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Registered number: 04379263 BENX LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BENX LIMITED COMPANY INFORMATION
Directors | L M Jones
| A B Robb
| L Robb
| I P J Wilson
| K P Ruane
Registered number | 04379263
Registered office | Lonsdale Chambers
| Lonsdale Street
| Stoke-on-Trent
| Staffordshire
| ST4 4BT
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| 3 Royal Court
| Gadbrook Way
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
BENX LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 26
BENX LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025.
Business review
The company is the parent company of a group comprising three principal trading entities: Roofing & Cladding Materials Limited (100% subsidiary), SPS Envirowall Limited (100% subsidiary) and Benx Facades Ireland Limited (100% subsidiary). The company provides management services and also leases premises to its subsidiaries. The companies within the group provide rain screen façade products and systems, fabrication services, external wall insulation systems, renders and related products to the UK construction industry. The results for the year are set out on page 9. The company generated turnover of £3,357,946 (2024: £3,525,111) and recorded profit before taxation of £43,382 (2024: £6,470,975). The prior year profit before taxation included dividend income from subsidiary undertakings of £6.9m. Excluding this non-recurring item, underlying profitability remained broadly consistent with the current year. Looking forward, the directors consider the company is in a strong financial position, supported by net assets of £4.6m which include investments in subsidiary undertakings of £8.4m. The directors believe the risks identified below are well managed.
Principal risks and uncertainties
The directors recognise that the company operates in a changing risk environment and reviews the risks to the business on an ongoing basis. The main risk categories are as follows: a. Economic climate b. Health and safety c. Supply chain d. Market conditions e. Government policy and regulations f. Geopolitical instability g. Breaches of data security and confidentiality These risks are mitigated by a combination of internal processes and controls, resilience planning, management and board oversight, effective communication and timely and accurate management information. Page 1
BENX LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The key performance indicators against which the company measures its results are set out below: 2025 2024 £'000 £'000 Turnover 3,358 3,525 Operating Profit 23 42 Operating Margin 1% 1%
This report was approved by the board on 6 August 2026 and signed on its behalf.
I P J Wilson Director
Page 2
BENX LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 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.
Principal activity
The principal activity of the company continued to be that of provision of management services and property rental.
Results and dividends
The loss for the year, after taxation, amounted to £34,471 (2024 - profit £6,481,116). Interim dividends of £NIL (2024: £4,000,000) have been paid during the year.
Directors
The directors who served during the year were:
L M Jones
A B Robb
L Robb
I P J Wilson
K P Ruane
Page 3
BENX LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 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, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 6 August 2026 and signed on its behalf.
I P J Wilson Director
Page 4
BENX LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENX LIMITED
Opinion
We have audited the financial statements of Benx Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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 December 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 5
BENX LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENX 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 3, 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 6
BENX LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENX 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual item sand the challenge of significant accounting estimates used in preparing the financial statements. 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 at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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. Page 7
BENX LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENX LIMITED (CONTINUED) Fran Johnson BSc BFP FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors 3 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT 12 August 2026 Page 8
BENX LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 3,549,174 | 3,525,111
Gross profit |  | 3,549,174 | 3,525,111
Administrative expenses |  | (3,647,304) | (3,546,795)
Other operating income | 5 | 121,813 | 64,002
Operating profit | 6 | 23,683 | 42,318
Income from fixed assets investments | 10 | - | 6,923,000
Amounts written off investments |  | - | (579,382)
Interest receivable and similar income | 11 | 19,699 | 85,039
Profit before tax |  | 43,382 | 6,470,975
Tax on profit | 12 | (77,853) | 10,141
(Loss)/profit for the financial year |  | (34,471) | 6,481,116
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 26 form part of these financial statements.
Page 9
BENX LIMITED REGISTERED NUMBER: 04379263 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 373,480 |  | 334,367
Tangible assets | 15 |  | 1,644,800 |  | 723,755
Investments | 16 |  | 8,416,919 |  | 8,416,832
|  |  | 10,435,199 |  | 9,474,954
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 2,521,860 |  | 2,306,713 |
Cash at bank and in hand | 18 | 181,588 |  | 1,439,905 |
|  | 2,703,448 |  | 3,746,618 |
Creditors: amounts falling due within one year | 19 | (8,575,603) |  | (8,604,180) |
Net current liabilities |  |  | (5,872,155) |  | (4,857,562)
Total assets less current liabilities |  |  | 4,563,044 |  | 4,617,392
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | 36,804 |  | 16,927 |
|  |  | 36,804 |  | 16,927
Net assets |  |  | 4,599,848 |  | 4,634,319
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 2 |  | 2
Share premium account |  |  | 48,904 |  | 48,904
Profit and loss account |  |  | 4,550,942 |  | 4,585,413
|  |  | 4,599,848 |  | 4,634,319
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2026.
I P J Wilson
Director
The notes on pages 12 to 26 form part of these financial statements. Page 10
BENX LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 2 | 48,904 | 2,104,297 | 2,153,203
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 6,481,116 | 6,481,116
Dividends: Equity capital | - | - | (4,000,000) | (4,000,000)
At 1 January 2025 | 2 | 48,904 | 4,585,413 | 4,634,319
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (34,471) | (34,471)
At 31 December 2025 | 2 | 48,904 | 4,550,942 | 4,599,848
| The notes on pages 12 to 26 form part of these financial statements.
Page 11
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Benx Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lonsdale Chambers, Lonsdale Street, Stoke-on-Trent, Staffordshire, ST4 4BT. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Benx Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 12
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.6 | 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: Rendering of services Revenue comprises management charges and rental income. Revenue is recognised to the extent that it is probable 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 and value added tax.
| 2.7 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.8 | 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 13
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | 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 reporting 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 reporting 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 reporting date. Page 14
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation of certification costs commences when the product to which the certification relates received approval. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Testing and certification costs | - | 33% | on cost
|  |  |  | Development expenditure | - | 20% | on cost
| 2.13 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% |
|  |  |  | Long-term leasehold property | - | 2% |
|  |  |  | Short-term leasehold property | - |  | over the period of the lease
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 20% | (Certain assets are depreciated at 25%)
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.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Page 15
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 16
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both the current and future periods.
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 3,549,174 | 3,525,111
|  | 3,549,174 | 3,525,111
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Vehicle Lease Income | 10,000 | -
| Net rents receivable | 111,813 | 64,002
|  | 121,813 | 64,002
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange loss/(gain) | 133 | 96
| Depreciation of owned assets | 149,651 | 119,874
| Other operating lease rentals | 114,662 | 114,294
| Amortisation of intangible assets | 140,475 | 177,058
| Auditors' remuneration | 6,625 | 6,900
Page 17
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Auditors' remuneration
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,282,505 | 2,235,104
| Social security costs | 269,901 | 228,760
| Cost of defined contribution scheme | 66,148 | 51,827
|  | 2,618,554 | 2,515,691
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management & administration | 44 | 48
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 300,465 | 225,875
| Company contributions to defined contribution pension schemes | 9,650 | 831
|  | 310,115 | 226,706
| During the year retirement benefits were accruing to 3 directors (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £154,364 (2024 - £138,118).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,326 (2024 - £NIL).
Page 18
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Income from investments in group undertakings | - | 6,923,000
|  | - | 6,923,000
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 19,699 | 85,039
|  | 19,699 | 85,039
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 40,058 | -
| Adjustments in respect of previous periods | 57,672 | (89)
|  | 97,730 | (89)
| Total current tax | 97,730 | (89)
| Deferred tax |  |
| Origination and reversal of timing differences | (19,877) | (10,112)
| Adjustments in respect of prior periods | - | 60
| Total deferred tax | (19,877) | (10,052)
| Tax on profit | 77,853 | (10,141)
Page 19
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 43,382 | 6,470,975
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 10,846 | 1,617,744
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 9,335 | 15,982
| Adjustments to tax charge in respect of prior periods | 57,672 | (29)
| Non-taxable income | - | (1,730,750)
| Group relief | - | 86,912
| Total tax charge for the year | 77,853 | (10,141)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim paid | - | 4,000,000
|  | - | 4,000,000
Page 20
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Intangible assets
|  | Testing and certification costs | Development expenditure | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 1,130,411 | 95,046 | 1,225,457
| Additions | 190,993 | - | 190,993
| Disposals | - | (11,405) | (11,405)
| At 31 December 2025 | 1,321,404 | 83,641 | 1,405,045
| Amortisation |  |  |
| At 1 January 2025 | 891,090 | - | 891,090
| Charge for the year on owned assets | 112,595 | 27,880 | 140,475
| At 31 December 2025 | 1,003,685 | 27,880 | 1,031,565
| Net book value |  |  |
| At 31 December 2025 | 317,719 | 55,761 | 373,480
| At 31 December 2024 | 239,321 | 95,046 | 334,367
Page 21
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Short-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 617,383 | - | 4,350 | 137,644 | 748,638 | 1,508,015
| Additions | - | 1,022,550 | - | - | 48,146 | 1,070,696
| At 31 December 2025 | 617,383 | 1,022,550 | 4,350 | 137,644 | 796,784 | 2,578,711
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 155,038 | - | 3,897 | 28,676 | 596,649 | 784,260
| Charge for the year on owned assets | 12,348 | 20,371 | 453 | 34,411 | 82,068 | 149,651
| At 31 December 2025 | 167,386 | 20,371 | 4,350 | 63,087 | 678,717 | 933,911
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 449,997 | 1,002,179 | - | 74,557 | 118,067 | 1,644,800
| At 31 December 2024 | 462,345 | - | 453 | 108,968 | 151,989 | 723,755
Page 22
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 8,996,214
| Additions | 87
| At 31 December 2025 | 8,996,301
| Impairment |
| At 1 January 2025 | 579,382
| At 31 December 2025 | 579,382
| Net book value |
| At 31 December 2025 | 8,416,919
| At 31 December 2024 | 8,416,832
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| SPSE Investments Limited | Lonsdale Chambers, Lonsdale Street, Stoke On-Trent ST4 4BT | Ordinary | 100%
| Roofing & Cladding Materials Limited* | As above | Ordinary | 100%
| RCM Holdings Limited | As above | Ordinary | 100%
| SPS Envirowall Limited | As above | Ordinary | 100%
| Benx Facades Ireland Limited | Unit 3D, Northpoint House, North Point Business Park, New Mallow Road, Cork, Co. Cork, Ireland | Ordinary | 100%
| * Indirect shareholding
Page 23
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 23,475 | 17,286
| Amounts owed by group undertakings | 2,304,813 | 2,152,824
| Other debtors | 24,472 | 21,100
| Prepayments and accrued income | 169,100 | 115,503
|  | 2,521,860 | 2,306,713
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 181,588 | 1,439,905
|  | 181,588 | 1,439,905
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 191,331 | 121,807
| Amounts owed to group undertakings | 8,080,454 | 8,106,277
| Corporation tax | 97,641 | -
| Other taxation and social security | 71,150 | 149,066
| Other creditors | 26,602 | 40,487
| Accruals and deferred income | 108,425 | 186,543
|  | 8,575,603 | 8,604,180
Page 24
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 16,927
| Charged to profit or loss | 19,877
| At end of year | 36,804
| The deferred tax balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 35,771 | 15,867
| Short term timing differences | 1,033 | 1,060
|  | 36,804 | 16,927
| Comprising: |  |
| (Liability)/asset | 36,804 | 16,927
|  | 36,804 | 16,927
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,063 (2024 - 2,063) Ordinary shares of £0.001 each | 2.063 | 2.063
Page 25
BENX LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Pension commitments
The company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company. The company contributes a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions. Employer contributions paid to the scheme during the year amounted to £66,148 (2024: £51,827). At 31 December 2025 £15,289 (31 December 2024 £31,679) contributions were payable to the scheme.
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 132,783 | 112,058
| Later than 1 year and not later than 5 years | 115,049 | 67,856
|  | 247,832 | 179,914
24. | Related party transactions
| During the year the company entered into the following transactions with related parties: Entities related by virtue of having directors in common - Sales £83,813 (2024 £48,098), purchases £Nil (2024 £Nil). Amounts due to related parties £Nil (2024: £NIL). Amounts due from the related parties £600,806 less a provision of £581,950, being £18,856 (2024 £598,846, less a provision of £581,950, being £16,896).
25. | Controlling party
Benx Holdings Limited, incorporated in England and Wales, is the immediate parent company and controlling party. Benx Holdings Limited is the smallest and largest group in which the results of the company are consolidated.
Page 26