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

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

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

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.

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

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.

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

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.

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.

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

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

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

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

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

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

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

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