 | 600,200 |  |

| NET BOOK VALUE

| At 30th June 2025 | 600,200 |  |

| At 30th June 2024 | 600,300 |  |

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

| NCMP Limited

| Registered office: Trios House, Reform Road, Maidenhead SL6 8BY

| Nature of business: Engineering

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 541,359 |  | 540,492 |  |

| Profit for the year | 867 |  | 4,237 |  |

| Custom Metal Fabrications Limited

| Registered office: Trios House, Reform Road, Maidenhead SL6 8BY

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

| The company Custom Metal Fabrications Limited was dissolved on 22nd July 2025

| Boundary Metal Limited

| Registered office: Trios House, Reform Road, Maidenhead SL6 8BY

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | (581,372 | ) | (581,372 | ) |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

12. | FIXED ASSET INVESTMENTS - continued

| Cablescreen Limited

| Registered office: Trios House, Reform Road, Maidenhead SL6 8BY

| Nature of business: Dissolved

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | - |  | 100 |  |

| The company Cablescreen was dissolved on 10th December 2024

13. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 10,200 |  | 10,200 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 335,375 |  | 439,085 |  |

| Amounts owed by group undertakings | 39,176 |  | 41,012 |  |

| Amounts recoverable on

| contracts | 1,851,490 |  | 2,502,270 |  |

| Other debtors | 412,218 |  | 591,385 |  |

| Corporation tax | 43,731 |  | 43,731 |  |

| Prepayments | 72,382 |  | 147,622 |  |

2,754,372 |  | 3,765,105 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 30,414 |  | 7,250 |  |

| Trade creditors | 2,335,583 |  | 1,866,641 |  |

| Social security and other taxes | 109,218 |  | 94,725 |  |

| Other creditors | 59,198 |  | 356,512 |  |

| Accruals and deferred income | 264,636 |  | 1,275,091 |  |

2,799,049 |  | 3,600,219 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 163,737 |  | 17,522 |  |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 37,883 |  | 8,937 |  |

| Between one and five years | 180,426 |  | 21,598 |  |

218,309 |  | 30,535 |  |

| Finance charges repayable:

| Within one year | 7,469 |  | 1,687 |  |

| Between one and five years | 16,689 |  | 4,076 |  |

24,158 |  | 5,763 |  |

| Net obligations repayable:

| Within one year | 30,414 |  | 7,250 |  |

| Between one and five years | 163,737 |  | 17,522 |  |

194,151 |  | 24,772 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 76,078 |  | - |  |

| Between one and five years | - |  | 396,000 |  |

76,078 |  | 396,000 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 84 | Ordinary | £1 | 84 |  | 84 |  |

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st July 2024 | 1,665,754 |  | 16 |  | 1,665,770 |  |

| Deficit for the year | (614,113 | ) | - |  | (614,113 | ) |

| Dividends | (110,000 | ) | - |  | (110,000 | ) |

| At 30th June 2025 | 941,641 |  | 16 |  | 941,657 |  |

CMF Limited (Registered number: 01688993)

Notes to the Financial Statements - continued

for the Year Ended 30th June 2025

20. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme for the benefit of employees and directors. The assets of the scheme are administered by an independent pension provider. Pension payments recognised as an expense in the period amounted to £68,844 (year to 30th June 2024 £67,560)

21. | ULTIMATE PARENT COMPANY

| The ultimate parent undertaking is BBG Industries Limited, who's registered office is Trios House, Reform Road, Maidenhead, SL6 8BY. BBG Industries Limited prepares consolidated financial statements which include the company's financial statements.

22. | CONTINGENT LIABILITIES

| The company is party to a CLAS Guarantee facility with the group's bankers of £2,300,000. The Guarantee liability at 30th June 2025 was £1,158,520 (30th June 2024 £564,739).

| The company has an overdraft facility of £250,000 with the group's bankers. The facilities are secured by a fixed and floating charge over the current and future assets of the company.

| The company is a member of a VAT group along with other group companies. The company is joint and severally liable for the group VAT liabilities.

23. | RELATED PARTY DISCLOSURES

| Cost of sales of £80,000 (2024 recharged to NCMP £59,074) were recharged from NCMP during the year to 30th June 2025.

| The amounts due to the subsidiary companies at 30th June 2025 were Custom Metal Fabrications Limited £100 (30th June 2024 £100), Cablescreen Limited £nil (30th June 2024 £100) and NCMP Ltd £192,346) (30th June 2024 £190,411).

| The amount due from the subsidiary companies at 30th June 2025 was Boundary Metal Limited £231,372 (30th June 2024 £231,372).

| The amount due from the ultimate parent company BBG Industries Limited at 30th June 2025 was £250 (30th June 2024 £250).