REGISTERED NUMBER: 15145702 (England and Wales)

PROVIDENT LIFTS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr K Duberley

Mr J Duberley

Mr S Duberley

Mr T Duberley

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

15145702 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The principal activity of the group continues to be the installation and maintenance of lifts.

REVIEW OF BUSINESS

The financial statements show the results of all group members during their periods of membership of the group. The trading subsidiaries were acquired in September and October 2024.

The group's results for the year ended 31 December 2025 show a gross profit of £8,470,705 (period to 31 December 2024: £2,600,362), with a gross margin of 39.0% (period to 31 December 2024 43.7%). The profit before taxation was £1,793,211 (period to 31 December 2024 £529,606).

The directors are confident that the operational and financial improvements delivered to date and planned for the future will put the group in a position to maintain and improve its profitability into 2026 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks.

Demand and execution risk

The key business risk relates to changes in the economy impacting the expenditure plans of institutional and private landlords. The directors manage this risk by closely monitoring the sector and working closely with customers, key suppliers and trade bodies to identify changes and impacts.

Credit risk

Credit risk is managed by careful review of customers' financial standing and appropriate credit checks on potential customers prior to sale as well as via active management of cash collections and credit limits once onboarded. The company maintains a wide portfolio of customers across a number of sectors.

Price risk

The company is exposed to raw material and labour cost increases. To mitigate this risk all key raw materials have several suppliers and most customer contracts are subject to fixed pricing and annual increase arrangements for predetermined periods of time.

Health and safety

Managing and eliminating risk to our people in the environments in which they work continues to be a major part of our responsibility.

ON BEHALF OF THE BOARD:

Mr K Duberley - Director

15 April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

Interim dividends totalling £600 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 360,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr K Duberley

Mr J Duberley

Mr S Duberley

Mr T Duberley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Folkes Worton LLP, having been appointed during the period, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr K Duberley - Director

15 April 2026

Opinion

We have audited the financial statements of Provident Lifts Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:

- the posting inappropriate journal entries to increase revenue or reduce expenditure;

- management override of controls; and

- management bias in the assessment of accounting estimates and judgements.

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;

- the review and challenging of journal entries, in particular unusual transactions and account combinations;

- challenging assumptions and judgements made by management in their assessment of significant accounting estimates; and

- discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

Auditors' responsibilities for the audit of the financial statements - continued

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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/auditors responsibilities. This description forms part of our Report of the Auditors.

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.

Neil Smith BSc FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

15 April 2026

TURNOVER

21,697,612

5,952,179

Cost of sales

13,226,907

3,351,817

GROSS PROFIT

8,470,705

2,600,362

Administrative expenses

6,166,107

1,768,237

OPERATING PROFIT

4

2,304,598

832,125

Income from interest in associated undertakings

-

50,000

Interest receivable and similar income

50,156

46,777

50,156

96,777

2,354,754

928,902

Interest payable and similar expenses

5

561,543

399,296

PROFIT BEFORE TAXATION

1,793,211

529,606

Tax on profit

6

327,210

141,107

PROFIT FOR THE FINANCIAL YEAR

1,466,001

388,499

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,466,001

388,499

Profit attributable to:

Owners of the parent

1,466,001

388,499

Total comprehensive income attributable to:

Owners of the parent

1,466,001

388,499

FIXED ASSETS

Intangible assets

9

5,054,584

5,632,175

Tangible assets

10

508,154

558,577

Investments

11

-

-

5,562,738

6,190,752

CURRENT ASSETS

Stocks

12

983,248

2,276,344

Debtors

13

4,164,144

3,942,068

Cash at bank and in hand

4,209,102

1,867,620

9,356,494

8,086,032

CREDITORS

Amounts falling due within one year

14

9,581,179

9,229,772

NET CURRENT LIABILITIES

(224,685

)

(1,143,740

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,338,053

5,047,012

CREDITORS

Amounts falling due after more than one year

15

(3,887,328

)

(4,681,739

)

PROVISIONS FOR LIABILITIES

19

(108,125

)

(128,674

)

NET ASSETS

1,342,600

236,599

CAPITAL AND RESERVES

Called up share capital

20

600

600

Retained earnings

21

1,342,000

235,999

SHAREHOLDERS' FUNDS

1,342,600

236,599

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2026 and were signed on its behalf by:

Mr K Duberley - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

3,500,500

3,500,500

3,500,500

3,500,500

CURRENT ASSETS

Debtors

13

12,100

100

Cash at bank

35,607

69,056

47,707

69,156

CREDITORS

Amounts falling due within one year

14

3,541,363

3,553,577

NET CURRENT LIABILITIES

(3,493,656

)

(3,484,421

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,844

16,079

CAPITAL AND RESERVES

Called up share capital

20

600

600

Retained earnings

21

6,244

15,479

SHAREHOLDERS' FUNDS

6,844

16,079

Company's profit for the financial year

350,765

130,479

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2026 and were signed on its behalf by:

Mr K Duberley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

600

-

600

Dividends

-

(152,500

)

(152,500

)

Total comprehensive income

-

388,499

388,499

Balance at 31 December 2024

600

235,999

236,599

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

1,466,001

1,466,001

Balance at 31 December 2025

600

1,342,000

1,342,600

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

600

-

600

Dividends

-

(115,000

)

(115,000

)

Total comprehensive income

-

130,479

130,479

Balance at 31 December 2024

600

15,479

16,079

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

350,765

350,765

Balance at 31 December 2025

600

6,244

6,844

Cash flows from operating activities

Cash generated from operations

1

3,772,528

277,230

Interest paid

(582,909

)

(356,465

)

Interest element of hire purchase payments paid

(15,073

)

(6,392

)

Tax paid

(320,301

)

(164,866

)

Net cash from operating activities

2,854,245

(250,493

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

2,199,372

Purchase of tangible fixed assets

(57,508

)

-

Sale of tangible fixed assets

12,017

-

Interest received

50,156

46,777

Dividends received

-

50,000

Net cash from investing activities

4,665

2,296,149

Cash flows from financing activities

Capital repayments in year

(145,428

)

(37,536

)

Amount introduced by directors

-

12,000

Amount withdrawn by directors

(12,000

)

(100

)

Share issue

-

100

Equity dividends paid

(360,000

)

(152,500

)

Net cash from financing activities

(517,428

)

(178,036

)

Increase in cash and cash equivalents

2,341,482

1,867,620

Cash and cash equivalents at beginning of year

2

1,867,620

-

Cash and cash equivalents at end of year

2

4,209,102

1,867,620

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

18/9/23

Year Ended

to

31/12/25

31/12/24

£

£

Profit before taxation

1,793,211

529,606

Depreciation charges

852,401

222,761

(Profit)/loss on disposal of fixed assets

(4,269

)

663

Finance costs

561,543

399,296

Finance income

(50,156

)

(96,777

)

3,152,730

1,055,549

Decrease in stocks

1,293,096

500,330

(Increase)/decrease in trade and other debtors

(222,076

)

363,100

Decrease in trade and other creditors

(451,222

)

(1,641,749

)

Cash generated from operations

3,772,528

277,230

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 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

4,209,102

1,867,620

Period ended 31 December 2024

31/12/24

18/9/23

£

£

Cash and cash equivalents

1,867,620

-

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/1/25

Cash flow

changes

At 31/12/25

£

£

£

£

Net cash

Cash at bank

and in hand

1,867,620

2,341,482

4,209,102

1,867,620

2,341,482

4,209,102

Debt

Finance leases

(294,694

)

145,428

(174,627

)

(323,893

)

Debts falling due

within 1 year

-

-

(787,500

)

(787,500

)

Debts falling due

after 1 year

(4,500,000

)

-

787,500

(3,712,500

)

(4,794,694

)

145,428

(174,627

)

(4,823,893

)

Total

(2,927,074

)

2,486,910

(174,627

)

(614,791

)

4.	ACQUISITION OF BUSINESS

During the period ended 31 December 2024, the group acquired new subsidiary companies. Assets and liabilities acquired in the companies were as follows:

£

Tangible fixed assets - cost

1,085,215

Tangible fixed assets - accumulated depreciation

(446,948

)

638,267

Stock

2,776,674

Trade and other debtors

4,305,068

Cash at bank and in hand

3,099,372

Trade and other creditors

(8,970,905

)

Current taxation

(259,211

)

Hire purchase liabilities

(332,230

)

Deferred taxation

(132,444

)

1,124,591

Goodwill

5,775,909

Investment in subsidiaries

6,900,500

The acquisitions were financed by:

Issue of share capital

500

Deferred proceeds

1,500,000

Loans

4,500,000

Cash

900,000

6,900,500

1.	STATUTORY INFORMATION

Provident Lifts 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

In the group financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the period following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Provident Lifts Ltd and all of its subsidiaries (entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Results are incorporated from the date that control passes.

All financial statements are made up to 31 December and all accounting policies are consistent across the parent and its subsidiaries.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

The group profit and loss account includes the consolidated results for all subsidiaries detailed in note 11 for the year.

Turnover

Revenue from the provision of services by the company is recognised as soon as the amount can be reliably estimated and work in progress recorded in the balance sheet under prepayments and accrued income. The outcome of a transaction can be estimated reliably when all the following conditions are met:

- the amount of revenue from ordinary activities can be measured reliably;

- it is probable that the economic benefits will flow to the entity;

- the stage of completion of the transaction at the reporting date can be measured reliably;

- the costs incurred for the transaction and the costs to complete the transaction can be measured.

When the outcome of a transaction involving the provision of services can be estimated reliably, the income from ordinary activities associated with the transaction must be recognised by reference to the stage of completion of the transaction at the reporting date.

The stage of completion is measured by reference to the proportion that costs incurred to date bear to the estimated total costs. Profit is not recognised if the stage of completion of the contract cannot be estimated reliably.

Turnover - continued

In the event that a loss on completion of a contract is forecast, a provision for losses to contract completion is recognised irrespective of the stage of completion of the contract, by reference to the best estimate of the forecast results measured on a reasonable basis. Provisions for losses on contract completion are presented within prepayments and accrued income in the statement of financial position.

Payments on account received in excess of costs incurred and attributable profit are included within accruals and deferred income. Foreseeable losses, if any, in excess of costs incurred less related payments on account are included in provisions as appropriate.

Goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost. After initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite life and is amortised on a systematic basis over its expected life of 10 years which the directors believe is the period over which the acquisition will pay back the initial investment.

Intangible assets

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

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% to 25% on reducing balance

Motor vehicles

-

20% to 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to the statement of comprehensive income.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts being presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Trade and other debtors, including accrued income, which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.