SSCW Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Company Statement of Cash Flows	16
Notes to the Company Statement of Cash Flows	17
Notes to the Financial Statements	18—28

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

Review of the Business

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

SSCW Holdings Ltd acquired the entire share capital of Intex Projects Limited on 29th October 2024 by a share for share exchange. SSCW Holdings has applied merger accounting in the preparation of these consolidated financial statements.

This review sets out the strategic direction for 2025-26, focusing on national growth, service innovation, operational resilience, and improved market visibility. Intex Projects continues to strengthen its position within the UK commercial interiors sector, delivering consistent revenue growth and expanding its presence in key markets. The shift towards hybrid working, the refurbishment of ageing office stock, and increased demand for sustainable, design-led environments present strong opportunities for further expansion.

Market Landscape and Sector Outlook

Hybrid & Flexible Workplaces:

Companies are redefining their workspace strategies, investing in agile layouts, enhanced collaboration zones, and amenity-rich environments to attract staff back to the office. This trend directly aligns with Intex's strengths in turnkey fit-out, design & build, and fast-track delivery.

Sustainability & Compliance:

Environmental performance, circular materials, low-carbon construction, and WELL/BREEAM-aligned solutions are increasingly built into client briefs. Sustainability is no longer an add-on - it is a procurement filter. Clients prioritise contractors who can demonstrate credible ESG credentials and supply-chain alignment.

Technology-Led Offices:

Demand continues to rise for integrated smart systems-adaptive lighting, occupancy-led controls, AV-rich meeting environments, and IoT monitoring.

Refurbishment Opportunity:

Significant regional office stock now requires Cat A/Cat A+ upgrades, driving strong national refurbishment demand.

Market Position and Competitive Profile

SSCW Holdings wholly owned subsidiary - Intex Projects is recognised for reliability, quality, and strong relationships with architects, surveyors, asset managers, and end-users. The company continues to consolidate its strength in the Midlands while expanding nationally.

Financial Projections

2025-26 projection: £24M

2026-27 projection: £26M

Strategic Priorities for 2025-26

Expand national presence, targeting London, Manchester, Leeds and Birmingham.
Strengthen design-led and end-user offerings through enhanced in-house design capability.
Increase visibility through digital marketing, case studies and improved SEO.
Integrate smart office technologies and innovation-led M&E partnerships.
Formalise sustainability objectives and supply-chain ccommitments.
Enhance recruitment strategy to secure high-calibre site managers, PMs, Admin and design staff.

Financial key performance indicators

The Group's financial key performance indicators include turnover, profit after tax and net assets. The Directors are satisified with the Group's performance and growth this financial year.

Conclusion

By strengthening its design-led capability, expanding nationally, and investing in marketing, technology, and sustainable solutions, Intex Projects is positioned to capture greater market share and deliver continued year-on-year growth across the UK commercial interiors sector.

Page 1

Page 2

SSCW Holdings Limited

Strategic Report (continued)

For The Year Ended 31 May 2025

Principal Risks and Uncertainties

Recruitment challenges - targeted hiring, improved retention, career pathways.
Rising material costs - supplier negotiations, value engineering, early procurement.
Competitive pressure - differentiation through design capability, sustainability, and delivery reliability.
Economic fluctuations - maintain diverse client base and pipeline balance.

On behalf of the board

Mr S I Swinson Director	Mr C D Wolverson Director
22 May 2026

Page 2

Page 3

SSCW Holdings Limited

Company No. 16020950

Directors' Report For The Year Ended 31 May 2025

Directors' Report

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

Principal Activity

The group's principal activity is that of office interior refurbishment. The principal activity of the parent company is that of an investment holding company providing strategic management and administrative support to its subsidiary.

Future Developments

Future developments of the Group have been detailed further in the strategic report.

Dividends

The value of dividends paid amounted to £24,000 .

The directors recommended a final dividend of £NIL .

Financial Instruments

The Group's activities expose it to a number of financial risks including credit rısk, cashflow risk and liquidity risk. These risks are managed by the directors of the group.

Cashflow risk

The Group's activities expose it cashflow risk which the Directors manage through considering forecasting of cashflows and ensuring that the Group has sufficient working capital to meet it's immediate and future obligations.

Credit risk

The Group's principal financial assets are bank balances and cash, as well as amounts recoverable on contract and trade debtors. The Group's credit risk is primarıly attributable to its trade debtors. The amounts presented in the balance

sheet are net of allowance for doubtful debtors. An allowance for doubtful debtors is made where there is concern over the recoverability of debtors as a result of the age of debts and the financial stability of customers. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group ensures that it holds sufficient cash balances to meet it's future obligations, which includes repayment of bank loans and finance lease liabilities.

Directors

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

Mr S I Swinson	Appointed	16/10/2024
Mr C D Wolverson	Appointed	16/10/2024

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

...CONTINUED

Page 3

Page 4

SSCW Holdings Limited

Directors' Report (continued)

For The Year Ended 31 May 2025

Statement of Directors' Responsibilities - continued

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr S I Swinson Director	Mr C D Wolverson Director
22 May 2026

Page 4

Page 5

Independent Auditor's Report

to the Members of

SSCW Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of SSCW Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 May 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 May 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the 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 and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

SSCW Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and 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.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

• Management bias in respect of accounting estimates and judgements made;

• Management override of control;

• Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Group's financial statements. Our procedures included, but were not limited to:

• Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.

• Reviewing minutes of meetings of those charged with governance where available.

• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

SSCW Holdings 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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Daniel Johnson FCCA (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited , Statutory Auditor

22 May 2026

Nuvo Audit Limited

First Floor, Sterling House

Outrams Wharf

Little Eaton

Derby

DE21 5EL

Page 7

Page 8

SSCW Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 May 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	19,811,505	23,666,104
Cost of sales		(16,934,334 )	(20,063,971 )

GROSS PROFIT		2,877,171	3,602,133

Administrative expenses		(2,638,477 )	(2,786,079 )

OPERATING PROFIT	4	238,694	816,054
Profit/(loss) on disposal of fixed assets		7,812	(22,953 )
Other interest receivable and similar income	9	15,964	13,944
Interest payable and similar charges	10	(44,200 )	(83,679 )

PROFIT BEFORE TAXATION		218,270	723,366
Tax on Profit	11	(60,436 )	(213,145 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		157,834	510,221

The notes on pages 15 to 28 form part of these financial statements.

Page 8

Page 9

SSCW Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 May 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	157,834	510,221
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	157,834	510,221

Page 9

Page 10

SSCW Holdings Limited

Consolidated Balance Sheet

As At 31 May 2025

Consolidated Balance Sheet

Registered number: 16020950

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		2,452		-
Tangible Assets	13		259,395		267,713

			261,847		267,713
CURRENT ASSETS
Debtors	15	4,364,510		5,288,878
Cash at bank and in hand		1,593,798		676,451

		5,958,308		5,965,329
Creditors: Amounts Falling Due Within One Year	16	(5,281,660 )		(5,281,646 )

NET CURRENT ASSETS (LIABILITIES)			676,648		683,683

TOTAL ASSETS LESS CURRENT LIABILITIES			938,495		951,396

Creditors: Amounts Falling Due After More Than One Year	17		(297,656 )		(362,982 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(54,338 )		(55,747 )

NET ASSETS			586,501		532,667

CAPITAL AND RESERVES
Called up share capital	22		164		164
Other reserves			8,418		8,418
Profit and Loss Account			577,919		524,085

SHAREHOLDERS' FUNDS			586,501		532,667

On behalf of the board

Mr S I Swinson Director	Mr C D Wolverson Director
22 May 2026

The notes on pages 15 to 28 form part of these financial statements.

Page 10

Page 11

SSCW Holdings Limited

Company Balance Sheet

As At 31 May 2025

Company Balance Sheet

Registered number: 16020950

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	14		164		-

			164		-
CURRENT ASSETS
Debtors	15	1,250		-
Cash at bank and in hand		140,000		-

		141,250		-
Creditors: Amounts Falling Due Within One Year	16	(1,279 )		-

NET CURRENT ASSETS (LIABILITIES)			139,971		-

TOTAL ASSETS LESS CURRENT LIABILITIES			140,135		-

NET ASSETS			140,135		-

CAPITAL AND RESERVES
Called up share capital	22		164		-
Profit and Loss Account			139,971		-

SHAREHOLDERS' FUNDS			140,135		-

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 163,971 (2024: £ profit/(loss)).

On behalf of the board

Mr S I Swinson Director	Mr C D Wolverson Director
22 May 2026

The notes on pages 15 to 28 form part of these financial statements.

Page 11

Page 12

SSCW Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 May 2025

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 June 2023	164	-	17,864	18,028
Profit for the year and total comprehensive income	-	-	510,221	510,221

Dividends paid	-	-	-	-
Recognition of merger reserve	-	8,418	-	8,418
Dividends paid out of subsidiary	-	-	(4,000)	(4,000)

As at 31 May 2024 and 1 June 2024	164	8,418	524,085	532,667


Profit for the year and total comprehensive income	-	-	157,834	157,834

Dividends paid	-	-	(24,000)	(24,000)
Dividends paid out of subsidiary	-	-	(80,000)	(80,000)

As at 31 May 2025	164	8,418	577,919	586,501

Page 12

Page 13

SSCW Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 May 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 June 2023	-	-	-

Profit for the year and total comprehensive income	-	163,971	163,971

Dividends paid	-	(24,000)	(24,000)

As at 31 May 2025	164	139,971	140,135

Page 13

Page 14

SSCW Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 May 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	1,248,055	(99,354 )
Tax (paid)/refunded		(52,389 )	329

Net cash generated from/(used in) operating activities		1,195,666	(99,025 )

Cash flows from investing activities
Purchase of intangible assets		(3,065 )	-
Purchase of tangible assets		(6,578 )	(13,775 )
Proceeds from disposal of tangible assets		21,334	88,162
Interest received		15,964	13,944

Net cash generated from investing activities		27,655	88,331

Cash flows from financing activities
Equity dividends paid		(24,000 )	-
Repayment of bank borrowings		(77,572 )	(49,841 )
Repayment of finance leases		(79,095 )	(152,473 )
Amount withdrawn by directors		(1,107)	(975)
Interest paid		(44,200)	(83,679)
Dividends paid out of subsidiary		(80,000)	(4,000)

Net cash used in financing activities		(305,974 )	(290,968 )



Increase/(decrease) in cash and cash equivalents		917,347	(301,662 )
Cash and cash equivalents at beginning of year	2	676,451	978,113

Cash and cash equivalents at end of year	2	1,593,798	676,451

Page 14

Page 15

SSCW Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 May 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	157,834	510,221
Adjustments for:
Tax on profit	60,436	213,145
Interest expense	44,200	83,679
Interest income	(15,964 )	(13,944 )
Amortisation of intangible assets	613	-
Depreciation of tangible assets	93,630	88,601
(Profit)/loss on disposal of tangible assets	(7,812)	22,953
Movements in working capital:
Decrease in trade and other debtors	925,475	91,883
Decrease in trade and other creditors	(10,357 )	(1,095,892 )

Net cash generated from/(used in) operations	1,248,055	(99,354 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,593,798	676,451

3. Analysis of changes in net funds

	As at 1 June 2024	Cash flows	Non-cash changes	As at 31 May 2025
	£	£	£	£
Cash at bank and in hand	676,451	917,347	-	1,593,798
Finance leases	(322,800)	79,095	(92,256)	(335,961)
Debts falling due within one year	(89,465 )	77,572	(77,572)	(89,465 )
Debts falling due after more than one year	(114,384)	77,572	77,572	(36,812)

	149,802	1,151,586	(92,256)	1,131,560

Page 15

Page 16

SSCW Holdings Limited

Company Statement of Cash Flows

For The Year Ended 31 May 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	-	-

Cash flows from investing activities
Dividends received		164,000	-

Cash flows from financing activities
Equity dividends paid		(24,000 )	-



Increase in cash and cash equivalents		140,000	-
Cash and cash equivalents at beginning of year	2	-	-

Cash and cash equivalents at end of year	2	140,000	-

Page 16

Page 17

SSCW Holdings Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 May 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	163,971	-
Adjustments for:
Income from shares in group undertakings	(164,000)	-
Movements in working capital:
Increase in trade and other debtors	(1,250 )	-
Increase in trade and other creditors	1,279	-

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	140,000	-

3. Analysis of changes in net funds

	As at 1 June 2024	Cash flows	As at 31 May 2025
	£	£	£
Cash at bank and in hand	-	140,000	140,000

Page 17

Page 18

SSCW Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 May 2025

Notes to the Financial Statements

1. General Information

SSCW Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 16020950 . The registered office is Pentlands Accountants, 3 & 4 Pegasus House, Pegasus Court, Olympus Avenue, Warwick, Warwickshire, CV34 6LW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and 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 Group's functional and presentational currency is GBP. The Group has prepared its financial statements to the nearest £.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 May 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

The consolidated financial statements incorporate the results of business combinations using merger accounting. In the consolidated balance sheet, the acquiree's identifiable assets and liabilities are recognised at their book values on acquisition, with comparative results also brought into the consolidated financial statements at book value. Differences between the nominal value of the consideration paid by the acquirer and the share capital acquired (As merger relief has also been applied) are recognised within a merger reserve. The results of acquired operations are included in the consolidated profit and loss account from the beginning of the previous financial year of control being obtained. They are deconsolidated from the date control ceases.

Page 18

Page 19

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.4. Going Concern Disclosure

The Directors have prepared the financial statements on the going concern basis. As part of considering the Group's ability to continue operation as a going concern, the directors have reviewed forecasts for the Group that cover 12 months from the date of approval of these financial statements. Taking into consideration the above, the Directors are confident that the Group will have sufficient resources available to enable it to continue to meet its liabilities as they fall due and as a result the Directors consider the going concern basis of preparation of these finanical statements to be approopriate.

2.5. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are computer software which is amortised to the profit and loss account over its estimated economic life of 5 years.

2.7. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property assets are amortised to the profit and loss account over its estimated economic life of 10 years.

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line
Plant & Machinery	25% Reducing balance
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	20% Reducing balance
Computer Equipment	33% Straight line and 20% Straight line

2.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 19

Page 20

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.11. Financial Instruments

The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted.

The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss, then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted whore the effect of discounting is Immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers Trade payables are classified as current liabilities if the payment is due within one year If not, they represent non current liabilities.

Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.12. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

Page 20

Page 21

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.12. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.13. Provisions and Contingencies

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

2.14. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	19,811,505	23,666,104

	19,811,505	23,666,104

Page 21

Page 22

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	65,197
Operating lease rentals	73,548	77,516
Depreciation of tangible fixed assets - owned	6,589	3,334
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	87,041	85,267
Amortisation of intangible fixed assets	613	-

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	11,300	15,500

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,547,812	1,725,685
Social security costs	190,086	221,977
Other pension costs	153,703	23,928

	1,891,601	1,971,590

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 19 (2024: 19)

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	477,354	655,109
Company contributions to money purchase pension schemes	133,522	2,642

	610,876	657,751

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	2		1

Page 22

Page 23

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	214,444	380,908
Company contributions to defined benefit pension schemes	131,761	-

	346,205	380,908

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	14,857	12,969
Sundry interest received	1,107	975

	15,964	13,944

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	2,073	2,562
Interest payable on other loans	16,427	47,316
Finance charges payable under finance leases and hire purchase contracts	25,659	33,214
Other finance charges	41	587

	44,200	83,679

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	61,845	182,934
Deferred Tax
Origination and reversal of timing differences			(1,409 )	30,211


Total tax charge for the period			60,436	213,145

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	218,270	723,366

Tax on profit at 25% (UK standard rate)	54,567	180,841
Expenses not deductible for tax purposes	5,869	32,304

Total tax charge for the period	60,436	213,145

Page 23

Page 24

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

12. Intangible Assets

Group

	Other	Intellectual Property	Total
	£	£	£
Cost
As at 1 June 2024	13,210	27,000	40,210
Additions	3,065	-	3,065

As at 31 May 2025	16,275	27,000	43,275

Amortisation
As at 1 June 2024	13,210	27,000	40,210
Provided during the period	613	-	613

As at 31 May 2025	13,823	27,000	40,823

Net Book Value
As at 31 May 2025	2,452	-	2,452

As at 1 June 2024	-	-	-

Company

The company had no intangible fixed assets as at 31 May 2025 or 31 May 2024.

13. Tangible Assets

Group

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 June 2024	4,747	435,748	-	59,112	499,607
Additions	957	92,256	1,422	4,199	98,834
Disposals	-	(53,490 )	-	-	(53,490 )

As at 31 May 2025	5,704	474,514	1,422	63,311	544,951

Depreciation
As at 1 June 2024	4,747	179,842	-	47,305	231,894
Provided during the period	191	87,041	355	6,043	93,630
Disposals	-	(39,968 )	-	-	(39,968 )

As at 31 May 2025	4,938	226,915	355	53,348	285,556

Net Book Value
As at 31 May 2025	766	247,599	1,067	9,963	259,395

As at 1 June 2024	-	255,906	-	11,807	267,713

Company

The company had no tangible fixed assets as at 31 May 2025 or 31 May 2024.

Page 24

Page 25

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

14. Investments

Company

	Unlisted
	£
Cost or Valuation
As at 1 June 2024	-
Additions	164

As at 31 May 2025	164

Provision
As at 1 June 2024	-

As at 31 May 2025	-

Net Book Value
As at 31 May 2025	164

As at 1 June 2024	-

Subsidiaries

Details of the group's subsidiaries as at 31 May 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Intex Projects Limited	The Coach House, Cross Road, Leamington Spa, Warwickshire, England, CV32 5PB	Ordinary	100.00%	-

The principal activity of Intex Projects Limited is office interior refurbishment.

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Intex Projects Limited	446,528	157,862

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,251,910	3,201,706	-	-
Amounts recoverable on contracts	2,864,198	1,925,339	-	-
Amounts owed by group undertakings	-	-	1,250	-
Other debtors	248,402	161,833	-	-

	4,364,510	5,288,878	1,250	-

Page 25

Page 26

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

16. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	75,117	74,202	-	-
Trade creditors	2,261,075	1,974,857	29	-
Bank loans and overdrafts	89,465	89,465	-	-
Other creditors	4,934	4,103	-	-
Corporation tax	62,219	52,763	-	-
Taxation and social security	714,659	719,834	-	-
Accruals and deferred income	2,074,191	2,366,422	1,250	-

	5,281,660	5,281,646	1,279	-

17. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	260,844	248,598
Bank loans	36,812	114,384

	297,656	362,982

18. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	89,465	89,465

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	36,812	114,384

The bank loan is secured by a fixed and a floating charge (floating charge covers all the property or undertaking of the company). The bank loan is repayable in installments and is due to be repaid in full within 2 years.

Page 26

Page 27

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	75,117	74,202
Later than one year and not later than five years	260,844	248,598

	335,961	322,800

	335,961	322,800

Obligations under finance lease and hire purchase contracts are secured against the tangible fixed assets to which they relate.

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	54,338	55,747

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 June 2024	55,747	55,747
Additions	(1,409 )	(1,409)

Balance at 31 May 2025	54,338	54,338

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
164 Ordinary Shares of £ 1.00 each	164	164

23. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	48,489	34,044
Later than one year and not later than five years	132,256	43,472
Later than five years	5,473	-

	186,218	77,516

Page 27

Page 28

SSCW Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £153,703 (2024: £23,928).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

25. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 June 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 May 2025
	£	£	£	£	£
Mr Steven Swinson	22,146	554	-	-	22,700
Mr Charles Wolverson	22,146	554	-	-	22,700

The above loans are unsecured, repayable on demand and attracts interest at 3.75%.

26. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	24,000	-

27. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

28. Controlling Parties

The company's ultimate controlling party is S I Swinson & C D Wolverson by virtue of their interest in the share capital of the company.

Page 28