IRIS Accounts Production v26.1.0.640 07286694 Board of Directors Board of Directors 31.12.25 1.1.25 31.12.25 31.12.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Dormant company true true false true true false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07286694 2024-12-31 07286694 2025-12-31 07286694 2025-01-01 2025-12-31 07286694 2023-12-31 07286694 2024-01-01 2024-12-31 07286694 2024-12-31 07286694 ns15:EnglandWales 2025-01-01 2025-12-31 07286694 ns14:PoundSterling 2025-01-01 2025-12-31 07286694 ns10:Director1 2025-01-01 2025-12-31 07286694 ns10:Director2 2025-01-01 2025-12-31 07286694 ns10:Consolidated 2025-12-31 07286694 ns10:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 07286694 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 07286694 ns10:Consolidated ns10:MediumEntities 2025-01-01 2025-12-31 07286694 ns10:Consolidated ns10:Audited 2025-01-01 2025-12-31 07286694 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 07286694 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 07286694 ns10:Consolidated 2025-01-01 2025-12-31 07286694 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 07286694 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 07286694 ns10:FullAccounts 2025-01-01 2025-12-31 07286694 1 2025-01-01 2025-12-31 07286694 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 07286694 ns10:RegisteredOffice 2025-01-01 2025-12-31 07286694 ns10:Consolidated 2024-01-01 2024-12-31 07286694 ns5:ShareCapital 2025-12-31 07286694 ns5:ShareCapital 2024-12-31 07286694 ns5:SharePremium 2025-12-31 07286694 ns5:SharePremium 2024-12-31 07286694 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 07286694 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 07286694 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 07286694 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07286694 ns5:PlantMachinery 2025-01-01 2025-12-31 07286694 ns5:FurnitureFittings 2025-01-01 2025-12-31 07286694 ns5:MotorVehicles 2025-01-01 2025-12-31 07286694 ns5:CostValuation 2024-12-31 07286694 ns5:CurrentFinancialInstruments 2025-12-31 07286694 ns5:CurrentFinancialInstruments 2024-12-31 07286694 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 07286694 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 07286694 ns10:OrdinaryShareClass1 2025-12-31 07286694 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 07286694 ns5:SharePremium 2024-12-31 07286694 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31

REGISTERED NUMBER: 07286694 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

JEAVE 2 LIMITED

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Statement of Income and Retained Earnings | 8 |

Consolidated Balance Sheet | 9 |

Company Balance Sheet | 10 |

Consolidated Cash Flow Statement | 11 |

Notes to the Consolidated Cash Flow Statement | 12 |

Notes to the Consolidated Financial Statements | 13 |

JEAVE 2 LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Ms. S. L. Lane

| Mrs. J. Wood

| REGISTERED OFFICE: | Bolckow Street

| North Skelton

| Saltburn-by-the Sea

| TS12 2AP

| REGISTERED NUMBER: | 07286694 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Donald Adams FCA

| AUDITORS: | Baines Jewitt Limited

| Spitfire House

| 19 Falcon Court

| Stockton-on-Tees

| TS18 3TU

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

INTRODUCTION

The group consists of Jeave 2 Limited, Tees Components (Holdings) Limited and Tees Components Limited.

The trading company, Tees Components Limited, was established in 1963, and now with over 60 years of experience it has become one of the leading independent precision engineering subcontractors in the UK. Our head office and factory is based in Teesside, and we trade globally.

We provide machining, measurement, blasting, painting, balancing and testing of large-scale components for key industries, including defence, renewable power generation, new nuclear and decommissioning, and marine.

Our aim is to consistently deliver a supply chain that delivers engineering excellence from concept to completion. We can accommodate anything from multi-million pound defence projects and offshore power generation, to quick turnaround local projects and one-off pressure testing.

We are OEM for Tees White Gill, a 360 degrees waterjet thruster which is particularly suited to oceanographic research vessels. We design, manufacture and assemble this product from our Teesside facility, and this is exported worldwide.

REVIEW OF BUSINESS

The results for the year and the financial position of the group are as shown in the annexed financial statements.

The consolidated statement of income and retained earnings is set out on page 8 and shows turnover increased by 12.5% to £4,930,406 compared to £4,381,955 in the previous year. Underlying business remained strong in both the UK and overseas.

The consolidated balance sheet is set out on page 9 and shows net assets of £5,420,317 as at 31 December 2025 compared to £5,045,636 as 31 December 2024.

Throughout the year we continued to invest in new machinery, including a boring and milling machine to further support our operations. Our heavy investment in skills, with record levels of apprentices in 2023 and 2024, continues to reap rewards as trainees move from learning to operational.

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors do not consider there to be any immediate risks likely to have a significant impact on the short- or long-term value of the business. Risks identified by the Board are summarised below, along with their respective controls in place.

Market risks are managed by ensuring that subcontract work is carried out for a range of clients and sectors. Whilst the company undertakes contracts for others in the supply chain, such as fabricators and foundries, it also supplies direct to OEMs, and these are operating across various sectors including rail, water processing, marine defence, renewable energy, traditional power generation, and nuclear decommissioning.

Operational risks are predominantly those of health, safety and environmental performance. These are managed through the ISO 14001 environmental management system, and the in-house systems for health and safety. These continue to be led and managed in a top-down approach. Skills shortages and a tight labour market are a challenge across the manufacturing sector, and the strong apprentice training provision mitigates this.

Financial risk included those of defaulting creditors, fraud and exchange rate losses. There is an effective credit control system in place which limits exposure and identifies problems early, and the company's IT system, staff training and input from banking professionals reduces the risk of loss through fraud. Delayed and defaulted payments from creditors were and continue to be risks which the business works to mitigate with its systems.

ON BEHALF OF THE BOARD:

Ms. S. L. Lane - Director

1 May 2026

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

DIVIDENDS

Total dividends paid from Jeave 2 Limited amounted to £7,128.

Total dividends paid by the group amounted to £47,343.

The directors do not recommend payment of a further dividend.

DIRECTORS

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

Ms. S. L. Lane

Mrs. J. Wood

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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Ms. S. L. Lane - Director

1 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JEAVE 2 LIMITED

Opinion

We have audited the financial statements of Jeave 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JEAVE 2 LIMITED

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 four, 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.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Health & Safety and Employment law, 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 the Companies Act 2006.

We evaluated management's opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

- |  | discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |

- |  | evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; |

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

- |  | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JEAVE 2 LIMITED

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.

Donald Adams FCA (Senior Statutory Auditor)

for and on behalf of Baines Jewitt Limited

Spitfire House

19 Falcon Court

Stockton-on-Tees

TS18 3TU

1 May 2026

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 | 2024 |

| Notes | £ | £

TURNOVER | 4 | 4,930,406 |  | 4,381,955 |  |

Cost of sales | 2,860,491 |  | 2,892,112 |  |

GROSS PROFIT | 2,069,915 |  | 1,489,843 |  |

Administrative expenses | 1,623,466 |  | 1,649,866 |  |

446,449 |  | (160,023 | ) |

Other operating income | 32,807 |  | 38,407 |  |

OPERATING PROFIT/(LOSS) | 6 | 479,256 |  | (121,616 | ) |

Interest receivable and similar income | 13,037 |  | 10,591 |  |

492,293 |  | (111,025 | ) |

Interest payable and similar expenses | 7 | 34,196 |  | 19,997 |  |

PROFIT/(LOSS) BEFORE TAXATION | 458,097 |  | (131,022 | ) |

Tax on profit/(loss) | 8 | (6,219 | ) | (66,593 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 464,316 |  | (64,429 | ) |

Retained earnings at beginning of year | 1,056,691 |  | 1,188,648 |  |

Dividends | 10 | (47,343 | ) | (67,528 | ) |

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR | 1,473,664 |  | 1,056,691 |  |

Profit/(loss) attributable to:

Owners of the parent | 464,316 |  | (64,429 | ) |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

CONSOLIDATED BALANCE SHEET

31 DECEMBER 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 5,114,482 |  | 4,698,549 |  |

Investments | 13 | - |  | - |  |

Investment property | 14 | 63,860 |  | 63,860 |  |

5,178,342 |  | 4,762,409 |  |

CURRENT ASSETS

Debtors | 15 | 832,818 |  | 743,855 |  |

Cash at bank and in hand | 1,111,287 |  | 785,727 |  |

1,944,105 |  | 1,529,582 |  |

CREDITORS

Amounts falling due within one year | 16 | 798,770 |  | 721,411 |  |

NET CURRENT ASSETS | 1,145,335 |  | 808,171 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,323,677 |  | 5,570,580 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (415,151 | ) | (199,044 | ) |

PROVISIONS FOR LIABILITIES | 19 | (246,646 | ) | (126,629 | ) |

NET ASSETS | 5,661,880 |  | 5,244,907 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 606 |  | 606 |  |

Share premium | 21 | 4,187,610 |  | 4,187,610 |  |

Retained earnings | 21 | 1,473,664 |  | 1,056,691 |  |

SHAREHOLDERS' FUNDS | 5,661,880 |  | 5,244,907 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

Ms. S. L. Lane - Director

Mrs. J. Wood - Director

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

COMPANY BALANCE SHEET

31 DECEMBER 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 4,025,117 |  | 4,025,117 |  |

Investment property | 14 | - |  | - |  |

4,025,117 |  | 4,025,117 |  |

CURRENT ASSETS

Debtors | 15 | 235,243 |  | 199,171 |  |

NET CURRENT ASSETS | 235,243 |  | 199,171 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,260,360 |  | 4,224,288 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 606 |  | 606 |  |

Share premium | 21 | 4,187,610 |  | 4,187,610 |  |

Retained earnings | 21 | 72,144 |  | 36,072 |  |

SHAREHOLDERS' FUNDS | 4,260,360 |  | 4,224,288 |  |

Company's profit for the financial year | 43,200 |  | 43,200 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

Ms. S. L. Lane - Director

Mrs. J. Wood - Director

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 | 2024 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 814,419 |  | (88,314 | ) |

Interest paid | (21 | ) | (133 | ) |

Interest element of hire purchase payments paid | (34,175 | ) | (19,864 | ) |

R&D tax credit received | 49,929 |  | - |  |

Net cash from operating activities | 830,152 |  | (108,311 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (738,051 | ) | (508,760 | ) |

Sale of tangible fixed assets | 2,440 |  | 250 |  |

Interest received | 13,037 |  | 10,591 |  |

Net cash from investing activities | (722,574 | ) | (497,919 | ) |

Cash flows from financing activities

New hire purchase borrowings | 420,540 |  | - |  |

Capital repayments in year | (114,910 | ) | (68,862 | ) |

Amount introduced by directors | - |  | 23,245 |  |

Amount withdrawn by directors | (40,305 | ) | - |  |

Equity dividends paid | (47,343 | ) | (67,528 | ) |

Net cash from financing activities | 217,982 |  | (113,145 | ) |

Increase/(decrease) in cash and cash equivalents | 325,560 |  | (719,375 | ) |

Cash and cash equivalents at beginning of year | 2 | 785,727 |  | 1,505,102 |  |

Cash and cash equivalents at end of year | 2 | 1,111,287 |  | 785,727 |  |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

| £ | £

| Profit/(loss) before taxation | 458,097 |  | (131,022 | ) |

| Depreciation charges | 321,050 |  | 315,441 |  |

| (Profit)/loss on disposal of fixed assets | (1,373 | ) | 13,035 |  |

| Finance costs | 34,196 |  | 19,997 |  |

| Finance income | (13,037 | ) | (10,591 | ) |

798,933 |  | 206,860 |  |

| Decrease in trade and other debtors | 27,649 |  | 444,958 |  |

| Decrease in trade and other creditors | (12,163 | ) | (740,132 | ) |

| Cash generated from operations | 814,419 |  | (88,314 | ) |

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 | 1,111,287 |  | 785,727 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

| £ | £

| Cash and cash equivalents | 785,727 |  | 1,505,102 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

| £ | £ | £

| Net cash |

| Cash at bank and in hand | 785,727 |  | 325,560 |  | 1,111,287 |  |

785,727 |  | 325,560 |  | 1,111,287 |  |

| Debt

| Finance leases | (187,801 | ) | (305,630 | ) | (493,431 | ) |

(187,801 | ) | (305,630 | ) | (493,431 | ) |

| Total | 597,926 |  | 19,930 |  | 617,856 |  |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Jeave 2 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 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.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

| 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

| 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.

| Freehold land and buildings | - | 2% on cost

| Plant and machinery | - | at variable rates on reducing balance

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

| Motor vehicles | - | 25% on reducing balance

| Investment property

| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

| Foreign exchange

| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

| In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| Leases

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

| Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and the future periods where the revision affects both current and future periods.

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract-by-contract basis. These focus on revenue and costs to complete and enable an assessment to be made of the final outturn on each contract. Variations during contracts are taken into account where it is highly probable that the related income will not reverse.

4. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

2025 | 2024 |

| £ | £

| United Kingdom | 3,937,639 |  | 3,286,938 |  |

| Overseas | 992,767 |  | 1,095,017 |  |

4,930,406 |  | 4,381,955 |  |

5. | EMPLOYEES AND DIRECTORS

2025 | 2024 |

| £ | £

| Wages and salaries | 2,211,621 |  | 2,194,996 |  |

| Social security costs | 240,522 |  | 218,595 |  |

| Other pension costs | 68,829 |  | 70,966 |  |

2,520,972 |  | 2,484,557 |  |

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

2025 | 2024 |

| Manufacturing | 42 |  | 42 |  |

| Office and management | 15 |  | 16 |  |

57 |  | 58 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 57 (2024 - 58 ) .

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS - continued

2025 | 2024 |

| £ | £

| Directors' remuneration | 114,543 |  | 128,131 |  |

| Directors' pension contributions to money purchase schemes | 21,000 |  | 21,300 |  |

6. | OPERATING PROFIT/(LOSS)

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

2025 | 2024 |

| £ | £

| Depreciation - owned assets | 207,066 |  | 217,785 |  |

| Depreciation - assets on hire purchase contracts | 113,985 |  | 97,660 |  |

| (Profit)/loss on disposal of fixed assets | (1,373 | ) | 13,035 |  |

| Auditors' remuneration | 12,430 |  | 9,230 |  |

| Foreign exchange differences | (12,079 | ) | (3,647 | ) |

| Government grants | (31,407 | ) | (38,407 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

2025 | 2024 |

| £ | £

| Bank loan interest | 21 |  | 133 |  |

| Hire purchase | 34,175 |  | 19,864 |  |

34,196 |  | 19,997 |  |

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

2025 | 2024 |

| £ | £

| Current tax:

| UK corporation tax | (126,236 | ) | - |  |

| Deferred tax | 120,017 |  | (66,593 | ) |

| Tax on profit/(loss) | (6,219 | ) | (66,593 | ) |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TAXATION - continued

| Reconciliation of total tax credit included in profit and loss

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

2025 | 2024 |

| £ | £

| Profit/(loss) before tax | 458,097 |  | (131,022 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 114,524 |  | (32,756 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 456 |  | 711 |  |

| Adjustments to tax charge in respect of previous periods | 268 |  | (38,467 | ) |

| Depreciation on assets not qualifying for tax allowances | 4,769 |  | 3,919 |  |

| R&D tax credits for YE 2022 and 2023 | (126,236 | ) | - |  |

| Total tax credit | (6,219 | ) | (66,593 | ) |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

|  | 2025 |  |  | 2024 |

| £ |  |  | £ |  |

| Interim paid |  | 47,343 |  |  | 67,528 |

11. | INTANGIBLE FIXED ASSETS

| Group

Goodwill |

| £

| COST

| At 1 January 2025

| and 31 December 2025 | 1,600,466 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 1,600,466 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

| The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

12. | TANGIBLE FIXED ASSETS

| Group

Freehold | Fixtures |  |

land and | Plant and | and | Motor |  |

buildings | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 January 2025 | 2,402,575 |  | 7,808,711 |  | 364,174 |  | 93,227 |  | 10,668,687 |  |

| Additions | 28,350 |  | 683,346 |  | 26,355 |  | - |  | 738,051 |  |

| Disposals | - |  | (51,044 | ) | - |  | - |  | (51,044 | ) |

| At 31 December 2025 | 2,430,925 |  | 8,441,013 |  | 390,529 |  | 93,227 |  | 11,355,694 |  |

| DEPRECIATION

| At 1 January 2025 | 936,306 |  | 4,791,093 |  | 177,147 |  | 65,592 |  | 5,970,138 |  |

| Charge for year | 34,967 |  | 253,508 |  | 25,662 |  | 6,914 |  | 321,051 |  |

| Eliminated on disposal | - |  | (49,977 | ) | - |  | - |  | (49,977 | ) |

| At 31 December 2025 | 971,273 |  | 4,994,624 |  | 202,809 |  | 72,506 |  | 6,241,212 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,459,652 |  | 3,446,389 |  | 187,720 |  | 20,721 |  | 5,114,482 |  |

| At 31 December 2024 | 1,466,269 |  | 3,017,618 |  | 187,027 |  | 27,635 |  | 4,698,549 |  |

| The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.

| Assets on hire purchase totalled £1,339,387 (2024: £731,677) at the balance sheet date.

13. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| At 1 January 2025

| and 31 December 2025 | 4,025,117 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,025,117 |  |

| At 31 December 2024 | 4,025,117 |  |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

13. | FIXED ASSET INVESTMENTS - continued

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

| Subsidiaries

| Tees Components (Holdings) Limited

| Registered office: North Skelton, Saltburn By The Sea, Cleveland, TS12 2AP

| Nature of business: Holding company

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| Tees Components Limited

| Registered office: North Skelton, Saltburn By The Sea, Cleveland, TS12 2AP

| Nature of business: Machining

% |

| Class of shares: | holding |

| Ordinary (indirectly held) | 100.00 |

14. | INVESTMENT PROPERTY

| Group

Total |

| £

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 63,860 |  |

| NET BOOK VALUE

| At 31 December 2025 | 63,860 |  |

| At 31 December 2024 | 63,860 |  |

| The fair value of the investment property has been arrived at on the basis of its cost of acquisition in the year and reviewed by the directors at the balance sheet date as a fair reflection of its fair value at that date.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| £ | £ | £ | £

| Trade debtors | 391,722 |  | 404,996 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 235,243 |  | 199,171 |  |

| Amounts recoverable on contract | 117,181 |  | 91,942 |  | - |  | - |  |

| Other debtors | 582 |  | 582 |  | - |  | - |  |

| Directors' current accounts | 134,427 |  | 94,122 |  | - |  | - |  |

| Tax | 32,712 |  | 32,712 |  | - |  | - |  |

| 2023 R&D tax credit receivable | 76,307 |  | - |  | - |  | - |  |

| Prepayments and accrued income | 79,887 |  | 119,501 |  | - |  | - |  |

832,818 |  | 743,855 |  | 235,243 |  | 199,171 |  |

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| Group |

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 18) | 117,242 |  | 54,626 |  |

| Trade creditors | 265,018 |  | 381,373 |  |

| Social security and other taxes | 48,792 |  | 78,606 |  |

| VAT | 159,913 |  | 34,698 |  |

| Other creditors | 86,778 |  | 111,091 |  |

| Accruals and deferred income | 94,120 |  | 34,110 |  |

| Deferred government grants | 26,907 |  | 26,907 |  |

798,770 |  | 721,411 |  |

| Hire purchase liabilities are secured against the assets to which they relate.

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

| Group |

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 18) | 376,189 |  | 133,175 |  |

| Deferred government grants | 38,962 |  | 65,869 |  |

415,151 |  | 199,044 |  |

| Hire purchase liabilities are secured against the assets to which they relate.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

| £ | £

| Net obligations repayable:

| Within one year | 117,242 |  | 54,626 |  |

| Between one and five years | 376,189 |  | 133,175 |  |

493,431 |  | 187,801 |  |

| The company had no lease agreements for the year ended 31 December 2025 or 31 December 2024.

JEAVE 2 LIMITED (REGISTERED NUMBER: 07286694)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

19. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

| £ | £

| Deferred tax

| Accelerated capital allowances | 721,293 |  | 581,632 |  |

| Tax losses carried forward | (473,765 | ) | (452,501 | ) |

| Other timing differences | (882 | ) | (2,502 | ) |

246,646 |  | 126,629 |  |

| Group

Deferred tax |

| £

| Balance at 1 January 2025 | 126,629 |  |

| Movement in year | 120,017 |  |

| Balance at 31 December 2025 | 246,646 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 60,567 | Ordinary | 0.01 | 606 |  | 606 |  |

21. | RESERVES

| Group

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 January 2025 | 1,056,691 |  | 4,187,610 |  | 5,244,301 |  |

| Profit for the year | 464,316 |  | 464,316 |  |

| Dividends | (47,343 | ) | (47,343 | ) |

| At 31 December 2025 | 1,473,664 |  | 4,187,610 |  | 5,661,274 |  |

| Company

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 January 2025 | 36,072 |  | 4,187,610 |  | 4,223,682 |  |

| Profit for the year | 43,200 |  | 43,200 |  |

| Dividends | (7,128 | ) | (7,128 | ) |

| At 31 December 2025 | 72,144 |  | 4,187,610 |  | 4,259,754 |  |