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Registration number: 04754905

S O L Services Limited
Annual Report and Financial Statements
for the Year Ended 31 May 2025

S O L Services Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account | 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 28

S O L Services Limited

Company Information

Directors | N P Burdett A Gordge

Registered office | Unit 8, Enigma Building Bilton Road Bletchley Milton Keynes Buckinghamshire MK1 1HW

Auditors | UHY Ross Brooke 2 Old Bath Road Newbury Berkshire RG14 1QL

S O L Services Limited

Strategic Report for the Year Ended 31 May 2025

The directors present their strategic report for the year ended 31 May 2025.

Principal activity

The principal activity of the company in the year under review was that of specialists providing best in class construction, refurbishment, and maintenance solutions for the private and public sector clients across the UK and in the EU.

Our core divisions-Mechanical, Electrical, Projects, Civils, Refurbishment, and Facilities Management-enable us to deliver integrated solutions to both private and public sector clients. At the core of our operations lies a strong company ethos centred around fostering enduring relationships with our valued customers and suppliers, with service integrity being paramount.
Our reputation for consistently delivering safety, reliability, and quality has resulted in repeat business, enabling our company to thrive. We take pride in actively engaging with local communities and making a positive impact.

Financial performance in the year

For the year ended 31 May 2025, the Company continued to perform well, even as market conditions slowed. Turnover eased slightly to £22.43m, but strong cost control helped us maintain a steady gross profit of £6.46m, broadly in line with last year.
We invested further in our people, systems, and operational capacity, which increased administrative expenses to £4.56m. As expected, these investments contributed to a lower operating profit of £1.90m. After interest and tax, the business delivered a solid profit for the year of £1.49m and reinforcing the strong foundations we’ve built for future expansion.

Principal risks and uncertainties

The Board of Directors convenes regularly to assess and evaluate the company’s risk tolerance. In the current business environment, the company faces several uncertainties and threats that could impact our operational and financial performance.
The increasing legal and regulatory changes present significant challenges, potentially affecting our profit margins due to compliance costs. Additionally, the evolving landscape of data privacy laws and cybersecurity threats poses risks to our information security, although our continued investment in systems and processes mitigates these risks.
The company considers the potential impact of geopolitical tensions and supply chain disruptions on operations. By acknowledging these factors, we can develop robust strategies to mitigate risks and ensure sustainable growth.We continually assess and RAG rate our supply chain to ensure risks are identified early and performance standards are consistently maintained
In the financial year 2025, we stabilised our business across all divisions and strengthened our operational foundations. We implemented measures designed to support sustainable growth in 2026 and future years, ensuring this progression is achieved without any detriment to the quality of service delivered to our existing customers. Our client portfolio continues to demonstrate a healthy balance of repeat and new customers, supported by a robust credit control policy that consistently monitors the performance of our debtor book.
Operating in a competitive market, we mitigate risk by delivering high-quality services while maintaining competitive pricing for our customer base.
The decision to submit bids is governed by a rigorous and structured tender approval process, ensuring that each opportunity is thoroughly evaluated for commercial viability, operational capacity, and alignment with our strategic objectives before any submission is made

S O L Services Limited

Strategic Report for the Year Ended 31 May 2025

KEY STRATEGIES
Our strategic vision centres around three key pillars. First, we aim to establish a high-performing and innovative business, guided by effective governance practices. Second, we will define a robust business model and unique selling proposition, leveraging our quality reference capability. Finally, we are committed to implementing a focused commercial strategy that will drive 100% growth by 2028.
The company is well-positioned for continued success. By staying agile, being at the forefront of sustainability, and focusing on customer needs, the company can navigate challenges and achieve its growth objectives.
Business Relationships
Our growth strategy is underpinned by a deliberate focus on expanding and diversifying our customer base while strengthening relationships with national contractors. We are committed to partnering with organisation’s that align with our core values. By broadening our reach across sectors and developing strategic partnerships with national contractors, we are creating a more resilient and scalable business model. This approach enhances our market presence, supports sustainable growth, and ensures we continue delivering quality services to both new and existing clients.

Health and Safety
We remain committed to maintaining the highest health and safety standards across all operations through strong governance, training, and proactive risk management.
Innovation
The Board of Directors recognises innovation within the Electrical & Mechanical (E&M) division as a primary driver of long-term profitability, competitive differentiation, and resilience. The strategic emphasis is on expanding capabilities in smart energy systems, low-carbon infrastructure, and integrated building technologies to align with increasing market demand for sustainable and energy-efficient solutions.
Investment in innovation is structured to deliver measurable financial returns through margin enhancement, recurring service revenue, operational efficiency, and strengthened client retention.
This strategy supports sustainable financial performance while enabling clients to transition toward more efficient and environmentally responsible operations
Community and Environment
We recognise the importance of investing in our people and supporting the communities we serve. Our commitment goes beyond day-to-day operations, we actively participate in initiatives that promote growth, education, and long-term sustainability.
We are dedicated to developing talent from within. Our apprenticeship programmes offer practical experience, structured learning, and mentorship, while our ongoing training and skills development initiatives ensure employees are equipped to thrive in a rapidly evolving technological landscape. By empowering our workforce with new capabilities, we strengthen our ability to innovate and remain competitive in an industry shaped by continuous change.
Our vision for decarbonisation is integral to supporting the construction industry’s transition to a low carbon future. Guided by our Net Zero Ambition, we are committed to eliminating Scope 1 and 2 emissions by 2028 and targeting Scope 3 emissions by 2040. Our pathway aligns with, and seeks to exceed, established industry frameworks. We remain vigilant to legislative and regulatory developments, ensuring our approach evolves in line with emerging requirements and best practice

S O L Services Limited

Strategic Report for the Year Ended 31 May 2025

Stakeholders
The Board of Directors conscientiously considers the interests of relevant stakeholders, encompassing employees, customers, suppliers, communities, and other parties, during its decision-making process.

Approved and authorised by the Board on 10 April 2026 and signed on its behalf by:

......................................... A Gordge Director

S O L Services Limited

Directors' Report for the Year Ended 31 May 2025

The directors present their report and the financial statements for the year ended 31 May 2025.

Directors of the company

The directors who held office during the year were as follows:

N P Burdett

A Gordge

P Muncaster (Resigned 3 March 2025)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 10 April 2026 and signed on its behalf by:

......................................... A Gordge Director

S O L Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

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

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

S O L Services Limited

Independent Auditor's Report to the Members of S O L Services Limited

Opinion

We have audited the financial statements of S O L Services Limited (the 'company') for the year ended 31 May 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 May 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' ReportStrategic Report and Directors' Report have have been prepared in accordance with applicable legal requirements.

S O L Services Limited

Independent Auditor's Report to the Members of S O L Services Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 5, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

S O L Services Limited

Independent Auditor's Report to the Members of S O L Services Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. As such, we have considered:
the nature of the industry and sector, control environment and business performance including the company's
remuneration policy, bonus levels, and performance targets;
the company's own assessment, including assessments made by key management, of the risks that
irregularities may occur either as a result of fraud or error;
any matters we identified having reviewed the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the areas in which management is
required to exercise significant judgement, such as the disclosure of adjusting items. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this
context were the Companies Act, tax legislation and regulations concerning importing and exporting to and
from the UK.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Emily Ness BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

10 April 2026

S O L Services Limited

Profit and Loss Account for the Year Ended 31 May 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 22,429,357 | 23,137,807
Cost of sales |  | (15,972,663) | (16,638,519)
Gross profit |  | 6,456,694 | 6,499,288
Administrative expenses |  | (4,557,141) | (3,722,285)
Operating profit | 4 | 1,899,553 | 2,777,003
Other interest receivable and similar income | 5 | 215,060 | 45,024
Interest payable and similar expenses | 6 | (55,677) | (6,375)
|  | 159,383 | 38,649
Profit before tax |  | 2,058,936 | 2,815,652
Tax on profit | 10 | (567,242) | (787,518)
Profit for the financial year |  | 1,491,694 | 2,028,134

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

S O L Services Limited

Statement of Comprehensive Income for the Year Ended 31 May 2025

| 2025 £ | 2024 £
Profit for the year | 1,491,694 | 2,028,134
Total comprehensive income for the year | 1,491,694 | 2,028,134

S O L Services Limited

(Registration number: 04754905)
Balance Sheet as at 31 May 2025

| Note | 2025 £ | As restated 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 338,247 | 362,958
Investment property | 12 | 250,000 | 250,000
Other financial assets | 13 | 255,400 | 255,400
|  | 843,647 | 868,358
Current assets |  |  |
Debtors | 14 | 12,130,953 | 9,863,066
Cash at bank and in hand |  | 1,373,456 | 1,007,344
|  | 13,504,409 | 10,870,410
Creditors: Amounts falling due within one year | 16 | (6,469,550) | (5,012,956)
Net current assets |  | 7,034,859 | 5,857,454
Total assets less current liabilities |  | 7,878,506 | 6,725,812
Creditors: Amounts falling due after more than one year | 16 | (8,167) | (57,167)
Provisions for liabilities | 17 | (8,567) | (8,567)
Net assets |  | 7,861,772 | 6,660,078
Capital and reserves |  |  |
Called up share capital |  | 150 | 150
Revaluation reserve |  | 72,262 | 72,262
Retained earnings |  | 7,789,360 | 6,587,666
Shareholders' funds |  | 7,861,772 | 6,660,078

Approved and authorised by the Board on 10 April 2026 and signed on its behalf by:

......................................... A Gordge Director

S O L Services Limited

Statement of Changes in Equity for the Year Ended 31 May 2025

| Share capital £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 June 2024 | 150 | 72,262 | 6,587,666 | 6,660,078
Profit for the year | - | - | 1,491,694 | 1,491,694
Dividends | - | - | (290,000) | (290,000)
At 31 May 2025 | 150 | 72,262 | 7,789,360 | 7,861,772

S O L Services Limited

Statement of Cash Flows for the Year Ended 31 May 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 1,491,694 | 2,028,134
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 34,941 | 31,540
Finance costs | 6 | 54,961 | 6,491
Income tax expense | 10 | 567,242 | 787,518
|  | 2,148,838 | 2,853,683
Working capital adjustments |  |  |
Increase in trade debtors | 14 | (2,254,760) | (3,186,664)
Increase in trade creditors | 16 | 1,125,470 | 434,555
Cash generated from operations |  | 1,019,548 | 101,574
Income taxes (paid)/received | 10 | (289,813) | 9,084
Net cash flow from operating activities |  | 729,735 | 110,658
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (10,230) | (53,372)
Cash flows from financing activities |  |  |
Interest paid | 6 | (6,428) | (6,491)
Repayment of bank borrowing |  | (56,965) | (56,964)
Dividends paid | 22 | (290,000) | (150,000)
Net cash flows from financing activities |  | (353,393) | (213,455)
Net increase/(decrease) in cash and cash equivalents |  | 366,112 | (156,169)
Cash and cash equivalents at 1 June |  | 1,007,344 | 1,163,513
Cash and cash equivalents at 31 May |  | 1,373,456 | 1,007,344

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit 8, Enigma Building
Bilton Road
Bletchley
Milton Keynes
Buckinghamshire
MK1 1HW

These financial statements were authorised for issue by the Board on 10 April 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Reclassification of comparative amounts

In the prior year, £286,952 held within assets under construction were brought into use. These have been reclassified to leasehold improvements accordingly. In addition, £250,000 was included within freehold buildings related to a property that was being marketed for tenancy. This amounts have now been reclassified to investment properties accordingly.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services, under both long and short term contracts, in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as a contract progresses. Operating profit includes attributable profit on contracts completed and amounts recoverable in relation to contracts in progress at the balance sheet date, the latter being recognised as either debtors or creditors depending on the obligations in effect at year end.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets (except that of land and buildings) are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Land and buildings are held under the revaluation model and are subject to the independent valuations in line with FRS 102 guidance. The most recent valuation performed took place in the year ended 31/05/2020.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than freehold properties over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and Fittings | 25% Straight Line Basis
Plant and Machinery | 25% Straight Line Basis
Motor Vehicles | 25% Straight Line Basis
Long leasehold land and buildings | 10% Straight Line Basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Rendering of services | 22,418,940 | 23,133,807
Rental income from investment property | 10,417 | 4,000
| 22,429,357 | 23,137,807

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 21,735,828 | 22,712,511
Europe | 693,529 | 425,296
| 22,429,357 | 23,137,807

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 34,941 | 31,540

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 1,209 | -
Other finance income | 213,851 | 45,024
| 215,060 | 45,024

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | - | 5,598
Interest on obligations under finance leases and hire purchase contracts | 703 | 830
Other interest payable | 54,974 | 63
Foreign exchange losses | - | (116)
| 55,677 | 6,375

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 5,469,143 | 4,342,708
Social security costs | 296,421 | 250,419
Other short-term employee benefits | 15,476 | 5,004
Pension costs, defined contribution scheme | 74,178 | 92,012
| 5,855,218 | 4,690,143

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 50 | 37
Administration and support | 11 | 9
Sales | 18 | 19
Marketing | 2 | 2
Other departments | 3 | 3
| 84 | 70

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 857,788 | 599,575
Contributions paid to money purchase schemes | 15,142 | 19,825
| 872,930 | 619,400

During the year the number of directors who were receiving retirement benefits was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 3 | 4

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 307,450 | 218,970
Company contributions to money purchase pension schemes | 1,321 | 1,321

During the year, changes were made to the roles of management where directors now consider there to be key management personnel. The remuneration of key management personnel in the year totalled aggregated compensation of £671,118 (2024 - £310,877).

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 19,000 | 13,125
Other fees to auditors |  |
All other non-audit services | 2,500 | 2,375

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 567,242 | 787,518

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,058,936 | 2,815,652
Corporation tax at standard rate | 513,123 | 703,913
Tax decrease from effect of capital allowances and depreciation | (6,131) | (7,879)
Effect of expense not deductible in determining taxable profit (tax loss) | 46,330 | 49,458
Further item of tax increase | 13,920 | 42,026
Total tax charge | 567,242 | 787,518

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

11 | Tangible assets

| Long leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 June 2024 (restated) | 286,952 | 120,195 | 8,727 | 19,495 | 435,369
Additions | - | 8,963 | 1,267 | - | 10,230
At 31 May 2025 | 286,952 | 129,158 | 9,994 | 19,495 | 445,599
Depreciation
At 1 June 2024 | - | 59,446 | 3,207 | 9,758 | 72,411
Charge for the year | - | 27,636 | 2,432 | 4,873 | 34,941
At 31 May 2025 | - | 87,082 | 5,639 | 14,631 | 107,352
Carrying amount
At 31 May 2025 | 286,952 | 42,076 | 4,355 | 4,864 | 338,247
At 31 May 2024 | 286,952 | 60,749 | 5,520 | 9,737 | 362,958

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

Included within the net book value of £286,952 (2024 - £286,952) in respect of long leasehold land and buildings.

Included within the net book value of motor vehicles above is £Nil (2024 - £9,737) in respect of vehicles held under hire purchase contracts.

12 | Investment properties

| 2025 £
At 1 June 2024 (restated) | 250,000
At 31 May 2025 | 250,000

The last independent valuation was completed in May 2015, and the directors consider this to remain an appropriate valuation for the year ended May 2025.

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

13 | Other financial assets (current and non-current)

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 June 2024 | 255,400 | 255,400
At 31 May 2025 | 255,400 | 255,400
Impairment
Carrying amount
At 31 May 2025 | 255,400 | 255,400

14 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 4,907,978 | 5,842,877
Amounts owed by related parties | 24 | 4,490,865 | 2,820,543
Other debtors |  | 584,428 | 442,668
Prepayments |  | 429,052 | 345,262
Accrued income |  | 1,718,630 | 411,716
|  | 12,130,953 | 9,863,066

Details of non-current trade and other debtors
The amounts owed by related parties are non-current and not due to be recalled until at least 12 months after the reporting date.

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

15 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 1,028,196 | 691,961
Short-term deposits | 345,260 | 315,383
| 1,373,456 | 1,007,344

16 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 20 | 49,000 | 56,964
Trade creditors |  | 2,124,102 | 1,900,013
Social security and other taxes |  | 455,382 | 413,243
Outstanding defined contribution pension costs |  | 147 | 9,122
Other payables |  | 116,924 | 227,613
Accruals |  | 2,317,744 | 858,459
Income tax liability | 10 | 1,378,755 | 1,031,226
Deferred income |  | 27,496 | 516,316
|  | 6,469,550 | 5,012,956
Due after one year |  |  |
Loans and borrowings | 20 | 8,167 | 57,167

17 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 June 2024 | 8,567 | 8,567
At 31 May 2025 | 8,567 | 8,567

18 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £74,178 (2024 - £92,012).
Contributions totalling £147 (2024 - £9,122) were payable to the scheme at the end of the year and are included in creditors.

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

19 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 150 | 150 | 150 | 150

20 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 8,167 | 57,167

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 49,000 | 49,000
Hire purchase contracts | - | 7,964
| 49,000 | 56,964

The hire purchase facilities are secured against the assets to which they relate.
The company entered into a Coronavirus Business Interruption Loan Scheme facility on 11 June 2020. This facility accrues interest at a rate of 1.88% per annum over the Base Rate and is repayable monthly with the final payment due on 11 June 2025.

21 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 280,055 | 320,189
Later than one year and not later than five years | 135,311 | 245,944
| 415,366 | 566,133

The amount of non-cancellable operating lease payments recognised as an expense during the year was £348,498 (2024 - £94,826).

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

22 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £1,933.33 (2024 - £1,000.00) per each Ordinary |  | 290,000 |  | 150,000

23 | Analysis of changes in net debt

| At 1 June 2024 £ | Financing cash flows £ | At 31 May 2025 £
Cash and cash equivalents |  |  |
Cash | 1,007,344 | 366,112 | 1,373,456
Borrowings |  |  |
Long term borrowings | (106,167) | 49,000 | (57,167)
Lease liabilities | (7,964) | 7,964 | -
| (114,131) | 56,964 | (57,167)
| 893,213 | 423,076 | 1,316,289

S O L Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

24 | Related party transactions

Other transactions with directors

Included within Other Debtors are Balances as follows:
N Burdett had a loan with the company. At the balance sheet date, the amount due from N Burdett was £265,112 (2024 - £206,862). This amount is interest-free and repayable on demand.
A Gordge had a loan with the company. At the balance sheet date, the amount due from A Gordge was £91,983 (2024 - £61,524). This amount is interest-free and repayable on demand.

Summary of transactions with other related parties

The company had a loan account with Vibe Estates Limited, being a common shareholding for both N Burdett and A Gordge. At the balance sheet date, the amounts owed by the entity was as follows:
Vibe Estates Limited - £4,490,865 (2024 - £2,820,543).
The loan to Vibe Estates Limited accrues interest at 5% per annum.
The company also had a loan account with Pure Estates Limited, a company where A Gordge has a common shareholding.
At the balance sheet date, the amount owed by Pure Estates Limited was £166,013 (2024 - £164,324). This loan is interest-free and repayable on demand.
The company rents an office space owned by Vibe Estates Limited.
The total rental costs recognised in respect of this property for the year is £109,323 (2024 - £80,838).

25 | Financial instruments

Categorisation of financial instruments

| 2025 £ | 2024 £
Financial assets measured at fair value through profit or loss | 14,336,694 | 11,738,768
Financial liabilities measured at fair value through profit or loss | (6,438,522) | (5,078,690)