REGISTERED NUMBER: 07723905 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SNEATH (ENGINEERS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

J C Veness

C A Veness

S L Veness

SECRETARY:

C A Veness

REGISTERED OFFICE:

13 Solebay Street

London

E1 4PN

REGISTERED NUMBER:

07723905 (England and Wales)

ACCOUNTANTS:

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

FIXED ASSETS

Tangible assets

4

10,907

22,660

CURRENT ASSETS

Stocks

3,293

3,776

Debtors

5

275,792

195,055

Cash at bank

2,322

6,461

281,407

205,292

CREDITORS

Amounts falling due within one year

6

122,929

133,441

NET CURRENT ASSETS

158,478

71,851

TOTAL ASSETS LESS CURRENT LIABILITIES

169,385

94,511

CREDITORS

Amounts falling due after more than one year

7

(2,651

)

(13,091

)

PROVISIONS FOR LIABILITIES

(2,267

)

(5,105

)

NET ASSETS

164,467

76,315

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

164,466

76,314

164,467

76,315

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

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

The directors acknowledge their responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2026 and were signed on its behalf by:

J C Veness - Director

1.	STATUTORY INFORMATION

Sneath (Engineers) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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

-

Straight line over 5 years

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

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The cost of providing benefits under defined benefit plans is determined using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

112,287

Additions

1,973

At 31 December 2025

114,260

DEPRECIATION

At 1 January 2025

89,627

Charge for year

13,726

At 31 December 2025

103,353

NET BOOK VALUE

At 31 December 2025

10,907

At 31 December 2024

22,660

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

10,827

23,571

Amounts owed by group undertakings

249,306

151,951

Other debtors

15,659

19,533

275,792

195,055

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

10,440

10,183

Trade creditors

3,992

20,064

Taxation and social security

40,041

12,385

Other creditors

68,456

90,809

122,929

133,441

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

2,651

13,091

The bank loan is a Covid-19 Bounce Back loan that is Guaranteed by the UK government. The loan is repayable in monthly installments and is due to be fully repaid by February 2027. Interest is applied at 2.5% per annum.

8.	LEASING AGREEMENTS

At the balance sheet date the company had contracted with tenants for the following minimum lease payments:

2025

2024

£

£

Within one year

14,162

73,517

Between one and five years

11,559

9,362

25,721

82,879

9.	EMPLOYEE BENEFIT OBLIGATIONS

On 16 May 2023, Sneath Group (Holdings) Limited, a company under common control, transferred its retirement benefit scheme to Sneath (Engineers) Limited. At 31 December 2022, when the last valuation took place, the scheme had assets of £2,627,000 and liabilities of £1,760,000, resulting in a surplus of £867,000 which was restricted. From 16 May 2023 the company is now obligated to settle any liabilities which may arise in respect of the scheme.

The company operates a defined benefit scheme for qualifying employees. Under the scheme, the employees are entitled to retirement benefits based on final pensionable salary. No other post-retirement benefits are provided. The scheme is fully funded.

The scheme closed to further benefit accrual with effect from 31 October 2004. The assets of the scheme are held separately from those of the company being invested with major UK asset management companies. Contributions to the scheme are charged to profit or loss so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the scheme specific technical provisions.

The sponsoring employer and the scheme trustees agreed a new funding agreement covering the period from 1 December 2023 to 30 November 2028 requiring no employer contributions and that from 1 January 2018 the scheme will utilise the surplus to meet the levies and expenses of administering the scheme.

The principal assumptions used in the calculation of the valuation of the plan assets and the present value of the defined benefit obligations includes:

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Present value of funded obligations

(1,160,000

)

(1,502,000

)

Fair value of plan assets

2,376,000

2,416,000

1,216,000

914,000

Present value of unfunded obligations

-

-

Irrecoverable surplus

(1,216,000

)

(914,000

)

Deficit

-

-

Net liability

-

-

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Current service cost

-

-

Net interest from net defined benefit asset/liability

(48,000

)

(38,000

)

Past service cost

-

-

Administration expenses

50,000

57,000

2,000

19,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Opening defined benefit obligation

1,502,000

1,706,000

Interest cost

78,000

74,000

Benefits paid

(113,000

)

(145,000

)

Actuarial (gains)/losses from changes in demographic assumptions

(307,000

)

(133,000

)

1,160,000

1,502,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Opening fair value of scheme assets

2,416,000

2,578,000

Assets administration expenses

(50,000

)

(57,000

)

Assets interest income

126,000

112,000

Benefits paid

(113,000

)

(145,000

)

Return on plan assets (excluding interest income)

(3,000

)

(72,000

)

2,376,000

2,416,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Actuarial gains/(losses) from changes in demographic assumptions

307,000

133,000

Return on plan assets (excluding interest income)

(3,000

)

(72,000

)

Impact of irrecoverable surplus

(302,000

)

(42,000

)

2,000

19,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

31.12.25

31.12.24

£

£

Diversified funds

2,207,000

2,241,000

Insured pensioners

163,000

168,000

Cash

6,000

7,000

2,376,000

2,416,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.25

31.12.24

Discount rate

5.30%

5.40%

RPI inflation

3.10%

3.50%

CPI inflation

2.30%

2.70%

Mortality after retirement

1.25%

1.25%

The following reproduces the text of the report prepared for the directors 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 Directors 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 Sneath (Engineers) Limited for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Sneath (Engineers) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sneath (Engineers) Limited and state those matters that we have agreed to state to the Board of Directors of Sneath (Engineers) Limited, as a body, 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 Sneath (Engineers) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sneath (Engineers) 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 profit of Sneath (Engineers) Limited. You consider that Sneath (Engineers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sneath (Engineers) 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.

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

12 June 2026