ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:

Registered number: 02640665

SEE TECH LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

SEE TECH LIMITED

COMPANY INFORMATION

Directors	J E Hewes (retired1 September 2025)
	L Marshall
	S D Clements
	A Pidding


Registered number	02640665


Registered office	68 West Gate
	Mansfield
	Nottinghamshire
	NG18 1RR


Trading Address	Unit 10 Saw Pit Lane
	Industrial Estate
	Tibshelf
	Alfreton
	Derbyshire
	DE55 5NH



Independent auditors	Barnett & Turner Accountants Ltd
	Chartered Accountants & Registered Auditor
	Cromwell House
	68 West Gate
	Mansfield
	Nottinghamshire
	NG18 1RR

SEE TECH LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of cash flows	10
Analysis of net debt	11
Notes to the financial statements	12 - 24

SEE TECH LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Introduction

The directors present their strategic report for the year end 31 October 2025.

Business review

The company has recently expanded its manufacturing facility, significantly increased production capacity and brought all departments together under one roof for the first time in three years. This investment has improved operational efficiency, stregthened collaboration across teams and positioned the business to support future growth.

The company's strategy around accreditations and employee development has accelerated during 2025/26. It now holds three ISO accreditations and has achieved a significantly higher proportion of trained employees than in previous years, reinforcing its commitment to quality, compliance and continuous improvement.

Looking ahead, the company aims to increase turnover by approximately 20% over the next year, maximising the utilisation of its expanded manufacturning facility and growing team while continuing to deliver exceptional products and service.

Principal risks and uncertainties

The directors carry out a continuous review of the risks and uncertainties throughout the year to ensure controls and measures are in place to mitigate these.

One of the principal risks faced by the business is customer credit risk, particularly the potential for late payments and bad debts. Given the volatility of the construction industry, there is an ongoing risk that customers may enter liquidation before outstanding invoices are settled.

To mitigate these risks, the company undertakes regular credit checks on both existing and prospective customers and closely monitors market conditions and customer activity. Maintaining strong relationships within the industry also enables the business to identify potential issues at an early stage, allowing proactive action to be taken wherever possible.

The directors also recognise the importance of maintaining a consistent level of work flow to ensure the efficient utilisation of its manufacturing facility and resources. Careful planning, forecasting and ongoing business development activities help maintain a healthy order book, supporting stable financial performance and sustainable growth throughout the year.

Financial key performance indicators

	2025	2024	Year on year change

Gross profit margin	28.6%	28.6%	0%
Average staff numbers	51	49	+2

This report was approved by the board on 29 July 2026 and signed on its behalf.

L Marshall

Director

Page 1

SEE TECH LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £364,108 (2024 - £865,465).

There were no dividends paid in the current or prior year.

Directors

The directors who served during the year were:

J E Hewes (retired1 September 2025)

L Marshall

S D Clements

A Pidding

Future developments

By continuing to grow and strengthen its team, the business will increase its operational capacity while maintaining the high level of service customers expect. This ongoing investment in people and capabilities will further enhance the companys' reputation, supporting sustained growth and increasing its market presence year after year.

Page 2

SEE TECH LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Barnett & Turner Accountants Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 July 2026 and signed on its behalf.

L Marshall

Director

Page 3

SEE TECH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEE TECH LIMITED

Opinion

We have audited the financial statements of See Tech Limited (the 'company') for the year ended 31 October 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cashflows, the analysis of net debt 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

SEE TECH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEE TECH LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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. 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 course of 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.

Opinion 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 2, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 5

SEE TECH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEE TECH LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

∙We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

∙We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.

∙We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

∙Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and the valuation of stock and WIP.

∙Testing key revenue lines, in particular cut-off, for evidence of management bias.

∙Performing a physical verification of key assets and stock items (including testing of the stock system).

∙Obtaining third-party confirmation of material bank and loan balances.

∙Documenting and verifying all significant related party balances and transactions.

Page 6

SEE TECH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEE TECH LIMITED (CONTINUED)

∙Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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

Other matters

The comparatives for the year ended 31 October 2024 are unaudited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' 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.

Jonathan Wilson FCA, CTA (senior statutory auditor)

for and on behalf of

Barnett & Turner Accountants Ltd

Chartered Accountants

Registered Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR

31 July 2026

Page 7

SEE TECH LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	4	10,737,282	12,707,649
Cost of sales		(7,661,542)	(9,078,555)
Gross profit		3,075,740	3,629,094
Administrative expenses		(2,551,655)	(2,438,874)
Operating profit		524,085	1,190,220
Interest receivable and similar income	8	6,739	2,131
Interest payable and similar expenses	9	(13,200)	(16,622)
Profit before tax		517,624	1,175,729
Tax on profit	10	(153,516)	(310,264)
Profit for the financial year		364,108	865,465

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 8

SEE TECH LIMITED

REGISTERED NUMBER: 02640665

BALANCE SHEET

AS AT 31 OCTOBER 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Tangible assets	11		226,153		236,167
Current assets
Stock and work in progress	12	705,174		620,494
Debtors: amounts falling due within one year	13	5,648,816		5,022,485
Cash at bank and in hand	14	1,163,482		985,392
		7,517,472		6,628,371
Creditors: amounts falling due within one year	15	(4,107,618)		(3,499,498)
Net current assets			3,409,854		3,128,873
Total assets less current liabilities			3,636,007		3,365,040
Creditors: amounts falling due after more than one year	16		(39,248)		(132,139)
Provisions for liabilities
Deferred tax	19		(39,196)		(39,447)
Net assets			3,557,563		3,193,454

Capital and reserves
Called up share capital	100	100
Profit and loss account	3,557,463	3,193,354
	3,557,563	3,193,454

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.

L Marshall

Director

The notes on pages 12 to 24 form part of these financial statements.

Page 9

SEE TECH LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Operating profit	524,085	1,190,220
Adjustments for:
Depreciation of tangible assets	66,555	66,451
Loss on disposal of tangible assets	16,552	-
(Increase) in stocks	(84,680)	(199,188)
Decrease/(increase) in debtors	964,036	(466,338)
Increase/(decrease) in creditors	8,453	(478,174)
Corporation tax (paid)	(332,633)	(206,984)
Net cash generated from operating activities	1,162,368	(94,013)

Cash flows from investing activities
Purchase of tangible fixed assets	(73,093)	(56,698)
(Increase)/decrease in amounts owed by group	(1,589,731)	-
Interest received	6,739	2,131
HP interest paid	(6,918)	(6,918)
Net cash from investing activities	(1,663,003)	(61,485)
Cash flows from financing activities
Repayment of loans	(86,956)	(86,956)
Repayment of/new finance leases	(18,667)	(18,669)
Movements on invoice discounting	790,630	(251,298)
Interest paid	(6,282)	(9,704)
Net cash used in financing activities	678,725	(366,627)
Net increase/(decrease) in cash and cash equivalents	178,090	(522,125)
Cash and cash equivalents at beginning of year	985,392	1,507,517
Cash and cash equivalents at the end of year	1,163,482	985,392

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,163,482	985,392

The notes on pages 12 to 24 form part of these financial statements.

Page 10

SEE TECH LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2025


At 1 November 2024	Cash flows	At 31 October 2025
£	£	£

Cash at bank and in hand	985,392	178,090	1,163,482
Debt due after 1 year	(65,218)	65,218	-
Debt due within 1 year	(86,956)	21,738	(65,218)
Finance leases	(85,590)	18,667	(66,923)
	747,628	283,713	1,031,341

The notes on pages 12 to 24 form part of these financial statements.

Page 11

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

See Tech Limited is a private limited company incorporated and domiciled in England (company number: 02640665). Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR. Its principal place of business is Unit 10 Saw Pit Lane, Industrial Estate, Tibshelf, Alfreton, Derbyshire DE55 5NH.

The principal activity of the company is that of electrical and electronic engineers.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the time of signing the accounts there remains some uncertainty regarding the full economic impact of the cost of living and wider geopolitical issues. The directors are aware that the company may be impacted in some way by general factors affecting the UK economy. However, budgets show that the company is in a good position to react and adapt to future changes.

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of preparation of the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the company as lessee

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

Page 12

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets costing less than £200 are not capitalised and are treated as revenue expenditure.

Page 13

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Leasehold property improvements	-	15% reducing balance
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Office equipment	-	33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stock and work in progress

Stock and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.

Page 14

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.10

Financial instruments (continued)

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

Basic 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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 15

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Depreciation of tangible assets

Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.

Stock Valuation

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis.

A provision is made to reduce the value of stock for slow moving and obsolete stock. Stock is deemed to be slow moving if there have been no sales of that stock within the last 3 years or they are parts that are no longer used (i.e. parts for specific jobs or projects). Obsolete stock is valued at £nil.

Work-in-progres Valuation

Determining the value of work-in-progress involves an assessment of the stage of completion of each project at the reporting date. Completion is measured in terms of the costs incurred to date compared to the total expected cost and is assessed on a job by job basis.

Turnover

All turnover arose within the United Kingdom.

	Performance obligations
	The company’s performance obligations arise from the sale of goods and the provision of services to customers. Performance obligations relating to the sale of goods are typically satisfied at a point in time upon delivery to the customer. Performance obligations relating to services are satisfied over time as the services are rendered.
	Payment terms typically require settlement within 60 days of invoice and consideration is fixed.
	The nature of the goods and services transferred includes the manufacturing and distribution of bespoke low-voltage switchgear and distribution products. The company acts as principal in these arrangements, as it controls the goods or services before they are transferred to the customer. The entity does not act as an agent in any material arrangements.

Page 16

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Fees payable to the company's auditors for the audit of the company's financial statements

10,000

6.	Employees
		2025	2024
		£	£

Wages and salaries	2,400,616	2,376,678
Social security costs	279,804	235,955
Cost of defined contribution scheme	36,872	37,789
	2,717,292	2,650,422

The average monthly number of employees, including directors, during the year was 51 (2024 - 49).

7.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	703,871	824,569

	The highest paid director received remuneration of £307,066 (2024 - £274,818).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).

8.	Interest receivable
		2025	2024
		£	£

Other interest receivable

6,739

2,131

Page 17

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	3,172	9,200
Finance leases and hire purchase contracts	6,918	6,918
Other interest payable	3,110	504
	13,200	16,622

Corporation tax
Current tax on profits for the year	153,767	314,211

	Deferred tax
	Origination and reversal of timing differences	(251)	(3,947)


	Tax on profit	153,516	310,264

Profit on ordinary activities before tax

517,624

1,175,729

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	129,406	293,932
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	20,808	16,028
Capital allowances for year in excess of depreciation	3,553	4,251
Book profit on chargeable assets	(251)	(3,947)
Total tax charge for the year	153,516	310,264

Page 18

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

11.	Tangible fixed assets

	Leasehold property improve- ments	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 November 2024	60,987	115,071	165,630	63,780	125,389	530,857
Additions	10,670	11,360	-	7,212	43,851	73,093
Disposals	(8,808)	(16,500)	(9,700)	-	(1,498)	(36,506)
At 31 October 2025	62,849	109,931	155,930	70,992	167,742	567,444
Depreciation
At 1 November 2024	26,727	62,236	63,975	34,895	106,857	294,690
Charge for the year on owned assets	6,603	9,633	2,986	4,688	20,216	44,126
Charge for the year on financed assets	-	-	22,429	-	-	22,429
Disposals	(1,674)	(7,254)	(9,528)	-	(1,498)	(19,954)
At 31 October 2025	31,656	64,615	79,862	39,583	125,575	341,291
Net book value
At 31 October 2025	31,193	45,316	76,068	31,409	42,167	226,153
At 31 October 2024	34,260	52,835	101,655	28,885	18,532	236,167

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


	Motor vehicles	67,284	89,713

Page 19

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.	Stocks
		2025	2024
		£	£

Raw materials and consumables	77,519	87,371
Work in progress (goods to be sold)	627,655	533,123
	705,174	620,494

13.

Debtors

					2025	2024
					£	£


Factored debts	2,958,319	3,249,077
Amounts owed by group undertakings	2,143,476	553,746
Other debtors	442,106	1,017,832
Prepayments and accrued income	104,915	201,830
	5,648,816	5,022,485

Included within other debtors due within one year are loans totalling £184,002 (2024: £762,115) to directors of the company. These loans are interest free with no fixed repayment terms.

14.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,163,482	985,392

Page 20

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	65,218	86,956
Trade creditors	2,035,068	2,144,205
Corporation tax	154,403	332,633
Other taxation and social security	153,808	104,146
Obligations under finance lease and hire purchase contracts	27,674	18,669
Proceeds of factored debts	1,419,908	629,278
Other creditors	8,688	9,127
Accruals and deferred income	242,851	174,484
	4,107,618	3,499,498

Obligations under finance leases and hire purchase contracts are secured on the related assets.

Proceeds of factored debts are secured on the sales ledger balances.

The bank loan is a CBILS facility, secured by fixed and floating charges over the remaining assets of the company.

16.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	65,218
Net obligations under finance leases and hire purchase contracts	39,248	66,921
	39,248	132,139

The following liabilities were secured:
	2025	2024
	£	£


	Net obligations under finance leases and hire purchase contracts	39,248	66,921

Details of security provided:

Obligations under finance leases and hire purchase contracts are secured on the related assets.

Page 21

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Amounts falling due within one year
Bank loans	65,218	86,956
Amounts falling due 1-2 years
Bank loans	-	65,218


	65,218	152,174

This loan is a CBILS facility.

Within one year	27,674	18,669
Between 1-5 years	39,248	66,921
	66,922	85,590

Page 22

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

19.	Deferred taxation

		2025
		£

	At beginning of year	39,447
	Charged/(credited) to profit or loss	(251)
	At end of year	39,196

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

39,196

39,447

20.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £36,872 (2024 - £37,789). Contributions totalling £8,688 (2024 - £9,127) were payable to the fund at the balance sheet date

Not later than 1 year	38,395	28,560
Later than 1 year and not later than 5 years	143,103	143,767
	181,498	172,327

Page 23

SEE TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

22.	Controlling party

The company is a wholly owned subsidiary of Jarral Holdings Limited, a private limited company incorporated and domiciled in England.

Jarral Holdings Limited is a wholly owned subsidiary of Dagmarsh Holdings Limited, a private limited company incorporated and domiciled in England.

L Marshall holds the controlling interest in Dagmarsh Holdings Limited and is therefore the ultimate controlling party of See Tech Limited.

Page 24