ACCOUNTS - Final Accounts

Operating (loss)/profit

The operating (loss)/profit is stated after charging:

Registered number: 11353865

SPS ENVIROWALL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

SPS ENVIROWALL LIMITED

COMPANY INFORMATION

Directors	B J Mitchell
	T Murphy
	A B Robb
	I P J Wilson


Registered number	11353865


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

SPS ENVIROWALL LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditors' report	5 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Notes to the financial statements	11 - 24

SPS ENVIROWALL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The company, a member of the Benx Group, is one of the UK's leading suppliers of external wall insulation systems. The company’s products and systems are rigorously tested and certified to ensure they meet the highest standards of safety and performance. Products are supplied direct to site from the company’s four regional branches. In addition, each branch operates a trade counter.

Business review

The results for the year are set out on page 8.

The company achieved turnover of £12,879,234 (2024: £13,596,559) and recorded loss before taxation of £408,119 (2024: profit £203,062).

Sales decreased by 5% in 2025 which reflected a very competitive market and a deficiency of government funding streams in England. The strength of competition meant lower selling prices with increases in raw material costs proving difficult to pass on in full, the combination of which resulted in significantly reduced margins. Given the foregoing, directors took measures to reduce the cost base, but despite this, the overall result was disappointing.

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:

- Economic climate
- Customer strategies
- Health and safety
- Supply chain
- Market conditions
- Government policy and regulations
- Operational factors
- Geopolitical instability
- Competitor activity
- Customer credit
- Global health risks
- Foreign currency exposures
- Breaches of data security and confidentiality

These risks are mitigated by a combination of internal processes and controls, management and board
oversight, effective communication and timely and accurate management information.

Page 1

SPS ENVIROWALL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The directors expect the trading environment to remain difficult but stable in 2026 with more measures being taken to reduce overheads.

This report was approved by the board on 5 August 2026 and signed on its behalf.

T Murphy

Director

Page 2

SPS ENVIROWALL 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.

Principal activity

The principal activity of the company was that of the supply of external wall insulation systems.

Results and dividends

The loss for the year, after taxation, amounted to £525,513 (2024 - profit £186,411).

The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

B J Mitchell

T Murphy

A B Robb

I P J Wilson

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 5 August 2026 and signed on its behalf.

T Murphy

Director

Page 3

SPS ENVIROWALL LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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.

Page 4

SPS ENVIROWALL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPS ENVIROWALL LIMITED

Opinion

We have audited the financial statements of SPS Envirowall 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 loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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.

Page 5

SPS ENVIROWALL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPS ENVIROWALL LIMITED (CONTINUED)

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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

Page 6

SPS ENVIROWALL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPS ENVIROWALL LIMITED (CONTINUED)

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 items
and 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.

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 7

SPS ENVIROWALL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	12,879,234	13,596,559
Cost of sales		(9,317,689)	(9,288,804)
Gross profit		3,561,545	4,307,755
Administrative expenses		(4,015,636)	(4,137,418)
Other operating income	5	30,000	10,012
Operating (loss)/profit	6	(424,091)	180,349
Interest receivable and similar income	9	15,972	22,713
(Loss)/profit before tax		(408,119)	203,062
Tax on (loss)/profit	10	(117,394)	(16,651)
(Loss)/profit for the financial year		(525,513)	186,411

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

The notes on pages 11 to 24 form part of these financial statements.

Page 8

SPS ENVIROWALL LIMITED

REGISTERED NUMBER: 11353865

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		2,172,325		2,443,866
Tangible assets	12		147,992		92,664
			2,320,317		2,536,530
Current assets
Stocks	13	1,257,943		1,123,853
Debtors: amounts falling due within one year	14	2,281,032		2,643,381
Cash at bank and in hand	15	1,413,982		1,331,571
		4,952,957		5,098,805
Creditors: amounts falling due within one year	16	(3,547,885)		(3,384,433)
Net current assets			1,405,072		1,714,372

Net assets			3,725,389		4,250,902

Capital and reserves
Called up share capital	18	4,036,165	4,036,165
Profit and loss account	19	(310,776)	214,737
		3,725,389	4,250,902

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2026.

T Murphy

Director

The notes on pages 11 to 24 form part of these financial statements.

Page 9

SPS ENVIROWALL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	165	28,326	28,491
Comprehensive income for the year
Profit for the year	-	186,411	186,411
Shares issued during the year	4,036,000	-	4,036,000

At 1 January 2025	4,036,165	214,737	4,250,902
Comprehensive income for the year
Loss for the year	-	(525,513)	(525,513)
At 31 December 2025	4,036,165	(310,776)	3,725,389

The notes on pages 11 to 24 form part of these financial statements.

Page 10

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

SPS Envirowall 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

Going concern

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation of the accounts and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future

Page 11

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

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'.

2.5

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.

2.6

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

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.

2.9

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.

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Page 13

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Intangible assets (continued)

Other 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.

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.

The estimated useful lives range as follows:

Goodwill

years

2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Short-term leasehold property	-		Over the lease period
Plant and machinery	-	25%	on cost
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	25%	on cost
Computer equipment	-	25%	on cost

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.

Page 14

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Stocks

Stocks 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 reporting 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.

2.13

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.

2.14

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.

2.15

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.

2.16

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.

2.17

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.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends arerecognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

SPS ENVIROWALL 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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision against bad and doubtful amounts receivable
There are specific provisions in respect of bad debts, which are netted against the trade debtors balance. These provisions are based on a calculation using the age profile of the trade debtors balance.The level of the provisions increases with age.

Provision against slow-moving, obsolete or irrecoverable stock
Stock is reviewed on an ongoing basis and a provision made where the directors are of the opinion that the full cost may not be recoverable. Stock provisions are calculated based on the age of the stock and days since the stock was last used. The resulting provision is netted off the cost of the stock

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	12,167,571	13,596,559
Rest of Europe	711,663	-
	12,879,234	13,596,559

5.	Other operating income
		2025	2024
		£	£

Net rents receivable	-	10,012
RDEC tax credit	30,000	-
	30,000	10,012

Page 16

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Research & development charged as an expense	150,000	150,000
Exchange differences	(8,177)	3,224
Other operating lease rentals	388,604	367,222
Depreciation	57,854	48,792
Amortisation	271,541	271,541

The research and development activities undertaken during the year relate to development, testing and certification of new façade systems.

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

14,140

13,660

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.

Wages and salaries	974,953	1,158,897
Social security costs	117,029	120,621
Cost of defined contribution scheme	26,274	31,705
	1,118,256	1,311,223

Page 17

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Employees (continued)

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration	4	4
Management	2	2
Sales and distribution	19	18

	25	24

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	15,972	22,713
		15,972	22,713

Corporation tax
Current tax on profits for the year	5,700	24,279
Adjustments in respect of previous periods	105,716	-
	111,416	24,279

Total current tax	111,416	24,279

Deferred tax
Origination and reversal of timing differences	5,978	(7,628)
Total deferred tax	5,978	(7,628)


	Tax on (loss)/profit	117,394	16,651

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SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(408,119)

203,062

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(102,030)	50,766
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,892	8,167
Goodwill amortisation not deductible	67,885	67,885
Utilisation of tax losses	1,758	-
Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax	(841)	-
Other tax adjustments, reliefs and transfers	3,026	14,548
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(1,800)	(35,475)
Amounts (charged)/credited directly to STRGL or otherwise transferred	-	(19,000)
Group relief	39,788	(70,240)
Under/(over) provided in prior years	105,716	-
Total tax charge for the year	117,394	16,651

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2025	2,715,407
	At 31 December 2025	2,715,407
	Amortisation
	At 1 January 2025	271,541
	Charge for the year on owned assets	271,541
	At 31 December 2025	543,082
	Net book value
	At 31 December 2025	2,172,325
	At 31 December 2024	2,443,866

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SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	18,357	33,495	41,459	48,145	141,456
Additions	-	1,196	68,616	43,370	113,182
At 31 December 2025	18,357	34,691	110,075	91,515	254,638
Depreciation
At 1 January 2025	1,836	15,788	17,274	13,894	48,792
Charge for the year on owned assets	3,671	11,280	24,902	18,001	57,854
At 31 December 2025	5,507	27,068	42,176	31,895	106,646
Net book value
At 31 December 2025	12,850	7,623	67,899	59,620	147,992
At 31 December 2024	16,521	17,707	24,185	34,251	92,664

13.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	1,257,943	1,123,853
	1,257,943	1,123,853

Stock recognised in cost of sales during the year as an expense was £7,653,201 (2024 £8,002,556).

Page 21

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.

Debtors

					2025	2024
					£	£


Trade debtors	1,443,315	1,557,773
Amounts owed by group undertakings	452,983	461,602
Other debtors	47,871	271,971
Prepayments and accrued income	335,213	344,407
Deferred taxation	1,650	7,628
	2,281,032	2,643,381

15.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,413,982	1,331,571
	1,413,982	1,331,571

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

Trade creditors	1,287,947	1,229,291
Amounts owed to group undertakings	1,463,757	1,327,361
Other taxation and social security	142,985	187,406
Other creditors	7,097	19,452
Accruals and deferred income	646,099	620,923
	3,547,885	3,384,433

Page 22

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Deferred taxation

		2025
		£

	At beginning of year	7,628
	Charged to profit or loss	(5,978)
	At end of year	1,650

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(17,933)	(12,796)
Short term timing differences	19,583	20,424
	1,650	7,628

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

4,036,165 (2024 - 4,036,165) Ordinary shares of £1.00 each	4,036,165	4,036,165

19.

Reserves

Profit and loss account

The profit and loss account represents total accumulated profits less dividends paid.

20.	Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

In the year the company paid £26,274 to the defined contribution scheme (2024: £31,705).

At 31 December 2025 contributions totalling £6,533 (2024: £18,706) were payable to the scheme.

Page 23

SPS ENVIROWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	286,346	275,256
Later than 1 year and not later than 5 years	254,953	254,297
	541,299	529,553

22.	Related party transactions
	Entities related by virtue of having directors in common - Sales £1,022,641 (2024 £1,104,255), purchases £1,934,978 (2024 £2,061,262). Amounts due to the related parties £277,994 (2024 £242,378). Amounts due from the related parties £22,184 (2024 £322,589).

23.	Controlling party

Benx Limited is the immediate parent company. Benx Holdings Limited, incorporated in England and Wales, is the ultimate parent company and controlling party. Benx Holdings Limited is the smallest and largest group in which the result of the company are consolidated.

Page 24