REGISTERED NUMBER: 08913431 (England and Wales)

RIGGING PROJECTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N A Black

T Hochreutener

SECRETARY:

Mrs D Hochreutener

REGISTERED OFFICE:

Riverside House

Brunel Road

Totton

Southampton

Hampshire

SO40 3WX

REGISTERED NUMBER:

08913431 (England and Wales)

FIXED ASSETS

Intangible assets

4

17,605

-

Tangible assets

5

937,814

1,042,736

955,419

1,042,736

CURRENT ASSETS

Stocks

6

164,404

190,689

Debtors: amounts falling due within one year

7

1,242,797

874,111

Debtors: amounts falling due after more than one year

7

22,500

22,500

Cash at bank

154,323

240,171

1,584,024

1,327,471

CREDITORS

Amounts falling due within one year

8

(1,050,980

)

(970,329

)

NET CURRENT ASSETS

533,044

357,142

TOTAL ASSETS LESS CURRENT LIABILITIES

1,488,463

1,399,878

CREDITORS

Amounts falling due after more than one year

9

(477,220

)

(704,326

)

PROVISIONS FOR LIABILITIES

(124,096

)

(79,536

)

NET ASSETS

887,147

616,016

CAPITAL AND RESERVES

Called up share capital

450

450

Retained earnings

886,697

615,566

887,147

616,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

N A Black - Director

1.	STATUTORY INFORMATION

Rigging Projects 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and reward are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet Date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Leasehold Improvements

-

Straight line over 7 years

Plant and machinery

-

25% Reducing balance

Fixtures and fittings

-

15% Reducing balance

Motor vehicles

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 years

Government grants

Government grants are in relation to Research and Development Expenditure Credits (RDEC). RDEC income is recognised as other income in the Income Statement, on a gross basis, when there is reasonable assurance that the company will comply with the conditions attaching to the credit and that the credit will be received. The credit is measured at the amount receivable, based on qualifying expenditure incurred during the period.

The RDEC is treated as a taxable credit for corporation tax purposes.

Any receivable balance in respect of the RDEC at the balance sheet date is offset against current corporation tax liabilities as there is a legally enforceable right to offset.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (First-in, First-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets are liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recongised in the Statement of Comprehensive Income.

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.

Leases

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similar spread on a straight-line basis over the lease term.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the

options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2025 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2025

13,000

Additions

18,275

At 28 February 2026

31,275

AMORTISATION

At 1 March 2025

13,000

Charge for year

670

At 28 February 2026

13,670

NET BOOK VALUE

At 28 February 2026

17,605

At 28 February 2025

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Improvements

machinery

fittings

£

£

£

COST

At 1 March 2025

162,120

1,074,972

22,838

Additions

-

26,219

2,618

Disposals

-

(7,984

)

-

Reclassification/transfer

-

113,394

-

At 28 February 2026

162,120

1,206,601

25,456

DEPRECIATION

At 1 March 2025

36,055

202,933

7,525

Charge for year

23,160

207,726

2,395

Eliminated on disposal

-

(7,050

)

-

At 28 February 2026

59,215

403,609

9,920

NET BOOK VALUE

At 28 February 2026

102,905

802,992

15,536

At 28 February 2025

126,065

872,039

15,313

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2025

12,960

52,536

1,325,426

Additions

-

2,392

31,229

Disposals

-

(964

)

(8,948

)

Reclassification/transfer

-

-

113,394

At 28 February 2026

12,960

53,964

1,461,101

DEPRECIATION

At 1 March 2025

6,233

29,944

282,690

Charge for year

2,592

12,325

248,198

Eliminated on disposal

-

(551

)

(7,601

)

At 28 February 2026

8,825

41,718

523,287

NET BOOK VALUE

At 28 February 2026

4,135

12,246

937,814

At 28 February 2025

6,727

22,592

1,042,736

6.

STOCKS

2026

2025

£

£

Stocks

154,242

185,996

Work-in-progress

10,162

4,693

164,404

190,689

7.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Trade debtors

250,206

165,817

Amounts owed by group undertakings

466,321

530,515

Other debtors

526,270

177,779

1,242,797

874,111

Amounts falling due after more than one year:

Other debtors

22,500

22,500

Aggregate amounts

1,265,297

896,611

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

198,809

185,912

Hire purchase contracts (see note 10)

28,297

27,373

Trade creditors

248,272

257,331

Taxation and social security

58,988

42,258

Other creditors

516,614

457,455

1,050,980

970,329

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

459,519

658,328

Hire purchase contracts (see note 10)

17,701

45,998

477,220

704,326

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2026

2025

£

£

Net obligations repayable:

Within one year

28,297

27,373

Between one and five years

17,701

45,998

45,998

73,371

Non-cancellable

operating leases

2026

2025

£

£

Within one year

105,324

65,455

Between one and five years

97,290

11,154

202,614

76,609

11.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Hire purchase contracts

45,998

73,371

The hire purchase agreements are secured against the associated assets.

12.	ULTIMATE CONTROLLING PARTY

Parent company:

Rigging Projects Holdings Ltd

Riverside House Brunel Road

Totton

Southampton

SO40 3WX

England

United Kingdom

13.	ENTERPRISE MANAGEMENT INCENTIVE SCHEME

The company has established an Enterprise Management Incentive ("EMI") share option scheme under which options to subscribe for ordinary shares may be granted to qualifying employees. No material share-based payment expense arose during the year (2025: £nil).