ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC202165

EBLAST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


EBLAST LIMITED

COMPANY INFORMATION

Directors	Mr S Duguid
	Mrs L McDonald
	Mr N McDonald


Company secretary	LC Secretaries Limited


Registered number	SC202165


Registered office	Tumulus Way
	Midmill Industrial Estate
	Kintore
	Inverurie
	Aberdeenshire
	AB51 0TG


Independent auditor	AAB Audit & Accountancy Ltd
	Kingshill View
	Prime Four Business Park
	Kingswells
	Aberdeen
	AB15 8PU


EBLAST LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2
Directors' responsibilities statement	3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Notes to the financial statements	11 - 29


EBLAST LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present the strategic report in respect of eBlast Limited ("the company") for the period ended 31 December 2025.

Principal activities

The principal activities of the company continued to be that of material subsurface preparation and specialist coatings for the construction and oil and gas industries. The company is a member of the eGroup Services Limited group.

Business review

The company's business model is to consolidate its position within Scotland and beyond, with a focus of expanding its customer base and ultimately returning value to its shareholder.

The results for the company show turnover for the period of £11.2m (2024 - £11.1m), with gross margin of 45.3% (2024 - 45.2%) and profit after tax of £3.1m (2024 - £1.5m). The company's net asset position for the period end was £18.5m (2024 - £14.1m).

The site suffered a substantial fire in March 2025, however the business was able to move operations into another facility and continue trading. Despite the fire damage, operations continued and the business remains profitable.

The turnover period on period has increased in real terms, which is primarily due to a return in customer demand experienced as a result of global market affairs. Gross margin has increased both as a result of the market activity but also as a result of continued efficiency increases, operational processes and careful cost control applied by management.

At the year end the company continued to have a strong balance position, underpinned by working capital and fixed asset investment.

Principal risks and uncertainties

The directors regularly review the principal risks and uncertainties affecting the company and assess the controls and mitigation strategies required to reduce the potential impact to the business. The principal risks and uncertainties are listed below.

Financial key performance indicators

The key financial performance indicators of the company are considered to be turnover, gross margin, profit before tax, EBITDA and net assets, which are monitored on a monthly basis.

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

Mr N McDonald

Director

Date: 4 September 2026

Page 1


EBLAST LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £3,121,831 (2024 - £1,502,760).

The directors do not recommend the payment of a dividend for the year ended 31 December 2025 (2024 - £nil).

Directors

The directors who served during the year were:

Mr S Duguid

Mrs L McDonald

Mr N McDonald

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, AAB Audit & Accountancy Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

Mr N McDonald

Director

Date: 4 September 2026

Page 2


EBLAST LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent; and

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED

Opinion

We have audited the financial statements of eBlast Limited ("the company") for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 5


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosure in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment, health & safety and taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

∙Management override of controls to manipulate the company's key performance indicators to meet targets;

∙Timing and completeness of revenue recognition;

∙Management judgement applied in calculating provisions; and

∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

∙Testing of journal entries and other adjustments for appropriateness;

∙Evaluating the business rationale of significant transactions outside the normal course of business;

∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

∙Enquiries of management about litigation and claims and inspection of relevant correspondence;

∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;

∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied; and

∙Testing a sample of sales transactions and reviewing revenue recognition around the year-end.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 6


EBLAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EBLAST LIMITED (CONTINUED)

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Graeme Penman (Senior statutory auditor)

for and on behalf of

AAB Audit & Accountancy Ltd

Statutory Auditor

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU

4 September 2026

Page 7


EBLAST LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	11,215,468	11,109,831
Cost of sales		(6,098,957)	(6,088,992)
Gross profit		5,116,511	5,020,839
Administrative expenses		(3,042,701)	(3,154,926)
Exceptional items	12	(1,631,299)	(194,960)
Other operating income	5	112,398	112,624
Insurance income	6	3,800,000	-
Operating profit	7	4,354,909	1,783,577
Tax on profit	11	(1,233,078)	(280,817)
Profit for the financial year		3,121,831	1,502,760

There was no other comprehensive income for 2025 (2024 - £nil).

The notes on pages 11 to 29 form part of these financial statements.

Page 8


EBLAST LIMITED REGISTERED NUMBER:SC202165

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	13		4,761,487		3,097,210
			4,761,487		3,097,210
Current assets
Stocks	14	237,078		329,897
Debtors: amounts falling due within one year	15	12,059,561		11,902,099
Cash at bank and in hand	16	2,541,367		1,425,326
		14,838,006		13,657,322
Creditors: amounts falling due within one year	17	(1,682,139)		(2,587,636)
Net current assets			13,155,867		11,069,686
Total assets less current liabilities			17,917,354		14,166,896
Creditors: amounts falling due after more than one year	19		(217,794)		(12,117)
Provisions for liabilities
Deferred tax	21	(429,671)		(6,721)
			(429,671)		(6,721)
Net assets			17,269,889		14,148,058

Capital and reserves
Called up share capital	22	100	100
Revaluation reserve	23	483,568	483,568
Profit and loss account	23	16,786,221	13,664,390
		17,269,889	14,148,058

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr N McDonald

Director

Date: 4 September 2026

The notes on pages 11 to 29 form part of these financial statements.

Page 9


EBLAST LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	100	483,568	12,161,630	12,645,298

Profit and total comprehensive income for the period	-	-	1,502,760	1,502,760

At 1 January 2025	100	483,568	13,664,390	14,148,058

Profit and total comprehensive income for the period	-	-	3,121,831	3,121,831
At 31 December 2025	100	483,568	16,786,221	17,269,889

The notes on pages 11 to 29 form part of these financial statements.

Page 10


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

eBlast Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is Tumulus Way, Midmill Industrial Estate, Kintore, Aberdeenshire, AB51 0TG, which is also its trading address. The company is a wholly owned subsidiary of eGroup Services Limited (collectively known as "the group").

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of eGroup Services Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations for a period of at least 12 months following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

During 2025 a fire resulted in substantial damage to the company's workshop. There have been extensive repairs and modifications undertaken to the site during the year and following the year end which have been funded by insurance proceeds. Accordingly the directors are satisfied that this has not impacted the company's ability to trade as a going concern.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 11


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Revenue for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for losses as soon as they are foreseen.

2.6

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.7

Interest income

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

Page 12


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Insurance income

Insurance income has been recognised only to the extent that recovery is considered virtually certain at the reporting date based on correspondence with the Company’s insurers and loss adjusters.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

Pensions

Defined contribution pension plan

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	2% Reducing balance
Plant and equipment	-	15% Reducing balance
Motor vehicles	-	25% Reducing balance
Fixtures and fittings	-	15% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 14


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 15


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Impairment of financial assets

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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 16


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 17


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised as at the Balance sheet date.

Revaluations of freehold property

The directors hold heritable property at valuation and engage professional valuers to provide refreshed fair valuation reports on a regular basis. An updated valuation was undertaken in December 2019, which was considered reflective of conditions that existed at the balance sheet date. Further information is provided in note 13.

The directors consider that there are no other judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Accounting for fire damage and insurance recovery

During the year the Company experienced a fire, which resulted in damage to certain property, plant and equipment and inventory.

Management exercised judgement in determining the appropriate accounting treatment for the financial impact of the incident. This included assessing which assets were destroyed or impaired and determining the extent to which the carrying values of affected assets should be written down.

	Steel blasting, coating & fireproofing	11,215,468	11,109,831

All turnover arose within the United Kingdom.

Page 18


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Management fees receivable	112,398	112,624
	112,398	112,624

6.	Insurance income

Insurance income of £3.8m was received during the year in respect of the fire damage and associated remedial works and replacement of assets, as further detailed in Note 13.

Depreciation of owned tangible fixed assets	164,158	188,887
(Profit)/loss on disposal of tangible fixed assets	168,116	10,824
Operating lease charges	138,482	127,562

Fees payable to the company's auditor for the audit of the company's financial statements	11,225	10,400
Fees payable to the company's auditor in respect of:
Account preparation fees	1,250	1,150

Page 19


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	3,503,413	3,494,727
Social security costs	446,104	382,477
Cost of defined contribution scheme	72,424	72,722
	4,021,941	3,949,926

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

	2025	2024
	No.	No.

Direct	55	51
Administration	22	23

	77	74

10.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	149,162	206,670
Company contributions to defined contribution pension schemes	7,606	7,606
	156,768	214,276

	During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £123,212 (2024 - £146,144).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,531 (2024 - £7,530).

Page 20


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	810,128	464,744
Adjustments in respect of previous periods	-	(5,268)
Total current tax	810,128	459,476

Deferred tax
Origination and reversal of timing differences	422,950	(172,233)
Adjustments to tax charge in respect of prior periods	-	(6,426)
Total deferred tax	422,950	(178,659)


	Tax on profit	1,233,078	280,817

Profit on ordinary activities before tax

4,354,909

1,783,577

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,088,727	445,894
Effects of:
Fixed asset differences	118,243	-
Expenses not deductible for tax purposes	26,108	48,849
Capital allowances for year in excess of depreciation	-	8,624
Other tax adjustments	-	2,478
Adjustments to tax charge in respect of previous periods	-	(5,268)
Adjustments to tax charge in respect of previous periods - deferred tax	-	(6,426)
Movement in deferred tax not recognised	-	(182,002)
Group relief claimed	-	(31,332)
Total tax charge for the year	1,233,078	280,817

Page 21


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Exceptional items
		2025	2024
		£	£

Intercompany bad debt provision	9,500	194,960
Fire-related exceptional costs	919,308	-
Loss on disposal of damaged assets	175,219	-
Professional fees	89,272	-
Impairment charge	438,000	-
	1,631,299	194,960

Fire-related exceptional costs of £919,308 arose following the fire at Building 2 on 29 March 2025, which caused damage to the building, plant and machinery and stock. These costs relate to the resulting damage and associated recovery and remediation activities. A loss of £175,219 was incurred on the disposal of fixed assets damaged during the fire and a further impairment charge of £438,000 was recognised in respect of assets which were damaged and undergoing repair work at the year end.

Intercompany bad debt provision costs of £9,500 (2024: £194,960) arose in respect of amounts due from eFab Limited, which entered into liquidation during the year and are no longer considered recoverable.

Professional fees relate to exceptional fees incurred during the financial year.

Page 22


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Assets under construction	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	2,597,927	4,007,675	348,221	338,996	48,980	7,341,799
Additions	552,775	1,113,998	-	18,810	762,408	2,447,991
Disposals	-	(2,020,554)	-	(26,193)	-	(2,046,747)
Transfers between classes	42,152	391,848	-	-	(434,000)	-
At 31 December 2025	3,192,854	3,492,967	348,221	331,613	377,388	7,743,043
Depreciation
At 1 January 2025	293,017	3,382,195	276,083	293,294	-	4,244,589
Charge for the year on owned assets	37,648	97,265	18,034	11,211	-	164,158
Disposals	-	(1,840,170)	-	(25,021)	-	(1,865,191)
Impairment charge	438,000	-	-	-	-	438,000
At 31 December 2025	768,665	1,639,290	294,117	279,484	-	2,981,556
Net book value
At 31 December 2025	2,424,189	1,853,677	54,104	52,129	377,388	4,761,487
At 31 December 2024	2,304,910	625,480	72,138	45,702	48,980	3,097,210

Page 23


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Tangible fixed assets (continued)

Impairment charge relates to land and buildings that were damaged in the fire.

The company's heritable property was revalued at an open market value of £2,500,000 on 23 December 2019 by independent chartered surveyors, Ryden LLP.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	2,918,253	2,323,326
Accumulated depreciation and impairment	(979,613)	(502,823)
Net book value	1,938,640	1,820,503

A number of assets were damaged during the fire in Building 2 and were subsequently scrapped. The following disposals related to the fire:
	Freehold Property	Plant & machinery	Fixtures & fittings	Total
	£	£	£	£

Disposals
Cost	-	(1,952,448)	(26,193)	(1,978,641)
Accumulated depreciation	-	1,778,401	25,021	1,803,422
Loss on disposal	-	(174,047)	(1,172)	(175,219)

In addition, land and buildings were impaired by £438,000 due to damage caused by the fire.

Remedial repairs and replacement equipment was purchased during the period also due to the fire. The value of additions above which pertain to this are:
	Freehold property	Plant & machinery	Assets under construction	Total
	£	£	£	£

Additions

545,274

1,070,992

313,258

1,929,524

Insurance proceeds of £3.8m were received in the period to fund these repairs and replacement equipment, refer to Note 6 above.

As at 31 December 2025, the final insurance settlement was in the process of being negotiated (note 28).

Page 24


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Stocks
		2025	2024
		£	£

Raw materials and consumables	199,931	264,893
Work in progress	37,147	65,004
	237,078	329,897

15.

Debtors

					2025	2024
					£	£


Trade debtors	2,506,917	2,099,319
Amounts owed by group undertakings	9,304,774	9,510,973
Prepayments and accrued income	247,870	291,807
	12,059,561	11,902,099

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

The company has made provisions against any amounts owed by group undertakings which are considered not recoverable.

16.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	2,541,367	1,425,326

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

Energy saving trust loan	6,924	6,924
Trade creditors	767,366	617,086
Amounts owed to group undertakings	9,373	1,091,046
Corporation tax	540,413	470,375
Other taxation and social security	258,588	270,488
Other creditors	33,625	65,637
Accruals and deferred income	65,850	66,080
	1,682,139	2,587,636

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 25


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Capital grants
		2025	2024
		£	£


At 1 January	-	-
Granted in the year	213,669	-
Released in the year	(1,068)	-
	212,601	-

19.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Energy saving trust loan	5,193	12,117
Capital grants	212,601	-
	217,794	12,117

Amounts falling due within one year
Energy saving trust loan	6,924	6,924
Amounts falling due 1-2 years
Energy saving trust loan	5,193	6,924
Amounts falling due 2-5 years
Energy saving trust loan	-	5,193
	12,117	19,041

Energy saving trust loan is unsecured, is interest free and repayable in equal monthly installments of £577.

Page 26


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Deferred taxation

		2025
		£

	At beginning of year	(6,721)
	Charged to profit or loss	(422,950)
	At end of year	(429,671)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	553,488	154,204
Losses and other deductions	(123,817)	(147,483)
	429,671	6,721

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary Shares shares of £1.00 each	100	100

23.

Reserves

Revaluation reserve

Revaluation gains on heritable property are not realised profits under company law. Therefore the company has maintained the non-distributable reserve to facilitate this. This reserve is used to record increases in the fair value of heritable property and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax is provided for on heritable property measured at fair value and movements in such deferred tax provision are also recorded through this reserve.

Profit and loss account

This reserve records the accumulated distributable profits made by the company net of distributions to shareholders.

Page 27


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Contracted for but not provided in these financial statements

36,985

25.	Pension commitments

The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,203 (2024 - £19,532). The charge to the profit or loss in respect of defined contribution schemes was £72,424 (2024 - £72,722).

Not later than 1 year	95,514	126,080
Later than 1 year and not later than 5 years	69,449	147,335
	164,963	273,415

27.Financial commitments and contingent liabilities

There is a floating charge held by the company's bank, over the company's assets. A cross guarantee has been provided by the company to the group's bankers in relation to it's fellow group companies.

28.	Related party transactions
	The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related Party Disclosure' not to disclose transactions entered into between two or more members of the group, on the basis that any subsidiary party to the transaction is wholly owned by the parent company.

29.	Post balance sheet events

Subsequent to the year end, the insurance claim was settled in full, with a further £10.2m received in May 2026, bringing total insurance proceeds to £14.0m. As at the date of signing these financial statements, £2.7m of the proceeds has been utilised to fund repairs and the replacement of damaged fixed assets, with the reinstatement programme remaining ongoing. In addition, the land and buildings which were impaired at the year end were subsequently demolished and have therefore been disposed of.

Page 28


EBLAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

30.	Controlling party

The company is a wholly owned subsidiary of eGroup Services Limited, a company registered in Scotland. eGroup Services Limited represents the largest and smallest group which prepares consolidated financial statements. A copy of the eGroup Services Limited group financial statements is available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate controlling party is Mr N McDonald, by virtue of him owning the majority of the issued ordinary share capital within eGroup Services Limited.

Page 29