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REGISTERED NUMBER: 04694419 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS

| FOR THE YEAR ENDED 31 MAY 2025

| FOR

| KELVELEC ELECTRICAL SUPPLIES LTD

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| KELVELEC ELECTRICAL SUPPLIES LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | I J Gooding

| R W Norfolk

| M Gooding

| A S O'Neill

| SECRETARY: | R W Norfolk

| REGISTERED OFFICE: | Beckwith Barn

| Warren Estate

| Lordship Road

| Chelmsford

| Essex

| CM1 3WT

| REGISTERED NUMBER: | 04694419 (England and Wales)

| ACCOUNTANTS: | Xeinadin South East Limited

| 5b Beckwith Barn

| Warren Estate

| Lordship Road

| Chelmsford

| Essex

| CM1 3WT

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

BALANCE SHEET

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | - |  | - |  |

Tangible assets | 6 | 57,510 |  | 13,690 |  |

57,510 |  | 13,690 |  |

CURRENT ASSETS

Stocks | 7 | 773,379 |  | 898,740 |  |

Debtors | 8 | 1,356,447 |  | 1,107,132 |  |

Cash at bank and in hand | 9 | 109 |  | 3,220 |  |

2,129,935 |  | 2,009,092 |  |

CREDITORS

Amounts falling due within one year | 10 | 1,847,153 |  | 1,602,465 |  |

NET CURRENT ASSETS | 282,782 |  | 406,627 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 340,292 |  | 420,317 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (37,875 | ) | - |  |

PROVISIONS FOR LIABILITIES | 15 | (3,177 | ) | (3,423 | ) |

PENSION LIABILITY | 17 | - |  | (150,000 | ) |

NET ASSETS | 299,240 |  | 266,894 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 100 |  |

Retained earnings | 299,140 |  | 266,794 |  |

SHAREHOLDERS' FUNDS | 299,240 |  | 266,894 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

BALANCE SHEET - continued

31 MAY 2025

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2026 and were signed on its behalf by:

I J Gooding - Director

R W Norfolk - Director

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| Kelvelec Electrical Supplies Ltd 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 functional and presentation currency of these financial statements is the Pound Sterling (£).

| Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" 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.

| Summary of significant accounting policies

| 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.

| Significant judgements and estimates

| In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

| Pension obligation

| The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty.

| Turnover

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

| The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

| The company distributes electrical components. The sale of goods are recognised when the goods are despatched to the customer.

| Goodwill

| Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life of 10 years.

| Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

3. | ACCOUNTING POLICIES - continued

| 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 | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available to the use intended.

| Tangible fixed asset depreciation is included in administrative expenses in the statement of comprehensive income.

| Stocks

| Stock are valued at the lower of cost and net realisable value using the AVCO basis. Cost is determined on the actual amount paid for the stock, net of value added tax. Net realisable value represents estimated selling price less costs to complete and sell. Provisions are made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

| Taxation

| Taxation for the year 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 balance sheet date.

| Deferred tax

| 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.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

3. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

| Defined benefit pension scheme

| For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

| Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

| Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expenses.

| Defined contribution pension scheme

| 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.

| Provisions

| Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made.

| Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.

| Borrowing costs

| All borrowing costs are recognised in profit or loss in the period in which they are incurred

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 14 (2024 - 11 ) .

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 316,853 |  |

| AMORTISATION

| At 1 June 2024

| and 31 May 2025 | 316,853 |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  |

| At 31 May 2024 | - |  |

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 70,162 |  | - |  | 12,974 |  | 19,697 |  | 102,833 |  |

| Additions | 48,902 |  | 2,600 |  | - |  | - |  | 51,502 |  |

| Disposals | - |  | - |  | (12,974 | ) | - |  | (12,974 | ) |

| At 31 May 2025 | 119,064 |  | 2,600 |  | - |  | 19,697 |  | 141,361 |  |

| DEPRECIATION

| At 1 June 2024 | 61,226 |  | - |  | 12,942 |  | 14,975 |  | 89,143 |  |

| Charge for year | 5,862 |  | 217 |  | 8 |  | 1,571 |  | 7,658 |  |

| Eliminated on disposal | - |  | - |  | (12,950 | ) | - |  | (12,950 | ) |

| At 31 May 2025 | 67,088 |  | 217 |  | - |  | 16,546 |  | 83,851 |  |

| NET BOOK VALUE

| At 31 May 2025 | 51,976 |  | 2,383 |  | - |  | 3,151 |  | 57,510 |  |

| At 31 May 2024 | 8,936 |  | - |  | 32 |  | 4,722 |  | 13,690 |  |

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

| Plant and

| machinery

£ |

| COST

| Additions | 48,902 |  |

| At 31 May 2025 | 48,902 |  |

| DEPRECIATION

| Charge for year | 4,075 |  |

| At 31 May 2025 | 4,075 |  |

| NET BOOK VALUE

| At 31 May 2025 | 44,827 |  |

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

7. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 773,379 |  | 898,740 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,331,562 |  | 1,084,454 |  |

| Other debtors | 24,885 |  | 22,678 |  |

1,356,447 |  | 1,107,132 |  |

9. | CASH AT BANK AND IN HAND

2025 | 2024 |

£ | £ |

| Reserve bank account | 66 |  | 66 |  |

| Cash in hand | 43 |  | 3,154 |  |

109 |  | 3,220 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 12) | 168,657 |  | 203,369 |  |

| Hire purchase contracts (see note 13) | 7,975 |  | - |  |

| Trade creditors | 949,638 |  | 684,059 |  |

| Amounts owed to related parties | 74,942 |  | 23,975 |  |

| Taxation and social security | 167,190 |  | 128,281 |  |

| Other creditors | 478,751 |  | 562,781 |  |

1,847,153 |  | 1,602,465 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 13) | 37,875 |  | - |  |

12. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 168,657 |  | 203,369 |  |

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

13. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 7,975 |  | - |  |

| Between one and five years | 37,875 |  | - |  |

45,850 |  | - |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 13,757 |  | 20,208 |  |

| Between one and five years | 13,050 |  | 14,808 |  |

26,807 |  | 35,016 |  |

| Lease payments made in the year were £16,073 (2024: £15,988).

14. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 168,657 |  | 203,369 |  |

| Commercial invoice financing | 456,916 |  | 539,481 |  |

625,573 |  | 742,850 |  |

| The bank hold a debenture with fixed and floating charges over all the current and future assets of the company.

| The commercial invoice finance facility is secured against the associated trade debts and also by way of a floating charge over all the other assets of the company.

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 3,177 |  | 3,423 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 3,423 |  |

| Provided during year | (246 | ) |

| Balance at 31 May 2025 | 3,177 |  |

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 10,000 | Ordinary | £0.01 | 100 |  | 100 |  |

| 2 | Wealth shares | £0.01 | - |  | - |  |

100 |  | 100 |  |

| Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to participate in a distribution arising from a wind up of the company.

17. | EMPLOYEE BENEFIT OBLIGATIONS

| Employer Pension Obligation

| The company had previously agreed to fund a defined benefit pension scheme in respect of key employees. The present value of the unfunded obligations at 31 May 2024 was £150,000. During the year this obligation was removed with a corresponding credit being recorded in the profit and loss account.

| Defined contribution scheme

| The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.Contributions payable to the fund at the year end by the company and included in other creditors are £2,025 (2024: £1,504).

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Contributions payable by the company for the year |  | 39,397 |  |  | 42,212 |  |

18. | ULTIMATE CONTROLLING PARTY

| The company is ultimately controlled by its shareholders, I J Gooding and R W Norfolk, by virtue of them each holding 50% of the issued share capital of the company.