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REGISTERED NUMBER: 10266016 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS

| FOR THE YEAR ENDED 31 JULY 2025

| FOR

| MODULAR SYSTEMS LTD

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 July 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

MODULAR SYSTEMS LTD

COMPANY INFORMATION

for the Year Ended 31 July 2025

| DIRECTORS: | B C S Tynan

| S Moore

| REGISTERED OFFICE: | 5 Bankside

| Hull

| HU5 1AP

| REGISTERED NUMBER: | 10266016 (England and Wales)

| ACCOUNTANTS: | Sowerby

| Chartered Accountants

| Beckside Court

| Annie Reed Road

| Beverley

| East Yorkshire

| HU17 0LF

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

BALANCE SHEET

31 July 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 1,979,158 |  | 1,523,568 |  |

1,979,158 |  | 1,523,568 |  |

CURRENT ASSETS

Stocks | 1,018,000 |  | 1,143,000 |  |

Debtors | 6 | 721,566 |  | 489,795 |  |

Cash at bank | 104,607 |  | 131,639 |  |

1,844,173 |  | 1,764,434 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,453,996 |  | 1,206,010 |  |

NET CURRENT ASSETS | 390,177 |  | 558,424 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,369,335 |  | 2,081,992 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (1,261,263 | ) | (1,151,604 | ) |

PROVISIONS FOR LIABILITIES | (251,892 | ) | (129,565 | ) |

NET ASSETS | 856,180 |  | 800,823 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 856,178 |  | 800,821 |  |

SHAREHOLDERS' FUNDS | 856,180 |  | 800,823 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

BALANCE SHEET - continued

31 July 2025

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 29 June 2026 and were signed on its behalf by:

B C S Tynan - Director

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| Modular Systems Limited is a private company, limited by shares, registered in England. The company has its registered office at Beckside Court, Annie Reed Road, Beverley. HU17 0LF and has a registered number of 10266016.The principal place of business is at 5 Bankside, Hull, Hull HU5 1AP.

| The principal activity of the company is the construction and manufacture of plastics and commercial buildings.

| The financial statements have been presented in the Pound Sterling (£) as this is the functional currency of the business.

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.

| Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

| The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

| Turnover

| Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

| Turnover from the sale of goods is recognised at the point of sale.

| Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

| All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five 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.

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Plant and machinery etc | - | 20% on cost

| Tangible fixed assets are measured under the cost model.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

| In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

| 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.

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 25 (2024 - 30 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 190,230 |  |

| AMORTISATION

| At 1 August 2024

| and 31 July 2025 | 190,230 |  |

| NET BOOK VALUE

| At 31 July 2025 | - |  |

| At 31 July 2024 | - |  |

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 August 2024 | 2,724,475 |  |

| Additions | 809,646 |  |

| Disposals | (823,333 | ) |

| At 31 July 2025 | 2,710,788 |  |

| DEPRECIATION

| At 1 August 2024 | 1,200,907 |  |

| Charge for year | 354,056 |  |

| Eliminated on disposal | (823,333 | ) |

| At 31 July 2025 | 731,630 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,979,158 |  |

| At 31 July 2024 | 1,523,568 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 314,027 |  |

| DEPRECIATION

| At 1 August 2024 | 80,514 |  |

| Charge for year | 62,805 |  |

| At 31 July 2025 | 143,319 |  |

| NET BOOK VALUE

| At 31 July 2025 | 170,708 |  |

| At 31 July 2024 | 233,513 |  |

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 602,479 |  | 409,820 |  |

| Amounts owed by associates | - |  | 10,524 |  |

| Other debtors | 119,087 |  | 69,451 |  |

721,566 |  | 489,795 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | - |  | 75,505 |  |

| Hire purchase contracts (see note 9) | 65,661 |  | 62,883 |  |

| Trade creditors | 809,585 |  | 552,241 |  |

| Taxation and social security | 105,575 |  | 179,980 |  |

| Other creditors | 473,175 |  | 335,401 |  |

1,453,996 |  | 1,206,010 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 9) | 159,979 |  | 200,442 |  |

| Other creditors | 1,101,284 |  | 951,162 |  |

1,261,263 |  | 1,151,604 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 65,661 |  | 62,883 |  |

| Between one and five years | 159,979 |  | 200,442 |  |

225,640 |  | 263,325 |  |

MODULAR SYSTEMS LTD (REGISTERED NUMBER: 10266016)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

9. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 65,000 |  | 65,000 |  |

| Between one and five years | 260,000 |  | 260,000 |  |

| In more than five years | 124,583 |  | 189,583 |  |

449,583 |  | 514,583 |  |

10. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company was owed by its directors £38,803 (2024: £28,429). The loan is free from interest and repayable on demand.

| Within other creditors are amounts due to Benchmark Pods Limited. The amount due to Benchmark Pods Limited as at 31st July 2025 is £25,634 (2024: £125,512). These amounts are due under a Creditors Voluntary Arrangement.