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REGISTERED NUMBER: 04516437 (England and Wales)

Financial Statements

for the Period 1st August 2024 to 31st January 2026

for

Terry Watkins Research Limited

| Terry Watkins Research Limited (Registered number: 04516437) |

Contents of the Financial Statements

for the period 1st August 2024 to 31st January 2026

Page |

| Company Information | 1 |

| Chartered Accountants' Report | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 5 |

| Terry Watkins Research Limited |

Company Information

for the period 1st August 2024 to 31st January 2026

| DIRECTOR: | K A Graal

| REGISTERED OFFICE: | 1-3 Manor Road

| Chatham

| Kent

| ME4 6AE

| REGISTERED NUMBER: | 04516437 (England and Wales)

| ACCOUNTANTS: | Beak Kemmenoe

| Chartered Accountants

| 1-3 Manor Road

| Chatham

| Kent

| ME4 6AE

Chartered Accountants' Report to the Director

on the Unaudited Financial Statements of

Terry Watkins Research Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Terry Watkins Research Limited for the period ended 31st January 2026 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Terry Watkins Research Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Terry Watkins Research Limited and state those matters that we have agreed to state to the director of Terry Watkins Research Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terry Watkins Research Limited and its director for our work or for this report.

It is your duty to ensure that Terry Watkins Research Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Terry Watkins Research Limited. You consider that Terry Watkins Research Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Terry Watkins Research Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

4th May 2026

| Terry Watkins Research Limited (Registered number: 04516437) |

Balance Sheet

31st January 2026

| 2026 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | - |  | 689 |  |

- |  | 689 |  |

CURRENT ASSETS

Debtors | 6 | 3,781 |  | 22,436 |  |

Cash at bank and in hand | 6,087 |  | 250 |  |

9,868 |  | 22,686 |  |

CREDITORS

Amounts falling due within one year | 7 | 17,132 |  | 23,866 |  |

NET CURRENT LIABILITIES | (7,264 | ) | (1,180 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (7,264 | ) | (491 | ) |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (6,534 | ) |

PROVISIONS FOR LIABILITIES | - |  | (102 | ) |

NET LIABILITIES | (7,264 | ) | (7,127 | ) |

CAPITAL AND RESERVES

Called up share capital | 4 |  | 4 |  |

Retained earnings | (7,268 | ) | (7,131 | ) |

SHAREHOLDERS' FUNDS | (7,264 | ) | (7,127 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st January 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st January 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

| Terry Watkins Research Limited (Registered number: 04516437) |

Balance Sheet - continued

31st January 2026

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 director and authorised for issue on 4th May 2026 and were signed by:

K A Graal - Director

| Terry Watkins Research Limited (Registered number: 04516437) |

Notes to the Financial Statements

for the period 1st August 2024 to 31st January 2026

1. | STATUTORY INFORMATION

| Terry Watkins Research Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been fully amortised evenly its useful life of ten years.

| 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.

| Plant and machinery etc | - | 25% on reducing balance

| Taxation

| Taxation for the period 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 period 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 1 (2024 - 1 ) .

| Terry Watkins Research Limited (Registered number: 04516437) |

Notes to the Financial Statements - continued

for the period 1st August 2024 to 31st January 2026

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st August 2024 | 194,130 |  |

| Disposals | (194,130 | ) |

| At 31st January 2026 | - |  |

| AMORTISATION

| At 1st August 2024 | 194,130 |  |

| Eliminated on disposal | (194,130 | ) |

| At 31st January 2026 | - |  |

| NET BOOK VALUE

| At 31st January 2026 | - |  |

| At 31st July 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1st August 2024 | 4,069 |  |

| Disposals | (4,069 | ) |

| At 31st January 2026 | - |  |

| DEPRECIATION

| At 1st August 2024 | 3,380 |  |

| Eliminated on disposal | (3,380 | ) |

| At 31st January 2026 | - |  |

| NET BOOK VALUE

| At 31st January 2026 | - |  |

| At 31st July 2024 | 689 |  |

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

2026 | 2024 |

£ | £ |

| Trade debtors | - |  | 12,000 |  |

| Other debtors | 3,781 |  | 10,436 |  |

3,781 |  | 22,436 |  |

| Terry Watkins Research Limited (Registered number: 04516437) |

Notes to the Financial Statements - continued

for the period 1st August 2024 to 31st January 2026

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

2026 | 2024 |

£ | £ |

| Bank loans and overdrafts | - |  | 14,879 |  |

| Taxation and social security | - |  | 4,293 |  |

| Other creditors | 17,132 |  | 4,694 |  |

17,132 |  | 23,866 |  |

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

2026 | 2024 |

£ | £ |

| Bank loans | - |  | 6,534 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2024 |

£ | £ |

| Bank overdraft | - |  | 9,279 |  |

| A debenture with Clydesdale Bank Plc was created on 13 September 2013 and contains a fixed and floating charge on the assets of Terry Watkins Research Limited.

10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the period ended 31st January 2026 and the year ended 31st July 2024:

2026 | 2024 |

£ | £ |

| T K Watkins

| Balance outstanding at start of period | 8,208 |  | 13,804 |  |

| Amounts advanced | - |  | 1,609 |  |

| Amounts repaid | (16,806 | ) | (7,205 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | (8,598 | ) | 8,208 |  |