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REGISTERED NUMBER: 02723619 (England and Wales)

Group Strategic Report, Directors' Report and

Consolidated Financial Statements for the Year Ended 31 October 2025

for

Storage & Display Equipment Limited

| Storage & Display Equipment Limited (Registered number: 02723619) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Directors' Report | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 18 |

| Storage & Display Equipment Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | Mr J R Bennett

| Mr I J Buckton

| Mr D R Cartwright

| Mr J L Bennett

| Mrs V Mee

| Mr J Barlow

| SECRETARY: | Mr I J Buckton

| REGISTERED OFFICE: | Unit 1, Hazel Court

| Midland Way

| Barlborough

| Chesterfield

| Derbyshire

| S43 4FD

| REGISTERED NUMBER: | 02723619 (England and Wales)

| INDEPENDENT AUDITORS: | Landin Wilcock & Co

| Statutory Auditor

| 68 Queen Street

| Sheffield

| South Yorkshire

| S1 1WR

| BANKERS: | Lloyds Bank plc

| 1 High Street

| Sheffield

| South Yorkshire

| S1 2GA

| Storage & Display Equipment Limited (Registered number: 02723619) |

Group Strategic Report

for the Year Ended 31 October 2025

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The financial year ended 31 October 2025 was a resilient year for the group. Management continued to focus on strengthening operating processes, improving efficiency across the group companies and developing sustainable trading models that support long-term growth and profitability.

SDE Electrical Ltd, incorporated on 26 October 2021, continued to trade successfully, primarily as an electrical subcontractor to Storage & Display Equipment Ltd. The company remains an important part of the group's integrated service offering and contributed positively to overall group performance during the year.

SDE Energy Solutions Ltd, incorporated on 17 June 2022, continued to operate in the renewables sector, with a primary focus on commercial solar and energy solutions for both existing SDE customers and new customers. The move away from domestic renewables has provided a more stable and scalable business model for the company.

SDE Roofing Ltd, incorporated on 19 May 2023, was established to provide a complementary service to other group companies and external customers. The company ceased trading during the prior period following SDE Energy Solutions Ltd's strategic move away from the domestic renewables market.

SDE Design Engineering Limited was incorporated on 28 April 2025 to provide design services to the group and external customers. The company traded profitably in its first period and enhances the group's ability to support design-led project delivery.

The labour and materials market continues to present challenges across the industry, particularly in relation to pricing, skills availability and supply. These matters remain under regular review by all group companies.

KEY FINANCIAL PERFORMANCE INDICATORS

| 2025 |  | 2024 |

£ |  | £ |  |

Turnover |  |  | 21,700,649 |  | 27,911,187 |

Operating profit |  |  | 1,094,144 |  | 1,581,372 |

Net assets |  |  | 2,717,694 |  | 2,390,760 |

For the year ended 31 October 2025, group turnover was £21.7m compared with £27.9m in the previous year. Although turnover reduced year on year, gross profit margin improved to 22.0% (2024: 19.2%) and the group remained profitable, with operating profit of £1.1m. Net assets increased to £2.7m (2024: £2.4m), demonstrating the continued strength of the group's balance sheet.

During the year, the group continued to secure work with both existing and new customers. Continued diversification across customer sectors has helped reduce reliance on any single market. The sales team, supported by the accounts and administration departments, remains focused on converting opportunities into sustainable profitable work for the 2026 financial year and beyond.

| Storage & Display Equipment Limited (Registered number: 02723619) |

Group Strategic Report

for the Year Ended 31 October 2025

PRINCIPAL RISKS AND UNCERTAINTIES

In addition to the matters noted above, the group continues to monitor the following principal risks and uncertainties:

Operating risk - loss of key customers. The group seeks to mitigate this risk by maintaining close working relationships with customers, understanding current and future requirements, and identifying appropriate cross-selling opportunities across the group.

Financial risk - customer credit exposure. This risk is managed through credit insurance, credit checks for new customers, regular review of existing customer creditworthiness and ongoing aged debtor reporting. Credit terms are restricted where considered appropriate.

People risk - recruitment and retention. The group continues to recruit suitable employees where required and supports staff retention through internal progression, training and development.

Working capital risk - funding and liquidity. The group monitors working capital requirements and forecasts potential funding needs on an ongoing basis to ensure sufficient liquidity is maintained.

FUTURE DEVELOPMENTS

The group enters the next financial year with a strong customer base and a clear focus on securing sustainable, profitable work across its core markets. Management will continue to review opportunities that complement the group's existing capabilities and support long-term growth.

SDE Energy Solutions Ltd will continue to focus on commercial solar and energy solutions, where the business model is considered more stable, profitable and scalable than the domestic renewables market.

The move to larger rented office accommodation in February 2025 has provided additional operational capacity and supports future expansion. The group's owned offices were rented following the move, generating additional income. The incorporation of SDE Design Engineering Limited in April 2025 further broadens the group's service offering by adding dedicated design services capability to support project delivery.

ON BEHALF OF THE BOARD:

Mr J R Bennett - Director

17 August 2026

| Storage & Display Equipment Limited (Registered number: 02723619) |

Directors' Report

for the Year Ended 31 October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the design and supply of storage and display equipment.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £357,600.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr J R Bennett

Mr I J Buckton

Mr D R Cartwright

Mr J L Bennett

Mrs V Mee

Other changes in directors holding office are as follows:

Mr J Barlow was appointed as a director after 31 October 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

No donations have been made to political causes. Donations of £2,098 have been made for charitable purposes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| Storage & Display Equipment Limited (Registered number: 02723619) |

Directors' Report

for the Year Ended 31 October 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J R Bennett - Director

17 August 2026

Report of the Independent Auditors to the Members of

Storage & Display Equipment Limited

Opinion

We have audited the financial statements of Storage & Display Equipment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 October 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of

Storage & Display Equipment Limited

Opinions 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Storage & Display Equipment Limited

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- evidence of up to date key compliance accreditations was sought;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting turnover and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised, including establishing auditor's estimates.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Mr Robert Hampstead (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

19 August 2026

| Storage & Display Equipment Limited (Registered number: 02723619) |

Consolidated

Income Statement

for the Year Ended 31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 21,700,649 |  | 27,911,187 |  |

Cost of sales | (16,930,295 | ) | (22,555,292 | ) |

GROSS PROFIT | 4,770,354 |  | 5,355,895 |  |

Administrative expenses | (3,681,851 | ) | (3,883,188 | ) |

1,088,503 |  | 1,472,707 |  |

Other operating income | 5,641 |  | 108,665 |  |

OPERATING PROFIT | 5 | 1,094,144 |  | 1,581,372 |  |

Amounts written off investments | 6 | (30 | ) | (5,000 | ) |

1,094,114 |  | 1,576,372 |  |

Interest payable and similar expenses | 7 | (30,334 | ) | (31,404 | ) |

PROFIT BEFORE TAXATION | 1,063,780 |  | 1,544,968 |  |

Tax on profit | 8 | (384,168 | ) | (367,624 | ) |

PROFIT FOR THE FINANCIAL YEAR | 679,612 |  | 1,177,344 |  |

Profit attributable to:

Owners of the parent | 488,428 |  | 902,202 |  |

Non-controlling interests | 191,184 |  | 275,142 |  |

679,612 |  | 1,177,344 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 679,612 |  | 1,177,344 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation reserve | 190,573 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 190,573 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 870,185 |  | 1,177,344 |  |

Total comprehensive income attributable to:

Owners of the parent | 679,001 |  | 902,202 |  |

Non-controlling interests | 191,184 |  | 275,142 |  |

870,185 |  | 1,177,344 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Consolidated Balance Sheet

31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 861,797 |  | 715,730 |  |

Investments | 12 | - |  | 30 |  |

Investment property | 13 | 440,051 |  | 150,000 |  |

1,301,848 |  | 865,760 |  |

CURRENT ASSETS

Stocks | 14 | 201,050 |  | 165,710 |  |

Debtors | 15 | 4,486,781 |  | 6,074,252 |  |

Cash at bank and in hand | 725,224 |  | 65,826 |  |

5,413,055 |  | 6,305,788 |  |

CREDITORS

Amounts falling due within one year | 16 | (3,509,546 | ) | (4,456,551 | ) |

NET CURRENT ASSETS | 1,903,509 |  | 1,849,237 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,205,357 |  | 2,714,997 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (228,118 | ) | (208,281 | ) |

PROVISIONS FOR LIABILITIES | 21 | (259,545 | ) | (115,956 | ) |

NET ASSETS | 2,717,694 |  | 2,390,760 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 5,000 |  | 5,000 |  |

Revaluation reserve | 23 | 273,630 |  | 83,057 |  |

Other reserves | 23 | 5,000 |  | 5,000 |  |

Retained earnings | 23 | 2,379,453 |  | 2,248,625 |  |

SHAREHOLDERS' FUNDS | 2,663,083 |  | 2,341,682 |  |

NON-CONTROLLING INTERESTS | 54,611 |  | 49,078 |  |

TOTAL EQUITY | 2,717,694 |  | 2,390,760 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2026 and were signed on its behalf by:

Mr J R Bennett - Director

| Storage & Display Equipment Limited (Registered number: 02723619) |

Company Balance Sheet

31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 562,398 |  | 598,177 |  |

Investments | 12 | 7 |  | 34 |  |

Investment property | 13 | 440,051 |  | 150,000 |  |

1,002,456 |  | 748,211 |  |

CURRENT ASSETS

Stocks | 14 | 98,072 |  | 91,857 |  |

Debtors | 15 | 3,746,814 |  | 5,568,877 |  |

Cash at bank and in hand | 473,444 |  | 29,658 |  |

4,318,330 |  | 5,690,392 |  |

CREDITORS

Amounts falling due within one year | 16 | (2,791,299 | ) | (4,091,283 | ) |

NET CURRENT ASSETS | 1,527,031 |  | 1,599,109 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,529,487 |  | 2,347,320 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (140,945 | ) | (182,526 | ) |

PROVISIONS FOR LIABILITIES | 21 | (187,327 | ) | (89,004 | ) |

NET ASSETS | 2,201,215 |  | 2,075,790 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 5,000 |  | 5,000 |  |

Revaluation reserve | 23 | 273,630 |  | 83,057 |  |

Other reserves | 23 | 5,000 |  | 5,000 |  |

Retained earnings | 23 | 1,917,585 |  | 1,982,733 |  |

SHAREHOLDERS' FUNDS | 2,201,215 |  | 2,075,790 |  |

Company's profit for the financial year | 292,452 |  | 663,430 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2026 and were signed on its behalf by:

Mr J R Bennett - Director

| Storage & Display Equipment Limited (Registered number: 02723619) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 October 2025

| Called up |

| share |  | Retained |  | Revaluation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1 November 2023 | 5,000 |  | 1,754,023 |  | 83,057 |  |

Changes in equity

Dividends | - |  | (407,600 | ) | - |  |

Total comprehensive income | - |  | 902,202 |  | - |  |

Balance at 31 October 2024 | 5,000 |  | 2,248,625 |  | 83,057 |  |

Changes in equity

Dividends | - |  | (357,600 | ) | - |  |

Total comprehensive income | - |  | 488,428 |  | 190,573 |  |

5,000 |  | 2,379,453 |  | 273,630 |  |

Acquisition of non-controlling interest | - |  | - |  | - |  |

Balance at 31 October 2025 | 5,000 |  | 2,379,453 |  | 273,630 |  |

| Other |  | Non-controlling |  | Total

| reserves |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 November 2023 | 5,000 |  | 1,847,080 |  | (64,554 | ) | 1,782,526 |  |

Changes in equity

Dividends | - |  | (407,600 | ) | (161,510 | ) | (569,110 | ) |

Total comprehensive income | - |  | 902,202 |  | 275,142 |  | 1,177,344 |  |

Balance at 31 October 2024 | 5,000 |  | 2,341,682 |  | 49,078 |  | 2,390,760 |  |

Changes in equity

Dividends | - |  | (357,600 | ) | (185,656 | ) | (543,256 | ) |

Total comprehensive income | - |  | 679,001 |  | 191,184 |  | 870,185 |  |

5,000 |  | 2,663,083 |  | 54,606 |  | 2,717,689 |  |

Acquisition of non-controlling interest | - |  | - |  | 5 |  | 5 |  |

Balance at 31 October 2025 | 5,000 |  | 2,663,083 |  | 54,611 |  | 2,717,694 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Company Statement of Changes in Equity

for the Year Ended 31 October 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Other |  | Total

| capital |  | earnings |  | reserve |  | reserves |  | equity

£ | £ | £ | £ | £ |

Balance at 1 November 2023 | 5,000 |  | 1,726,903 |  | 83,057 |  | 5,000 |  | 1,819,960 |  |

Changes in equity

Dividends | - |  | (407,600 | ) | - |  | - |  | (407,600 | ) |

Total comprehensive income | - |  | 663,430 |  | - |  | - |  | 663,430 |  |

Balance at 31 October 2024 | 5,000 |  | 1,982,733 |  | 83,057 |  | 5,000 |  | 2,075,790 |  |

Changes in equity

Dividends | - |  | (357,600 | ) | - |  | - |  | (357,600 | ) |

Total comprehensive income | - |  | 292,452 |  | 190,573 |  | - |  | 483,025 |  |

Balance at 31 October 2025 | 5,000 |  | 1,917,585 |  | 273,630 |  | 5,000 |  | 2,201,215 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Consolidated Cash Flow Statement

for the Year Ended 31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,975,978 |  | 794,369 |  |

Interest paid | (1,612 | ) | (573 | ) |

Interest element of hire purchase payments paid | (28,722 | ) | (30,831 | ) |

Tax paid | (446,231 | ) | (183,303 | ) |

Taxation refund | 166,146 |  | - |  |

Net cash from operating activities | 1,665,559 |  | 579,662 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (390,512 | ) | (84,712 | ) |

Purchase of investment property | (5,051 | ) | - |  |

Sale of tangible fixed assets | 45,009 |  | 5,886 |  |

Net cash from investing activities | (350,554 | ) | (78,826 | ) |

Cash flows from financing activities

Loan repayments in year | (10,000 | ) | (10,000 | ) |

Capital repayments in year | (102,351 | ) | (175,246 | ) |

Equity dividends paid | (357,600 | ) | (407,600 | ) |

Dividends paid to minority interests | (185,656 | ) | (161,510 | ) |

Net cash from financing activities | (655,607 | ) | (754,356 | ) |

Increase/(decrease) in cash and cash equivalents | 659,398 |  | (253,520 | ) |

Cash and cash equivalents at beginning of year | 2 | 65,826 |  | 319,346 |  |

Cash and cash equivalents at end of year | 2 | 725,224 |  | 65,826 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 October 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,063,780 |  | 1,544,968 |  |

| Depreciation charges | 257,312 |  | 219,427 |  |

| Loss on disposal of fixed assets | 16,597 |  | 612 |  |

| Amounts written off investments | 30 |  | 5,000 |  |

| Finance costs | 30,334 |  | 31,404 |  |

1,368,053 |  | 1,801,411 |  |

| (Increase)/decrease in stocks | (35,340 | ) | 107,308 |  |

| Decrease in trade and other debtors | 1,587,436 |  | 178,784 |  |

| Decrease in trade and other creditors | (944,171 | ) | (1,293,134 | ) |

| Cash generated from operations | 1,975,978 |  | 794,369 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 October 2025

| 31/10/25 |  | 1/11/24

£ | £ |

| Cash and cash equivalents | 725,224 |  | 65,826 |  |

| Year ended 31 October 2024

| 31/10/24 |  | 1/11/23

£ | £ |

| Cash and cash equivalents | 65,826 |  | 319,346 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 October 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1/11/24 | Cash flow | changes | At 31/10/25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 65,826 |  | 659,398 |  | 725,224 |  |

65,826 |  | 659,398 |  | 725,224 |  |

| Debt

| Finance leases | (297,904 | ) | 102,351 |  | - |  | (364,455 | ) |

| Debts falling due

| within 1 year | (10,000 | ) | 3,333 |  | - |  | (6,667 | ) |

| Debts falling due

| after 1 year | (6,667 | ) | 6,667 |  | - |  | - |  |

(314,571 | ) | 112,351 |  | - |  | (371,122 | ) |

| Total | (248,745 | ) | 771,749 |  | - |  | 354,102 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Storage & Display Equipment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Basis of consolidation

| The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2025.

| A subsidiary undertaking is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| The assets and liabilities of subsidiary undertakings are presented in the consolidated statement of financial position in full. The parents share of the subsidiaries post-acquisition changes in equity is included withing group retained earnings. with amounts attributable to non-controlling interests being presented separately in equity.

| Transactions, balances and unrealised gains or losses on transactions between the company and its subsidiaries are eliminated in full on consolidation.

| Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Contract revenue recognition

| Revenue from construction contracts is recognised by reference to the stage of completion of a contract,

| on a contract by contract basis.

| The stage of completion on a given contract is calculated by the revenue basis (surveys of works

| completed).

| Where the outcome of a construction contract cannot be reliably estimated, revenue is recognised only to

| the extent that it covers the costs incurred on the contract to the reporting date. Where contract losses are

| anticipated, they are recognsied in full immediately in the profit and loss account.

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost

| Long leasehold | - | 10% on cost

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance and 15% on cost

| Motor vehicles | - | 25% on cost, 25% on reducing balance and 20% on cost

| Computer equipment | - | 25% on cost and 25% on reducing balance

| Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

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

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

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

| Pension costs and other post-retirement benefits

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

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Rendering of services | 21,700,649 |  | 27,911,187 |  |

21,700,649 |  | 27,911,187 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,063,230 |  | 3,235,734 |  |

| Social security costs | 375,974 |  | 318,845 |  |

| Other pension costs | 69,790 |  | 67,807 |  |

3,508,994 |  | 3,622,386 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Direct labour | 38 |  | 37 |  |

| Administration, support and sales | 25 |  | 25 |  |

| Management | 9 |  | 13 |  |

72 |  | 75 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 234,542 |  | 313,094 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 5 |  | 5 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 137,369 |  | 184,492 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 550,910 |  | 908,031 |  |

| Other operating leases | 223,440 |  | 201,469 |  |

| Depreciation - owned assets | 126,048 |  | 121,415 |  |

| Depreciation - assets on hire purchase contracts | 131,266 |  | 98,012 |  |

| Loss on disposal of fixed assets | 16,597 |  | 612 |  |

| Auditors' remuneration | 25,000 |  | 25,000 |  |

| Foreign exchange differences | 20,555 |  | 11,355 |  |

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Written off fixed asset

| investment | 30 |  | 5,000 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 296 |  | 555 |  |

| Other interest payable | 1,316 |  | 18 |  |

| Hire purchase | 28,722 |  | 30,280 |  |

| Leasing | - |  | 551 |  |

30,334 |  | 31,404 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 240,578 |  | 368,433 |  |

| Deferred tax | 143,590 |  | (809 | ) |

| Tax on profit | 384,168 |  | 367,624 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,063,780 |  | 1,544,968 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 265,945 |  | 386,242 |  |

| Effects of:

| Expenses not deductible for tax purposes | 12,924 |  | 12,973 |  |

| Capital allowances in excess of depreciation | - |  | (1,012 | ) |

| Utilisation of tax losses | - |  | (21,450 | ) |

| Adjustments to tax charge in respect of previous periods | 4,433 |  | - |  |

| Other short-term timing differences | 219 |  | 321 |  |

| Losses unavailable for carry forward | 48 |  | 561 |  |

| Consolidation adjustments | 1,392 |  | (8,996 | ) |

| Unprovided deferred tax | 98,627 |  | (1,015 | ) |

| Depreciation on non-qualifying assets | 580 |  | - |  |

| Total tax charge | 384,168 |  | 367,624 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

8. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation reserve | 190,573 |  | - |  | 190,573 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Final | 357,600 |  | - |  |

| Interim | - |  | 407,600 |  |

357,600 |  | 407,600 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Long |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 November 2024 | 142,652 |  | 71,282 |  | 134,970 |  |

| Additions | - |  | 190,133 |  | 20,672 |  |

| Disposals | - |  | (10,969 | ) | - |  |

| Reclassification/transfer | (142,652 | ) | (33,258 | ) | - |  |

| At 31 October 2025 | - |  | 217,188 |  | 155,642 |  |

| DEPRECIATION

| At 1 November 2024 | 69,831 |  | 22,796 |  | 79,974 |  |

| Charge for year | 714 |  | 16,601 |  | 17,485 |  |

| Eliminated on disposal | - |  | (1,840 | ) | - |  |

| Reclassification/transfer | (70,545 | ) | (10,938 | ) | - |  |

| At 31 October 2025 | - |  | 26,619 |  | 97,459 |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  | 190,569 |  | 58,183 |  |

| At 31 October 2024 | 72,821 |  | 48,486 |  | 54,996 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 3,692 |  | 830,502 |  | 204,650 |  | 1,387,748 |  |

| Additions | 8,260 |  | 224,766 |  | 115,583 |  | 559,414 |  |

| Disposals | - |  | (121,443 | ) | (27,540 | ) | (159,952 | ) |

| Reclassification/transfer | - |  | - |  | - |  | (175,910 | ) |

| At 31 October 2025 | 11,952 |  | 933,825 |  | 292,693 |  | 1,611,300 |  |

| DEPRECIATION

| At 1 November 2024 | 659 |  | 373,123 |  | 125,635 |  | 672,018 |  |

| Charge for year | 1,696 |  | 165,208 |  | 55,610 |  | 257,314 |  |

| Eliminated on disposal | - |  | (68,966 | ) | (27,540 | ) | (98,346 | ) |

| Reclassification/transfer | - |  | - |  | - |  | (81,483 | ) |

| At 31 October 2025 | 2,355 |  | 469,365 |  | 153,705 |  | 749,503 |  |

| NET BOOK VALUE

| At 31 October 2025 | 9,597 |  | 464,460 |  | 138,988 |  | 861,797 |  |

| At 31 October 2024 | 3,033 |  | 457,379 |  | 79,015 |  | 715,730 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

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

| Motor

| vehicles

£ |

| COST

| At 1 November 2024 | 559,970 |  |

| Additions | 159,729 |  |

| Disposals | (21,765 | ) |

| Transfer to ownership | (21,599 | ) |

| At 31 October 2025 | 676,335 |  |

| DEPRECIATION

| At 1 November 2024 | 189,371 |  |

| Charge for year | 131,266 |  |

| Eliminated on disposal | (6,883 | ) |

| Transfer to ownership | (9,720 | ) |

| At 31 October 2025 | 304,034 |  |

| NET BOOK VALUE

| At 31 October 2025 | 372,301 |  |

| At 31 October 2024 | 370,599 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold |  | Long |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 November 2024 | 142,652 |  | 71,283 |  | 103,300 |  |

| Additions | - |  | 119,501 |  | 10,203 |  |

| Disposals | - |  | (10,969 | ) | - |  |

| Reclassification/transfer | (142,652 | ) | (33,258 | ) | - |  |

| At 31 October 2025 | - |  | 146,557 |  | 113,503 |  |

| DEPRECIATION

| At 1 November 2024 | 69,831 |  | 22,797 |  | 71,747 |  |

| Charge for year | 714 |  | 12,017 |  | 9,391 |  |

| Eliminated on disposal | - |  | (1,840 | ) | - |  |

| Reclassification/transfer | (70,545 | ) | (10,938 | ) | - |  |

| At 31 October 2025 | - |  | 22,036 |  | 81,138 |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  | 124,521 |  | 32,365 |  |

| At 31 October 2024 | 72,821 |  | 48,486 |  | 31,553 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 707,445 |  | 185,075 |  | 1,209,755 |  |

| Additions | 72,429 |  | 107,083 |  | 309,216 |  |

| Disposals | (95,578 | ) | (26,835 | ) | (133,382 | ) |

| Reclassification/transfer | - |  | - |  | (175,910 | ) |

| At 31 October 2025 | 684,296 |  | 265,323 |  | 1,209,679 |  |

| DEPRECIATION

| At 1 November 2024 | 327,318 |  | 119,885 |  | 611,578 |  |

| Charge for year | 134,232 |  | 49,404 |  | 205,758 |  |

| Eliminated on disposal | (59,897 | ) | (26,835 | ) | (88,572 | ) |

| Reclassification/transfer | - |  | - |  | (81,483 | ) |

| At 31 October 2025 | 401,653 |  | 142,454 |  | 647,281 |  |

| NET BOOK VALUE

| At 31 October 2025 | 282,643 |  | 122,869 |  | 562,398 |  |

| At 31 October 2024 | 380,127 |  | 65,190 |  | 598,177 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

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

| Motor

| vehicles

£ |

| COST

| At 1 November 2024 | 441,012 |  |

| Additions | 72,229 |  |

| At 31 October 2025 | 513,241 |  |

| DEPRECIATION

| At 1 November 2024 | 145,341 |  |

| Charge for year | 110,380 |  |

| At 31 October 2025 | 255,721 |  |

| NET BOOK VALUE

| At 31 October 2025 | 257,520 |  |

| At 31 October 2024 | 295,671 |  |

12. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 November 2024 | 30 |  |

| Disposals | (30 | ) |

| At 31 October 2025 | - |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  |

| At 31 October 2024 | 30 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Unlisted

| investments

£ |

| COST

| At 1 November 2024 | 34 |  |

| Additions | 3 |  |

| Disposals | (30 | ) |

| At 31 October 2025 | 7 |  |

| NET BOOK VALUE

| At 31 October 2025 | 7 |  |

| At 31 October 2024 | 34 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| SDE Electrical Limited

| Registered office: Unit 1, Hazel Court Midland Way, Barlborough, Chesterfield, S43 4FD

| Nature of business: Electrical installation

| %

| Class of shares: | holding |

| Ordinary | 50.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 342,819 |  | 236,411 |  |

| Profit for the year | 252,064 |  | 347,909 |  |

| The parent company has a minority shareholding in this entity however it exerts control through the fact that it holds the only voting shares in the company.

| The company is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 October 2025.

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

12. | FIXED ASSET INVESTMENTS - continued

| SDE Energy Solutions Limited

| Registered office: Unit 1, Hazel Court Midland Way, Barlborough, Chesterfield, S43 4FD

| Nature of business: Installation of energy solutions

| %

| Class of shares: | holding |

| Ordinary | 60.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 164,559 |  | 76,670 |  |

| Profit for the year | 127,889 |  | 152,763 |  |

| The company is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 October 2025.

| SDE Roofing Limited

| Registered office: Unit 1, Hazel Court Midland Way, Barlborough, Chesterfield, S43 4FD

| Nature of business: Supply and installation of solar panels

| %

| Class of shares: | holding |

| Ordinary | 20.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | (2,943 | ) | (2,750 | ) |

| (Loss)/profit for the year | (193 | ) | 27,848 |  |

| The parent company has a minority shareholding in this entity however it exerts control through the fact that it holds the only voting shares in the company.

| The company is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 October 2025.

| Car Charge Go Ltd

| Car Charge Go Ltd have not been audited nor consolidated as this company has been dissolved as of 15 April 2025.

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

12. | FIXED ASSET INVESTMENTS - continued

| SDE Design Engineering Limited

| Registered office: Unit 1, Hazel Court Midland Way, Barlborough, Chesterfield, S43 4FD

| Nature of business: Design services

| %

| Class of shares: | holding |

| Ordinary | 16.67 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 12,975 |  |

| Profit for the year | 12,969 |  |

| The parent company has a minority shareholding in this entity however it exerts control through the fact that it holds the only voting shares in the company.

| The company is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 October 2025.

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 November 2024 | 150,000 |  |

| Additions | 5,051 |  |

| Revaluations | 109,090 |  |

| Reclassification/transfer | 175,910 |  |

| At 31 October 2025 | 440,051 |  |

| NET BOOK VALUE

| At 31 October 2025 | 440,051 |  |

| At 31 October 2024 | 150,000 |  |

| Fair value at 31 October 2025 is represented by:

£ |

| Valuation in 2006 | 23,553 |  |

| Valuation in 2025 | 109,090 |  |

| Cost | 307,408 |  |

440,051 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

13. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| At 1 November 2024 | 150,000 |  |

| Additions | 5,051 |  |

| Revaluations | 109,090 |  |

| Reclassification/transfer | 175,910 |  |

| At 31 October 2025 | 440,051 |  |

| NET BOOK VALUE

| At 31 October 2025 | 440,051 |  |

| At 31 October 2024 | 150,000 |  |

| During the period additional items were transferred to investment property, which had cost of £180,961. The investment property class of fixed assets was revalued in February 2026 by Thornley Groves and Roy Peters Estates, considered to be independent valuers.

| The directors believe that the valuation undertaken in February 2026 is reflective of fair valuation at the balance sheet date.

| This class of assets has a current value of £440,051 (2024 - £150,000) and a carrying amount at historical cost of £307,408 (2024 - £126,447).

| Fair value at 31 October 2025 is represented by:

£ |

| Valuation in 2006 | 23,553 |  |

| Valuation in 2025 | 109,090 |  |

| Cost | 307,408 |  |

440,051 |  |

14. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Valuation | 201,050 |  | 165,710 |  | 98,072 |  | 91,857 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 2,950,326 |  | 4,437,297 |  | 2,240,476 |  | 3,729,476 |  |

| Amounts owed by group undertakings | - |  | - |  | 379,797 |  | 292,429 |  |

| Amounts recoverable on contract | 1,259,166 |  | 1,449,631 |  | 935,370 |  | 1,419,188 |  |

| Other debtors | 113,307 |  | 68,369 |  | 33,336 |  | 9,792 |  |

| Directors' loan accounts | - |  | 500 |  | - |  | 500 |  |

| Called up share capital not paid | 9 |  | 3 |  | - |  | - |  |

| Prepayments | 163,973 |  | 118,452 |  | 157,835 |  | 117,492 |  |

4,486,781 |  | 6,074,252 |  | 3,746,814 |  | 5,568,877 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 6,667 |  | 10,000 |  | 6,667 |  | 10,000 |  |

| Hire purchase contracts (see note 19) | 136,337 |  | 96,290 |  | 92,995 |  | 81,490 |  |

| Trade creditors | 1,945,665 |  | 2,478,114 |  | 1,368,181 |  | 2,042,835 |  |

| Debt factor creditor | 12,636 |  | 320,299 |  | 12,636 |  | 320,299 |  |

| Amounts owed to group undertakings | - |  | - |  | 265,336 |  | 439,471 |  |

| Tax | 155,344 |  | 194,892 |  | 63,966 |  | 48,418 |  |

| Social security and other taxes | 137,710 |  | 258,366 |  | 95,102 |  | 240,668 |  |

| VAT | 470,451 |  | 485,501 |  | 399,376 |  | 401,932 |  |

| Other creditors | 47,138 |  | 43,129 |  | 31,167 |  | 30,686 |  |

| Amounts payable on contracts | 459,996 |  | 347,368 |  | 386,359 |  | 273,735 |  |

| Accruals and deferred income | 137,602 |  | 222,592 |  | 69,514 |  | 201,749 |  |

3,509,546 |  | 4,456,551 |  | 2,791,299 |  | 4,091,283 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 18) | - |  | 6,667 |  | - |  | 6,667 |  |

| Hire purchase contracts (see note 19) | 228,118 |  | 201,614 |  | 140,945 |  | 175,859 |  |

228,118 |  | 208,281 |  | 140,945 |  | 182,526 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 6,667 |  | 10,000 |  | 6,667 |  | 10,000 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | - |  | 6,667 |  | - |  | 6,667 |  |

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 136,337 |  | 96,290 |  |

| Between one and five years | 228,118 |  | 201,614 |  |

364,455 |  | 297,904 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 92,995 |  | 81,490 |  |

| Between one and five years | 140,945 |  | 175,859 |  |

233,940 |  | 257,349 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 212,709 |  | 210,810 |  |

| Between one and five years | 134,335 |  | 288,226 |  |

347,044 |  | 499,036 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

19. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 131,551 |  | 133,165 |  |

| Between one and five years | 110,248 |  | 202,231 |  |

241,799 |  | 335,396 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Hire purchase contracts | 364,455 |  | 297,904 |  | 233,940 |  | 257,349 |  |

| Invoice financing | 12,636 |  | 320,299 |  | 12,636 |  | 320,299 |  |

377,091 |  | 618,203 |  | 246,576 |  | 577,648 |  |

| Hire purchase and finance lease liabilities are secured on the asset to which the agreement relates.

| The invoice financing liability is secured by the associated trade debtors.

21. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 259,545 |  | 115,956 |  | 187,327 |  | 89,004 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 115,956 |  |

| Charge to Income Statement during year | 143,589 |  |

| Balance at 31 October 2025 | 259,545 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

21. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 89,004 |  |

| Charge to Income Statement during year | 98,323 |  |

| Balance at 31 October 2025 | 187,327 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 5,000 | Ordinary | £1 | 5,000 |  | 5,000 |  |

23. | RESERVES

| Group

| Retained |  | Revaluation |  | Other |

| earnings |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ |

| At 1 November 2024 | 2,248,625 |  | 83,057 |  | 5,000 |  | 2,336,682 |  |

| Profit for the year | 488,428 |  | 488,428 |  |

| Dividends | (357,600 | ) | (357,600 | ) |

| Other movements | - |  | 190,573 |  | - |  | 190,573 |  |

| At 31 October 2025 | 2,379,453 |  | 273,630 |  | 5,000 |  | 2,658,083 |  |

| Company

| Retained |  | Revaluation |  | Other |

| earnings |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ |

| At 1 November 2024 | 1,982,733 |  | 83,057 |  | 5,000 |  | 2,070,790 |  |

| Profit for the year | 292,452 |  | 292,452 |  |

| Dividends | (357,600 | ) | (357,600 | ) |

| Other movements | - |  | 190,573 |  | - |  | 190,573 |  |

| At 31 October 2025 | 1,917,585 |  | 273,630 |  | 5,000 |  | 2,196,215 |  |

| Storage & Display Equipment Limited (Registered number: 02723619) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

23. | RESERVES - continued

| Retained earnings represent accumulated profits and losses of the group net of dividends and transfers.

| The revaluation reserve represents accumulated changes in the fair value of the group's tangible assets subject to a policy of revaluation.

| Other reserves is a capital redemption reserve, being the nominal value of ordinary shares bought back by the parent company.

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 October 2025 and 31 October 2024:

2025 | 2024 |

£ | £ |

| Mr Ian James Buckton

| Balance outstanding at start of year | - |  | 20,000 |  |

| Amounts repaid | - |  | (20,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

| Mr Joshua Luke Bennett

| Balance outstanding at start of year | 500 |  | - |  |

| Amounts advanced | - |  | 1,200 |  |

| Amounts repaid | (500 | ) | (700 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 500 |  |

25. | RELATED PARTY DISCLOSURES

| Entities over which the entity has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Purchases | 2,244,767 |  | 2,766,731 |  |

| Recharges to related party | 257,329 |  | 380,085 |  |

| Amount due from related party | 379,797 |  | 300,152 |  |

| Amount due to related party | 265,336 |  | 431,748 |  |

| The above relates to the parent's subsidiary undertakings. Exemption from disclosure of related party transactions with subsidiary undertakings can not be taken as the subsidiaries are not wholly owned.