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REGISTERED NUMBER: 05310125 (England and Wales)

DAVIES MCKERR LTD

Unaudited Financial Statements

for the Year Ended 31 March 2026

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Contents of the Financial Statements

for the Year Ended 31 March 2026

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| DAVIES MCKERR LTD |

Company Information

for the Year Ended 31 March 2026

| Directors: | T Anderson

| S P Barton

| A P Davies

| R Mckerr

| D Power

| Secretary: | A P Davies

| Registered office: | 3rd Floor

| 86 - 90 Paul Street

| London

| EC2A 4NE

| Registered number: | 05310125 (England and Wales)

| Accountants: | Cooper Parry Advisory Limited

| Broadwalk House, 5th Floor

| 5 Appold Street

| Broadgate

| London

| EC2A 2AG

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Balance Sheet

31 March 2026

2026 | 2025 |

| Notes | £ | £

Fixed assets

Tangible assets | 4 | 14,521 |  | 17,498 |  |

Current assets

Stocks | 5 | 661,625 |  | 521,697 |  |

Debtors | 6 | 1,139,129 |  | 776,454 |  |

Cash at bank and in hand | 890,829 |  | 839,355 |  |

2,691,583 |  | 2,137,506 |  |

Creditors

Amounts falling due within one year | 7 | (1,098,237 | ) | (884,233 | ) |

Net current assets | 1,593,346 |  | 1,253,273 |  |

Total assets less current liabilities | 1,607,867 |  | 1,270,771 |  |

Provisions for liabilities | 8 | (3,630 | ) | (4,374 | ) |

Net assets | 1,604,237 |  | 1,266,397 |  |

Capital and reserves

Called up share capital | 9 | 10,748 |  | 10,748 |  |

Share premium | 10 | 34,656 |  | 34,656 |  |

Retained earnings | 10 | 1,558,833 |  | 1,220,993 |  |

Shareholders' funds | 1,604,237 |  | 1,266,397 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2026 and were signed on its behalf by:

S P Barton - Director

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Notes to the Financial Statements

for the Year Ended 31 March 2026

1. | Statutory information

| Davies McKerr Ltd 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 Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated).

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| (a) Critical judgements in applying the Company's accounting policies

| The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| (b) Key accounting estimates and assumptions

| The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 33% on cost

| Stocks

| Work in progress is valued at the lower of cost and net realisable value.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

2. | Accounting policies - continued

| Financial instruments

| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow affiliate companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Pension costs and other post-retirement benefits

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

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

2. | Accounting policies - continued

| Going concern

| These financial statements have been prepared on a going concern basis.

| The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

| Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

| In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

| The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

3. | Employees and directors

| The average number of employees during the year was 27 (2025 - 27 ) .

4. | Tangible fixed assets

Fixtures |

and |

fittings |

| £

| Cost

| At 1 April 2025 | 63,118 |  |

| Additions | 6,898 |  |

| At 31 March 2026 | 70,016 |  |

| Depreciation

| At 1 April 2025 | 45,620 |  |

| Charge for year | 9,875 |  |

| At 31 March 2026 | 55,495 |  |

| Net book value

| At 31 March 2026 | 14,521 |  |

| At 31 March 2025 | 17,498 |  |

5. | Stocks

2026 | 2025 |

| £ | £

| Work-in-progress | 661,625 |  | 521,697 |  |

6. | Debtors: amounts falling due within one year |

2026 | 2025 |

| £ | £

| Trade debtors | 1,044,335 |  | 664,406 |  |

| Other debtors | 94,794 |  | 112,048 |  |

1,139,129 |  | 776,454 |  |

| DAVIES MCKERR LTD (REGISTERED NUMBER: 05310125) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

7. | Creditors: amounts falling due within one year |

2026 | 2025 |

| £ | £

| Trade creditors | 222,494 |  | 194,482 |  |

| Taxation and social security | 426,120 |  | 428,349 |  |

| Other creditors | 449,623 |  | 261,402 |  |

1,098,237 |  | 884,233 |  |

8. | Provisions for liabilities

2026 | 2025 |

| £ | £

| Deferred tax

| Accelerated capital allowances | 3,630 |  | 3,629 |  |

| Deferred tax | - |  | 745 |  |

3,630 |  | 4,374 |  |

Deferred tax |

| £

| Balance at 1 April 2025 | 4,374 |  |

| Provided during year | (744 | ) |

| Balance at 31 March 2026 | 3,630 |  |

9. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

value: |  | £ | £

| 107,479 | Ordinary | £.01 | 10,748 |  | 10,748 |  |

10. | Reserves

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 April 2025 | 1,220,993 |  | 34,656 |  | 1,255,649 |  |

| Profit for the year | 1,014,876 |  | 1,014,876 |  |

| Dividends | (677,036 | ) | (677,036 | ) |

| At 31 March 2026 | 1,558,833 |  | 34,656 |  | 1,593,489 |  |

11. | Related party disclosures

| During the previous period, the company's entire share capital was acquired by the Zedra Trust Company (Guernsey) Ltd, a Trust owned and controlled by the company's employees as part of an Employee Ownership Trust arrangement.